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Samson Oil & Gas Operational Advisory

Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) provides advice on its current projects.

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING

Spirit of America US34 #2-29, (SSN 100% WI)

The Spirit of America #2 well intersected 61 feet of pay as defined by the electric logging program and its subsequent analysis. Log analysis requires several rock and fluid property assumptions and these assumptions have in part been resolved by the initial perforation and swab tests (such as the determination of the salinity of formation water). The net pay intervals so defined by these measurements and calculations will now be fracture stimulated in three stages. The initial frac will stimulate the lower perforations at around 10,000 feet, comprising 31 feet of log pay. The second stage at around 9,300 feet will stimulate a single 7 feet of log pay and the third stage at around 9,200 feet will stimulate several sandstones with 22 feet of log pay. Detailed engineering of these fracs have been completed.

The frac treatment has yet to be scheduled, however it is not expected that there will be any undue delay in the provision of the required frac equipment. Assuming that an adequate rate can be obtained from this frac, then there would be many opportunities to pursue this result, both within the SOA prospect itself (such as drilling the Clipper location immediately adjacent, and subsequently the twenty-four, 40-acre spaced wells within this prospect) and in addition, the 24 seismically defined anomalies within the project area. These anomalies have substantially identical properties to the SOA #2 prospect which has now been proved to be generated by porosity development within the Permian section. Some of these prospects are located at substantially shallower depths, and could provide a consequential improvement in reservoir quality.

Therefore the SOA #2 results thus far have been encouraging for the successful exploitation of the prospects that have been seismically defined both within the prospect itself and the project generally. Part of that encouragement is the operational success, in being able to demonstrate the capability of the drilling and casing of this geologically attractive section.

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