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

TOTAL COMPANY PRODUCTION

Samson’s net monthly production for the last five months is as follows;

October November December January February
OIL, BO 6,591 17,619 18,906 15,221 22,590
GAS, MCF 11,861 9,363 12,102 15,384 21,694
BOE 8,567 19,180 20,923 17,785 26,206
BOEPD 285 618 675 574 845

February production was significantly higher due to a number of North Stockyard being returned to production. All of the infill development wells drilled in North Stockyard during 2014 are now in a position to be produced, however given the low oil price, 6 of the wells will remain shut in pending the recovery of the oil price.

HEDGE BOOK

Samson has the following hedges in place:

Calendar year Volume bbls. Floor Ceiling
2015 15,000 $85.00 $89.85
2016 2,788 $85.00 $89.85
Calendar year Volume bbls. Average per month Swap
2015 33,478 3,316 $92.27
Calendar year Volume bbls Sub Floor Floor
2016 36,600 67.50 82.50

As at March 13th, 2015 the book value of the hedge was $2.2 million as valued by Samson’s counterparty.

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 of which 9 have been drilled (8 in the First Bench and 1 in the Second Bench). Given the curtailment of the infill development program, there will remain an undrilled balance of 13 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 On production 1,249 495 12,934

Sail and Anchor
4-13-14HBK

6,375 ft. Bakken On production 1,323 255 58,517

Blackdog
3-13-14 HBK

8,383 ft. Bakken On production 1,995 248 115,979

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

Tooheys
4-15-14HBK

6,740 ft. Bakken On production 1,078 260 99,502

Coopers
2-15-14HBK

6,360 ft. Bakken On production 556 291 71,668

Little Creature
3-15-14HBK

7,578 ft. Bakken On production 501 105 72,503
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 On production 1,117 60 36,998

Matilda Bay
1-15-HBK

4,215 ft. Bakken On production 318 96 20,926
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 1 On production 471 128 71,770
Bootleg

5-14-15TFH

7,495 ft. Three Forks 1 On production NA 148 57,831
Ironbank

4-14-13TFH

7,466 ft. Three Forks 1 Rig on location 715 NA 6,636
Ironbank

5-14-13TFH

7,495 ft. Three Forks 1 Rig on location 528 NA 30,732
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 1 Shut in NA NA NA
Bootleg

7-14-15TFH

6,973 ft. Three Forks 1 Shut in NA NA NA
Bootleg

8-14-15TFH

6,771 ft. Three Forks 2 Shut in 922 NA 922
Ironbank

6-14-13TFH

7,434 ft. Three Forks 1 Shut in NA NA NA
Ironbank

7-14-13TFH

7,458 ft. Three Forks 1 On production 642 311 6,105

COMMENTARY

All wells in the North Stockyard field are currently being produced at lower than maximum capacity due to pipeline constraints and the weak oil price.

All of the 17 drilled in fill wells in North Stockyard have now been fracked and cleaned out and are capable of producing however 6 are currently shut in, waiting on an improvement in the oil price.

#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

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 28.386330% 21.715553%
Bootleg 8-14-15H 28.386330% 21.715553%
Ironbank 6-14-13TFH 26.746521% 20.461089%
Ironbank 7-14-13TFH 26.746521% 20.461089%

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.

Lateral length Objective Status IP rate BOPD Avg. Rate BOPD# Cum to Date BO
Gladys 1-20H 9,558 ft. Middle Bakken On production 717 350 63,158

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 DSs. Accordingly, based on the NYSE MKT closing price of US$0.24 per ADS on March 16th, 2015, the Company has a current market capitalization of approximately US$27.87 million (the options have been valued at an exchange rate of 0.7642). Correspondingly, based on the ASX closing price of A$0.013 for ordinary shares and a closing price of A$0.002 for the 2017 options, on March 16th, 2015, the Company has a current market capitalization of approximately A$37.3 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 atwww.sec.gov/edgar/searchedgar/webusers.htm.