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Samson Oil & Gas Announces Equity Placement And Planned 1 For 3 Non-Renounceable Rights Offering

A U.S. prospectus and an Australian prospectus for the Rights Offering are expected to be sent to shareholders on or about 8 April 2013. The Rights Offering will be made to shareholders in both the USA and Australia. The rights to be issued in the Rights Offering will not trade on the ASX or the NYSE MKT as the issue is non-renounceable.

On a fully subscribed basis, the Rights Offering would raise A$17.5 million (US$18.1 million), which together with the already completed placement, would represent a total raising of approximately A$20.2 million (US$20.1 million).

Samson intends to use the proceeds of both offerings to fund a portion of the Company's 2013 calendar year capital budget, which calls for drilling six infill development wells in the North Stockyard oilfield in Williams County, North Dakota, along with the first exploratory well in its South Prairie Project in Ward County North Dakota, as well as for general corporate purposes, working capital needs and possible future acquisitions.

About Samson Oil & Gas Limited

Samson’s ordinary shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's ADSs are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid ordinary shares. Samson has a total of 2,101 million ordinary shares issued and outstanding, which would be the equivalent of 105 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.65 per ADS on March 19th, 2013, the Company has a current market capitalization of approximately US$68 million. Correspondingly, based on the ASX closing price of A$0.031 on March 19th, 2013, the Company has a current market capitalization of A$65 million.
For and on behalf of the board of

SAMSON OIL & GAS LIMITED
 

TERRY BARR
Managing Director
 

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any of Samson’s securities, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of the jurisdiction. The securities proposed to be issued in the Rights Offering will not be sold and offers to buy those securities will not be accepted until they are included in an effective registration statement filed with the U.S. Securities and Exchange Commission.

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