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This
 report 
is 
an
 update 
to 
EnerCom’s
 report 
from
 August 
6, 
2010
 on
Samson
 Oil
 &
 Gas 
Limited, 
Turning 
the 
Bit 
in 
the 
Right 
Direction.

Samson
 Oil 
& 
Gas
 Limited 
is 
an 
independent
 exploration 
and 
production
 company
 with 
principal 
operations 
in 
the 
western 
United
 States headquartered
 in 
Denver, 
Colorado. 
The
 company
 is 
dual‐listed
 on 
the 
NYSE
 AMEX 
and 
the
 Australian 
Stock
 Exchange 
(ASX) 
and 
trades 
under 
the
ticker
“SSN”.

Samson’s
 core
 areas 
of 
operation 
are 
in 
the 
Niobrara 
oil
 play 
of 
the 
Wyoming
 portion 
of
 the 
Denver‐Julesburg 
Basin 
(DJ
Basin) 
and 
the 
Bakken 
oil
shale 
play
 in 
North 
Dakota.

Samson’s 
business 
strategy 
is 
focused
 on 
growing
 production
 and 
reserves 
by
 aggressively 
developing
 its 
oil 
projects 
in
the
 Niobrara 
and 
Bakken
 oil
 plays. 
To
 fund 
that
 growth,
Samson 
plans 
to 
use
 the 
proceeds
 from
 the 
partial
 sale
 of
 its
 Hawk 
Springs 
leasehold 
and
farm‐down 
its 
interest 
with 
leading 
industry
 partners 
in 
the 
operated
 acreage
 the
 company
 retained.

Note 
that 
all 
monetary
 values 
in 
this 
report 
are 
denominated 
in 
U.S. 
dollars,
 unless
specified
 otherwise.


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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. The company or companies covered in this note did not review the note prior to publication.

Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.