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

TOTAL COMPANY PRODUCTION

Samson’s net monthly production for the December 2014 quarter and for January 2015 was as follows:

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

January production was lower than December 2014 due to wells not on production (“ down days”). Drilling and completion operations are the main causes for the ongoing down days: the month of January had 15 more down days than December. However, since our last report Billabong 2-13-14HBK was fraced and a 24 hour I.P test produced an equivalent 1,249 barrels of oil per day and 3.05 MMscf of gas per day. A coil tubing unit has moved onto the Blackdog well where sand cleanout operations have started. The coil unit will remain at this location for clean out operations on the Billabong and Sail & Anchor wells. Bootleg 4 is currently undergoing sand cleanout;, Ironbank 6 has been fracked and is currently flowing back, and Ironbank 7 has been fracked, flowed back, and is expected to be on production this week. Bootleg 8 and Ironbank 4 and 5 have been brought on line.

HEDGE BOOK

Samson has the following hedges in place:

Calendar year Volume bbls. Floor Ceiling
2015 16,623 $85.00 $89.85
2016 2,788 $85.00 $89.85
Calendar year Volume bbls. Average per month Swap
2015 36,474 3,316 $92.46

As at February 13th, 2015 the book value of the hedge was $2.1 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 Frack completed 1,249 NA NA
Sail and Anchor 4-13-14HBK 6,375 ft. Bakken Shut in for frack program 1,323

SI

56,233
Blackdog

3-13-14 HBK

8,383 ft. Bakken Shut in Rig on well 1,995 SI 109,878

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

4-15-14HBK

6,740 ft. Bakken On production 1,078 284 77,987
Coopers

2-15-14HBK

6,360 ft. Bakken On production 556 277 61,142
Little Creature

3-15-14HBK

7,578 ft. Bakken WO Coiled tubing cleanout 501 SI 72,284
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 Shut in 1,117 125 34,560
Matilda Bay

1-15-HBK

4,215 ft. Bakken On Production 318 121 16,562
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 471 617 67,428
Bootleg

5-14-15TFH

7,495 ft. Three Forks 1 Shut in Rig on well NA 261 52,636
Ironbank

4-14-13TFH

7,466 ft. Three Forks 1 On production 715 397 3572
Ironbank

5-14-13TFH

7,495 ft. Three Forks 1 On production 528 319 18,096
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 Frack completed, SI NA NA NA
Bootleg

7-14-15TFH

6,973 ft. Three Forks 1 Frack completed, SI NA NA NA
Bootleg

8-14-15TFH

6,771 ft. Three Forks 2 SI 922 NA 922
Ironbank

6-14-13TFH

7,434 ft. Three Forks 1 Frack completed, Flowing back NA NA NA
Ironbank

7-14-13TFH

7,458 ft. Three Forks 1 Frack completed, SI NA NA NA

COMMENTARY

All of the 17 drilled in fill wells in North Stockyard have now been fracked and the field is being bought back on line following the completion of tubing clean out and flowback operations. Currently one workover rig, and one coiled tubing unit are active to bring the field back on production as quickly as possible.

#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 717 712 51,017

COMMENTARY

An electrical submersible pump has been installed in the Gladys well and the production performance has been excellent. Since the pump was installed the average daily rate has been 678 BOPD which compares to the average rate during the prior week, before the well completed its free flow period, of 186 BOPD.

Samson is presenting to delegates at Enercom’s “The Oil & Services Conference” being held in San Francisco. Samson’s presentation is scheduled for Wednesday February 18th at 1330 hours PST, USA or Thursday February 19th at 0830 hours EST, Australia. The presentation will be available on Samson’s website: http://www.samsonoilandgas.com/IRM/content/default.aspx

The presentation is being webcast and the link is as follows: http://www.oilandgas360.com/tosc-webcast/ssn/

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 February 17th, 2014, the Company has a current market capitalization of approximately US$34.4 million (the options have been valued at an exchange rate of 0.7799). Correspondingly, based on the ASXclosing price of A$0.015 for ordinary shares and a closing price of A$0.002 for the 2017 options, on February 17th, 2014, the Company has a current market capitalization of approximately A$43.0 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.


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