SAMSON OIL & GAS ADVISORY

Denver 1600 hours February 17th, 2015, Perth 0700 hours February 18th, 2015

TOTAL COMPANY PRODUCTION

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

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:

As at February 13th, 2015 the book value of the hedge was $2.1 million as valued by Samson's
counterparty.

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

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:

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

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

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

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:

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.

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 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

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