Given the pump problems that have been experienced in Defender, Samson and its farminee have agreed to delay the decision on the second farmin well until April 30 th. This should allow an informed decision to be made after an indicative reservoir rate has been established. The Defender well has produced 5,084 barrels of oil to date, and the oil cut has approached 70% prior to the pump replacement.Spirit of America US34 #2-29, (SSN up to 100% working interest) The Frontier Rig 11 is currently due to arrive on approximately April 20 th to commence operations on the re-drill of the Spirit of America US34 #1-29.well. This well will test two conventional targets in the Permian and Pennsylvanian aged rocks to a depth of approximately 11,000 feet. 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 238 million options exercisable at AUD 1.5 cents), which would be the equivalent of 99.8 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$2.11 per ADS on April 10 th, 2012 the Company has a current market capitalization of approximately US$208 million. Correspondingly, based on the ASX closing price of A$0.11 on April 10 th, 2012, the Company has a current market capitalization of A$215 million. The options have been valued at their closing price of A$0.093 on April 10 th, 2012 and translated to US$ at the current exchange of 1.0318 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.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 report to the U.S. Securities and Exchange Commission on Form 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.