Samson Oil & Gas Operational Advisory

Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):

TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:

The North Stockyard field largely remained shut in for October to protect the well bores from offset fracks, however production from the field is progressively being returned in the western half of the field where the frack program has been completed. A work over rig is in the field and is currently working on the Tofte 2 Pad and has completed the clean out of the Coopers well bore. The rig is currently on the Tooheys well and Little Creature is scheduled to be cleaned out be next.

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard consists of 8 middle Bakken wells that have been drilled and 22 Three Forks wells. The Three Forks wells consist of 8 First Bench Three Forks wells, 6 Second Bench Three Forks wells, and 8 Third Bench Three Forks wells. For ease of reference, the current status of each well is set out below with separate tables for each drill pad:

#The Avg. Daily rate is an average of the last week’s production or the average after the well was put back into production.
BO: Barrels of oil
BOE: Barrels of oil equivalent (gas converted at its heating value)
BOPD: Barrels of oil per day
MCF: Thousand cubic feet
BOEPD: Barrels of oil equivalent per day

NA: Not available
APD: Application for Permit to Drill
IP Rate: Gross first 24 hour oil rate
Current rate BOPD: Barrels of Oil per Day
Cum to Date: Cumulative gross BO

Bootleg 6, 7 and 8 have been fracked.

The Billabong 2-13-14HBK is currently scheduled to be fracked in November. It is expected that the frack will be a 35 stage frack.

Frontier Rig 24 is currently on the TF South pad drilling Ironbank 6 & 7 upper Three Forks and will be released following the completion of these two wells

Samson’s working interest and its net revenue interest for the North Stockyard Project is set out in the following table:

RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys 1-20H (SSN 23%)

The Gladys 1-20 H well has been drilled by Continental Resources to a total depth of 19,994 feet. The well is a 1,280 acre lateral (approximately 10,000 feet) in the middle member of the Bakken Formation.

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
BLUFF 1-11 (SSN 25%)

True Drilling Rig #26 has successfully drilled out the cement plug in the Bluff #1-11 well and set a 5” liner across the Permian Hartville 9500’ sand. The liner was subsequently cemented in place. A cement bond log was run in the well to determine the quality of cement bonding behind the 5” liner that was previously run into the hole. Samson can now proceed with the completion of the Permian Hartville 9500’ sand.

It is anticipated that the workover rig will arrive on site later this week and subsequently the well will be perforated and flow tested after tubing is run in the hole with the workover rig. This test is aimed at establishing a flow rate and will also enable a detailed gas analysis to be undertaken. The test may also include a shut-in period which can be used to establish whether a gas-oil contact exists below the intersection of the Permian Hartville 9500’ sand.

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,837 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 141.85 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.28 per ADS on November 10th, 2014, the Company has a current market capitalization of approximately US$41.3 million (the options have been valued at an exchange rate of 0.8671). Correspondingly, based on the ASX closing price of A$0.018 for ordinary shares and a closing price of A$0.008 for the 2017 options, on November 10th, 2014, the Company has a current market capitalization of approximately A$50.1 million.

SAMSON OIL & GAS LIMITED

TERRY BARR
Managing Director

Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.