SAMSON OIL & GAS ADVISORY

Denver 1700 hours October 4th, 2015, Perth 0700 hours October 5th, 2015

PRESENTATION TO IPAA'S OGIS, SAN FRANCISCO

Samson is presenting to delegates attending the OGIS San Francisco, organized by the IPAA, on Monday, October 5th, 2015 at 1040 hours (WST) or Tuesday, October 6th, 2015 at 0340 hours (EST)

The presentation will be made available on Samson's website and the webcast is available at:

http://www.investorcalendar.com/IC/CEPage.asp?ID=174313

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$0.62 per ADS on October 2nd, 2015, the Company has a current market capitalization of approximately US$8.9 million (the options have been valued at an exchange rate of 0.7038). Correspondingly, based on the ASX closing price of A$0.004 for ordinary shares and a closing price of A$0.001 for the 2017 options, on October 2nd, 2015, the Company has a current market capitalization of approximately A$11.5 million.

For further information please contact, Terry Barr, CEO on 303 296 3994 (US office)

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.

Samson Oil & Gas USA

1331, 17th Street, Suite 710, Denver Colorado 80202 Tel + 1 303 295 0344 Fax + 1 303 295 1961

Samson Oil & Gas Limited

Level 16, AMP Building, 140 St Georges Terrace, Perth Western Australia 6000 / PO Box 7654, Cloisters Square Perth Western Australia 6850

Tel + 61 8 9220 9830 Fax + 61 8 9220 9820 ABN 25 009 069 005 ASX Code SSN

IPAA OGIS

SFO, OCTOBER 2015

DISCLAIMER

This presentation has been prepared by Samson Oil & Gas Limited and contains information about the Company which may not be complete and should be read in conjunction with its disclosures on the ASX and filings with the Securities and Exchange Commission.

The presentation contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), including statements regarding potential drilling programs, the success of the company's business, as well as statements that include the words 'believe, expect, anticipate' or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Samson Oil & Gas Limited to differ materially from those implied or expressed by such forward-looking statements.

ASX: SSN

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 Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.

This presentation was prepared as September 29th and Samson Oil & Gas Limited assumes no responsibility to update the information included herein for events occurring after the date hereof.

NYSE: SSN

This presentation does not constitute an offer to subscribe to an issue and recipients of the presentation are required to conduct their own analysis.

The reserves quoted in this presentation were estimated by Ryder Scott Company ('RSC'), an independent petroleum reserves engineering consulting firm based on the definitions and disclosures guidelines contained in the Society of Petroleum Engineers, World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers Petroleum Resources Management Systems.

Information contained in this report relating to hydrocarbon reserves was compiled by the Managing Director of Samson Oil & Gas Ltd., T M Barr a Geologist who holds an Associateship in Applied Geology and is a fellow of the Australian Institute of Mining and Metallurgy who has 35 years relevant experience in the oil & gas industry.

of the material contained herein prior to making a decision to trade Samson's securities.

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SAMSON OVERVIEW

ASX: SSN

Samson Oil & Gas Limited is a dual national Australian/American oil and gas company holding extensive development and exploration acreage in the USA.

NYSE: SSN

1. As at September 14th 2015

2. FPO - Fully Paid Ordinary shares

3. ADS - American Depository Shares (each ADS represents 200 FPO shares and are included in FPO count)

4. For the three months endedAug14th 2015

5. SSN also has 8 million unlisted options with various exercise prices and expiry dates

6. As at June 30th 2015

7. As at June 30th 2015

8. Ryder Scott as at July 1st, 2015, NYMEX pricing

9. July 2015

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2015 STRATEGY

• Produce existing drilled and completed inventory of

  North Stockyard and Rainbow wells.

  ASX: SSN

• Flow the Bluff well to determine whether an oil leg exists to the nitrogen accumulation.

  NYSE: SSN

• Complete the commercial arrangements for a new project area located in the Paradox Basin Utah, that is economically attractive at $50 per bbl.

• Decrease overhead costs.

  • Head count decreased by 30%

  • Directors and Staff accepted a 15% salary cut

    
    

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    ASX: SSN

    CANE CREEK ANTICLINE, UTAH

    
    

    NYSE: SSN

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    PARADOX BASIN SUMMARY

• The Paradox Basin is located in southeastern Utah and

  southwestern Colorado.

• Predominately a Pennsylvanian evaporitic basin.

  ASX: SSN

• Host to oil production since 1924, a competitor drilled arguably the best EUR well in the US in 2012 with a 1.2 million barrel estimated recovery.

• The play is a combo-conventional trap with unconventional characteristics in the Cane Creek 21.

• Has also conventional traps at the top of the Cane Creek

  NYSE: SSN

  interval and at the deeper Leadville Formation.

• Keys to better wells are:

  • Located within the clastic porosity development,

  • Within the structural closure and,

  • Intersect natural fractures.

• Cane Creek anticline is severely over pressured, which aids production rates from the reservoir horizon.

  
  

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  PARADOX BASIN PROJECT SUMMARY

• Samson has acquired a two year option over

  8,080 acres.

  NYSE: SSN

  ASX: SSN

• Option is subject to agreeing a mutual mineral development agreement (MMDA) with the potash miner. The terms of this agreement have largely been agreed.

• The potash leases predated the oil and gas leases, therefore a mutual mineral development agreement is required to regulate oil and gas extraction so that it doesn't disrupt the existing potash mining.

  
  

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  PARADOX BASIN PROJECT SUMMARY

• Three objective levels.

  • Cane Creek 21, producing 2,000 BOEPD in adjacent leases.

    ASX: SSN

  • Cane Creek 4, which was proven productive in the

    initial wells in the region (1924).

    NYSE: SSN

  • Leadville Formation, which is a dolomitized interval below the Cane Creek 21 which has been proven productive along the trend at the Lisbon Field.

    
    

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    TYPE LOG FOR THE PARADOX INTERVAL

    
    

    Clastic 4, conventional target

    Prospective intervals

    
    

    Top of Salt

    
    

    Clastic 4

    Potash 5

    
    

    NYSE: SSN

    Potash 9

    
    

    ASX: SSN

    Clastic 10

    
    

    
    

    Leadville, conventional target

    Clastic 18

    Clastic 19

    
    

    Clastic 21

    
    

    Leadville

    
    

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    PARADOX BASIN CANE CREEK 21

• Productivity of this interval proven with 2,000 BOEPD

  producing in the immediately adjacent area.

  ASX: SSN

• Recoveries are variable and range between 300,000 and in excess of a 1 million barrels per well in the Cane Creek 21 interval.

  NYSE: SSN

• Variance is due to porosity development, structural position and the presence of natural factures.

• Quality 3D seismic is a key factor in well orientation and fracture detection.

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CANE CREEK REGIONAL STRUCTURE

ASX: SSN

Samson 3D outline

NYSE: SSN

Samson leases

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