Samson Oil & Gas Provides Operational Advice on Sabretooth and State GC #2

DENVER--(Business Wire)--
Samson Oil & Gas Limited (Amex: SSN)(ASX: SSN):

SABRETOOTH PROSPECT (DAVIS BINTLIFF#1) (Working Interest 12.5%,
Net Revenue Interest 9%)

As previously reported, the Sabretooth prospect has begun its
evaluation through the drilling of a well named the Davis Bintilff #1
in Brazoria County, Texas. This well spudded on June 18th, 2008 and,
as of today at 0600 hours, was drilling ahead at 4,000 feet. The well
is being deviated to a subsurface target 14,600 feet true vertical
depth and 15,655 feet measured depth to the north east of the surface
location, the measured depth to the top of the Vicksburg target is
14,905 feet being a true vertical depth of 13,610 feet. It is expected
that the target will be intersected mid to late August.

STATE GC#2 (Working Interest 37%, Net Revenue Interest 28.3%)

When the State GC #2 well was logged three potential pay intervals
were determined as follows:

Lower part of the Lower Leonard (54 feet of perforated pay);

Upper part of the Lower Leonard (39 feet of perforated pay); and

Bone Springs Formation (189 feet of potential pay requiring
evaluation)

Completion operations have been designed to test each of these
intervals sequentially to ensure that when the well is finally
completed, the contribution from each zone can be quantified and that
if any water flow is encountered, it can be indentified and if
necessary remediated.

The deepest part of the Lower Leonard has been stimulated and has
been pump tested over the interval of 11,347 feet to 11,470 feet
during the past 7 days. Installation of a beam lift pumping unit has
realized an average hydrocarbon production of 20 bopd and 50 mscfd
from this zone.

Operations are underway to perforate and acidize upper Lower
Leonard hydrocarbon bearing reservoir over the interval of 11,163 feet
to 11,304 feet. Following an acid stimulation, both zones will be pump
tested.

Following this test it is expected that the Bone Springs Formation
pay zone will be added to the completion and tested.

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

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For and on behalf of the board of
SAMSON OIL & GAS LIMITED
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TERRY BARR
Managing Director
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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.
Operations could be delayed or curtailed and may vary from current
expectations since various factors, including but not limited to
equipment availability or breakage or continuing problems with lost
circulation or other unanticipated difficulties could delay those
events and change those expectations. The oil rates that have been
measured thus far in the completion may not reflect a long term
established rate for this zone.

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 (U.S. office)
U.S. cell: 970-389-5047

Copyright Business Wire 2008