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Samson Oil & Gas Operational Advisory

Gretel II 12KA 3 #1-30H, (SSN 100%, subject to a 33.34% back-in right)

The production facilities have been installed and the well has been on pump for seven days having recovered 2,583 barrels of fluid combined with 12,773 barrels of fluid during flow back operations totaling 15,356 barrels out of 47,142 barrels pumped during completion operations. Not seeing any appreciable amounts of oil to date may be due to the well location being on the north side of the Brockton Fault Zone, which is believed to be the western edge of the continuous Bakken oil accumulation. The impact of the fault to Samson’s total gross acreage position of 50,000 acres would put 2/3rds of the acreage south of the fault and 1/3 rd north of the fault. We will continue further evaluation of the well and our acreage position including the potential impact of the Brockton Fault zone.

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$1.67 per ADS on June 18th, 2012 the Company has a current market capitalization of approximately US$164 million. Correspondingly, based on the ASX closing price of A$0.085 on June 18th, 2012, the Company has a current market capitalization of A$166 million. The options have been valued at their closing price of A$0.069 on June 18th, 2012 and translated to US$ at the current exchange of 1.012 for purposes of inclusion in the US$ market capitalization calculation.

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