QUARTERLY REPORT

for the period ended 31 December 2014

- The company's debt facility was increased to US$19 million and the interest rate reduced to a 90 day LIBOR plus 3.25%, currently the effective rate is approximately 3.48%. During the quarter, Samson drew down US$4.5 million against this facility, with a further drawdown of US$2.0 million in January 2015, bringing the outstanding loan balance to US$17.5 million. Given the curtailment of the North
Stockyard drilling program, no further drawdowns are planned.

- Samson has curtailed its development drilling program in the North Stockyard field after the completion of the Ironbank 6 well. The Frontier 24 rig was laid down without contractual penalty.

- The Company's G&A cost was reduced by 43% from US$3.3 million expensed for the six months to 31 December 2013, to US$2.3 million for the corresponding period in 2014. Further reductions in this
expense are expected to be finalized in the first quarter of 2015 in response to the recent slide in the oil price.

- Estimated oil and gas revenue was US$2.7 million for the quarter (there is generally a two to three month delay between production and the receipt of funds).

- Lease operating, exploration, valuation of derivatives and administration expense for the quarter was US$0.3 million.

- A net US$8.8 million was spent on development during the quarter, related to Samson's share of the North Stockyard project drilling program.

- The closing cash balance for the quarter was US$3.8 million.

- During the quarter 36,600 barrels for 2016 production were added to the company's hedge book. The total volume currently hedged is 97,449 barrels for 2015 and 2016 and is valued at US$2.6 million as at 26 January 2015.

OPERATIONAL HIGHLIGHTS

- The North Stockyard field is being developed from several drill pads on which multiple wells are located.

As the program is one of infill drilling both between and beneath existing well bores, a large part of the
field was shut in during the December quarter to allow this activity to occur. The pad drilling and the intertwining well bores provides two operational issues: one is that it would be unsafe to be drilling on a pad that contained a flowing well bore in close proximity, and accordingly that producing well is shut in while those pad operations are underway; second, where a well is being fracked in close proximity to an existing well bore, industry practice is to remove the pump and plug the well temporarily such that the pressure pulse seen from conducting the adjacent fracture stimulation does not push proppant ("frack sand") into that well bore and damage the completion.

- As a result of these operational constraints, during the quarter only 820 "well days" of the available 2,208 "well days" were on production during the quarter.

- Given that the drilling program has been curtailed, the North Stockyard field is being returned to full production, and, as of this report date, 11 wells are on stream. The remaining 13 wells are expected to be back on line by the end of February.

- The Gladys well, which has been on free flow for four months, has had an electrical submersible pump (ESP) installed and the well has responded with two days of daily oil production exceeding 950 BOPD. While this is early in terms of establishing a stable production rate, the initial production rate from this ESP configuration is very encouraging. Gladys has produced 34,721 BBLs on free flow and was a modest producer - however the installation of the ESP may change that perception based on the early response of the well to artificial lift.

- In North Stockyard four producing intervals are recognized. These are the Middle Bakken (MB), and Three Forks 1 through 3. (TF 1, TF2 and TF3). Fully developed, this would represent 33 wells of which
20 have been drilled. The Middle Bakken and TF1 intervals are considered fully developed with 11 and 8 wells drilled respectively.

- During the quarter Bootleg 8-14-15TFH ("Bootleg 8") was the first well to be drilled and fracked in TF2.

This well has yet to be put on production because of the operational issues outlined above however the
flowback of this well was very encouraging with an oil rate of 785 BOPD established. No wells have been drilled in the TF3, however 8 wells can be contemplated in the TF2 based on the early results of Bootleg 8. This development will be dependent on an improved and stabilized oil price, but provides additional production capacity for the future.

- Aside from Bootleg 8, during the quarter 5 TF1 wells were drilled and 3 fracked; the remaining 2 wells were fracked in the early part of January.

- In the Hawk Springs project in Wyoming a cased hole testing program has been conducted in the Permian Hartville 9500' sand on the Bluff #1-11 well. This test produced nitrogen rich gas (97%) at a steady rate of 8 MMscf/D. Technical data recovered from the test is been analyzed to determine what the next operational step will be taken to evaluate the discovery.

Production for the December quarter increased from the September quarter as a result of the infill development program in North Stockyard despite the operational restraints outlined above.

Note:

Production information (volumes and prices) may differ from previously advised information as there is generally a two to three month lag between production and receipt of sales and cash from the field operators. Prior to receiving the final sales information, production is estimated from information provided by the operator and in some instances, third parties.
As a result of this program Samson's 2014 production has shown a significant increase over the corresponding
12 month period: