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Samson Oil & Gas Operational Advisory

DENVER & PERTH, Australia--(BUSINESS WIRE)-- Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):

TOTAL COMPANY PRODUCTION

Samson net production for 2014 is as follows:

JAN FEB MARCH APRIL MAY JUNE
OIL, BO 5,767 12,180 11,154 15,775 16,654 17,838
GAS, MCF 16,323 17,016 13,067 11,345 10,720 17,740
BOE 8,487 15,016 13,332 17,666 18,440 20,800
BOEPD 273 536 430 589 595 694

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:

TOFTE 1 PAD Lateral length Objective Status IP rate BOPD Avg. Rate BOPD# Cum to Date BO

Billabong
2-13-14HBK

6,147 ft. Bakken Work Over Completed NA NA NA

Sail and Anchor
4-13-14HBK

6,375 ft. Bakken Flowing 1,323 241 50,119

Blackdog
3-13-14 HBK

8,383 ft. Bakken Flowing 1,995 665 89,872

TOFTE 2 PAD

Lateral length

Objective

Status

IP rate BOPD

Avg. Rate BOPD#

Cum to Date BO

Tooheys
4-15-14HBK

6,740 ft.

Bakken

Pumping

1,078

194

55,402

Coopers
2-15-14HBK

6,360 ft.

Bakken

Pumping

556

217

42,848

Little Creature
3-15-14HBK

7,578 ft.

Bakken

Pumping

501

370

66,813

MATILDA BAY PAD

Lateral length

Objective

Status

IP rate BOPD

Avg. Rate BOPD#

Cum to Date BO

Matilda Bay
2-15-HBK

4,215 ft.

Bakken

Running rod string

1117

0

14,784

Matilda Bay
1-15-HBK

4,215 ft.

Bakken

Waiting for workover

318

0

1,010

TF NORTH PAD

Lateral length

Objective

Status

IP rate BOPD

Avg. Rate BOPD#

Cum to Date BO

Bootleg
4-14-15TFH

7,211 ft.

Three Forks

Drilling completed

NA

NA

NA

Bootleg
5-14-15TFH

7,495 ft.

Three Forks

Drilling completed

NA

NA

NA

Ironbank
4-14-13TFH

7,466 ft.

Three Forks

APD approved

NA

NA

NA

Ironbank
5-14-13TFH

7,495 ft.

Three Forks

APD approved

NA

NA

NA

TF SOUTH PAD

Lateral length

Objective

Status

IP rate BOPD

Avg. Rate BOPD#

Cum to Date BO

Bootleg
6-14-15TFH

6,867 ft.

Three Forks

Follows BL 7

NA

NA

NA

Bootleg
7-14-15TFH

6,973 ft.

Three Forks

Drilling completed

NA

NA

NA

Ironbank
6-14-13TFH

7,434 ft.

Three Forks

APD in prep

NA

NA

NA

Ironbank
7-14-13TFH

7,458 ft.

Three Forks

APD in prep

NA

NA

NA

#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 has completed drilling the Bootleg 7-14-15TFH Three Forks lateral to a depth of 18,535 feet (MD) and is currently running the 4-1/2 inch production liner which will be cemented. The rig will then skid to Bootleg 6-14-15TFH well to drill the surface, intermediate and lateral well bore.

A workover rig is running the rod string on Matilda Bay 2, and will then commence drilling out the sliding sleeves and will undertake the casing repair job on Matilda Bay 1. Following this workover 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:

Well Working interest Net revenue Interest
Billabong 2-13-14HBK 28.77220% 22.01073%
Sail and Anchor 4-13-14HBK 25.028509% 19.146809%
Blackdog 3-13-14H 24.863526% 19.020597%
Tooheys 4-15-14HBK 28.232033% 21.597505%
Coopers 2-15-14HBK 28.232033% 21.597505%
Little Creature 3-15-14H 27.759719% 21.236185%
Matilda Bay 2-15-H 32.972255% 25.223775%
Matilda Bay 1-15-H 32.972255% 25.223775%
Bootleg 4-14-15TFH 28.386344% 21.715553%
Bootleg 5-14-15TFH 28.386344% 21.715553%
Ironbank 4-14-13TFH 26.746521% 20.461089%
Ironbank 7-14-13TFH 26.746521% 20.461089%
Bootleg 6-14-15TFH* 28.386344% 21.715553%
Bootleg 7-14-15TFH* 28.386344% 21.715553%
Ironbank 6-14-13TFH* 26.746521% 20.461089%
Ironbank 7-14-13TFH* 26.746521% 20.461089%

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

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING

Bluff 1-11

The working interest owners have agreed to a cased hole testing program that will test three separate zones in the Bluff well. The first zone to be tested will be the Jurassic Canyon Springs Formation, the second zone will be the Jurassic Morrison Formation, and the third zone will be the Cretaceous lower Dakota Formation.

Further consideration is being given to testing a zone in the primary target (the Permian Hartville Formation) following the discussions held in the Joint Venture partner meeting last week. A new analysis of the target zone may indicate the presence of a nitrogen gas cap. Since the well was drilled at the crest of the structural closure, it is be possible that hydrocarbons exist below or downdip of the gas cap. Samson is currently evaluating all of the data to determine the viability of this new analysis.

RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA

Gladys 1-20H

The Gladys 1-20H, is a 1,280 acre lateral (approximately 10,000 feet) in the middle Bakken and is currently drilling the vertical segment of the well with Cyclone Rig 25.

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$0.45 per ADS on July 14th, 2014, the Company has a current market capitalization of approximately US$66.42 million (the options have been valued at an exchange rate of 0.9400). Correspondingly, based on the ASX closing price of A$0.024 for ordinary shares and a closing price of A$0.012 for the 2017 options, on July 14th, 2014, the Company has a current market capitalization of approximately A$70.8 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.

Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
970-389-5047 (US cell)

Source: Samson Oil & Gas Limited