Samson Oil & Gas to Spud Texas Well the Week of June 22

DENVER & PERTH, Australia--(Business Wire)--
Samson Oil & Gas Limited ("Samson") advises that it has completed
the necessary joint venture documentation associated with the drilling
of the Sabretooth prospect. In conjunction with this activity the
Operator for the Sabretooth #1 well has contracted a drilling rig and
has commenced civil works to prepare the drilling location such that
this well is expected to spud during the week of June 22.

The prospect is located in Brazoria County, Texas, in the onshore
Gulf Coast Basin. The prospect has been delineated by a comprehensive
3D seismic grid which resulted in a significant off-setting
gas/condensate discovery which had an amplitude response identical to
that observed at Sabretooth. The proposed well is a 14,000-foot test
of the Vicksburg Formation and has an estimated contingent recoverable
volume of 25 Bcfe. Samson has a 12.5% working interest in the well.

Samson's shares (Amex: SSN) (ASX: SSN) are traded on both the
American Stock Exchange and on Australian Securities Exchange. On the
Amex, Samson trades an American Depository Receipt, each of which
represent 20 fully paid Ordinary Shares of Samson.

For and on behalf of the board of

SAMSON OIL & GAS LIMITED

TERRY BARR

Managing Director

Statements made in this 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. The
drilling operations are expected to be conducted in the planned
manner, however, drilling could be delayed or curtailed and may vary
from current expectations since various factors, including but not
limited to equipment availability or breakage or other unanticipated
difficulties, could delay those events and change those expectations.

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
registration statement and report to the Securities and Exchange
Commission on Form 20-F, which is available at
www.sec.gov/edgar/searchedgar/webusers.htm.

Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994
Cell: 970-389-5047

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