SAMSON OIL & GAS ADVISORY

Denver 1700 hours January 12th, 2015, Perth 0700 hours January 13th, 2015

TOTAL COMPANY PRODUCTION

Samson's net monthly production for the December 2014 quarter is as follows:

Samson's net production by quarter for the calendar year ended December 31, 2014 is as follows:

Samson's net production for the year ended December 31, 2014 compared to its net production for the year ended December 31, 2013 is as follows:

The North Stockyard field continues to come back on line as the remaining three development wells (Billabong, Ironbank 6 and 7) are fracked. 5 existing wells around these wells remain shut-in whilst the recently drilled wells are fracked to prevent any damage to the well bores from this fracking activity. Harsh winter conditions have slowed the fracking operation.

HEDGE BOOK

Samson has the following hedges in place:

As at January 9, 2014 the book value of the hedge was $2.7 million as valued by Samson's counterparty.

Samson Oil & Gas USA

1331,  17thStreet,  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   ABN25  009  069  005   ASXCode  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 infill development curtailment 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,  17thStreet,  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   ABN25  009  069  005   ASXCode  SSN  

Samson Oil & Gas USA

1331,  17thStreet,  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   ABN25  009  069  005   ASXCode  SSN  

COMMENTARY

Frack operations have commenced on the Ironbank 7 well but have been hampered by adverse weather conditions. This frack is expected to be followed by Ironbank 6 and Billabong. A work over rig is currently over Billabong running the frack string.
#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 Oil & Gas USA

1331,  17thStreet,  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   ABN25  009  069  005   ASXCode  SSN  

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.

Samson Oil & Gas USA

1331,  17thStreet,  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   ABN25  009  069  005   ASXCode  SSN  

EXPIRY OF UNLISTED OPTIONS

The following unlisted options have expired, unexercised on 31 December 2014.

Following the expiry of the above mentioned unlisted options, the Company's capital structure is as follows:

Class of securities Number of options

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
ADSs. Accordingly, based on the NYSE MKT closing price of US$0.18 per ADS on January 12th,
2014, the Company has a current market capitalization of approximately US$26.1 million (the options have been valued at an exchange rate of 0.8244). Correspondingly, based on the ASX closing price of A$0.014 for ordinary shares and a closing price of A$0.003 for the 2017 options, on January 12th, 2014, the Company has a current market capitalization of approximately A$40.4
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,  17thStreet,  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   ABN25  009  069  005   ASXCode  SSN