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:

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

The infill development plan for North Stockyard is to drill 8 middle Bakken wells and 8 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

COMMENTARY

Frontier Rig 24 finished drilling the curve at 11,635 feet MD in the Three Forks on the Bootleg 6-14-15TFH. Currently the 7 inch intermediate casing is being run. Following this operation the lateral will be drilled. Once the Bootleg 6-14-15TFH is drilled, the rig will then be moved to the north pad and begin drilling the two Ironbank wells.

A rig is on site repairing the liner on the Matilda Bay 1. Following this work over the fracture stimulation program will be completed.

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

* Wells have yet to be elected by Samson and therefore are subject to change.

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

The design of the completion testing of this well is likely to be completed this week, after which the necessary equipment can be mobilized to this well to begin this program. The design work has taken longer than expected because the geologic occurrence of nitrogen is not common in the oil and gas industry and therefore understanding of the log response to this gas is not prevalent.

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.

Currently the rig is pulling out of the hole to prepare to run the 4-1/2 inch liner.

ROOSEVELT PROJECT
Australia II 12KA 6, #1-29H, (SSN 100%)

A work over rig was moved onto the well July 16th to re-establish production. Rods were parted at the top of the pump. Tubing was pulled to retrieve the pump. Tubing, rods, and a new pump were run back in hole, and the well was put on production July 18th. The last 3 days of continuous production has averaged 100 BOPD.

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$0.43 per ADS on July 28th, 2014, the Company has a current market capitalization of approximately US$63.58 million (the options have been valued at an exchange rate of 0.9390). Correspondingly, based on the ASX closing price of A$0.023 for ordinary shares and a closing price of A$0.012 for the 2017 options, on July 28th, 2014, the Company has a current market capitalization of approximately A$68.01 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.