Samson Oil & Gas Advisory

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

TOTAL COMPANY PRODUCTION

Samson’s net monthly production, for the last six months, is as follows:

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

Samson’s net production for March continued to grow as the results of the 2014 infill drilling in North Stockyard are incorporated. Seven wells remain shut in as the Operator manages the field with minimal operating cost in response to the current oil price. Given that all of the wells have been drilled and fracked, the individual well reports will be discontinued, however we will provide mid-monthly production reports with commentary.

COMMENTARY

North Stockyard has a total well count of 23 wells made up of 14 middle Bakken, 8 Three Forks bench 1 (TF1), and 1 Three Forks bench 2 (TF2) wells. Rainbow has a single middle Bakken well. The status of these wells at the end of April was as follows:

HEDGE BOOK

In early April, Samson closed out its 2015 hedge book to crystalize that value of $1.2 million and some additional down side protection was put in place in the form of deferred puts which will capture any future upside in the oil market. The hedged portfolio is now as follows:

As at April 10^th, 2015 the book value of the hedge was approximately $480,000, valued by Samson’s counterparty.

RESERVES

Samson commissioned Ryder Scott Company to determine its reserve as at March 1^st. This was done to capture the Proved Developed Producing reserves value from several additional wells bought on line in North Stockyard after January 1^st, the date of our last report. The net present value (NPV₁₀) was calculated at a 10% discount rate using the New York Mercantile Exchange (NYMEX) strip price adjusted for regional differences. As of March 1^st, 2015 our reserves and NPV₁₀ are:

NYMEX strip price and gas price assumptions:

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 200 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 14.185 million ADSs. Accordingly, based on the NYSE MKT closing price of US$1.49 per ADS on April 13^th, 2015, the Company has a current market capitalization of approximately US$21.5 million (the options have been valued at an exchange rate of 0.7596). Correspondingly, based on the ASX closing price of A$0.009 for ordinary shares and a closing price of A$0.002 for the 2017 options, on April 13^th, 2015, the Company has a current market capitalization of approximately A$26.0 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 at www.sec.gov/edgar/searchedgar/webusers.htm.