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Samson Oil & Gas Corporate Advisory

For the benefit of shareholders planning to attend the General Meeting of Samson Oil & Gas Limited (ASX:SSN) (NYSE AMEX:SSN) to be held on Wednesday, 30 May 2012, the Board of Directors advises that it has determined to withdraw all six of the resolutions that were to be put to shareholders at that meeting.

For and on behalf of the board of SAMSON OIL & GAS LIMITED

VICTOR RUDENNOChairman

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 AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,996 million ordinary shares issued and outstanding (including 231 million options exercisable at AUD 1.5 cents), which would be the equivalent of 88.25 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$1.70 per ADS on May 25th, 2012, the Company has a current market capitalization of approximately US$166 million. Correspondingly, based on the ASX closing price of A$0.083 on May 25th, 2012, the Company has a current market capitalization of A$164 million. The options have been valued at their closing price of A$0.071 on May 25th, 2012, and translated to US$ at the current exchange of 0.9744 for purposes of inclusion in the US$ market capitalization calculation.

For and on behalf of the board of SAMSON OIL & GAS LIMITED

TERRY BARRManaging 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, including uncertainties inherent in estimating the methods, timing and results of exploration activities.

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