HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMINGDefender US33 #2-29H, (SSN 37.5% WI) A jet pump is currently being installed on the Defender US33 #2-29H well in Goshen County, WY to alleviate gas locking and sanding issues that were experienced with the traditional sucker rod pump that has been on the well since inception. The well produced 5,238 barrels of oil prior to this new workover operation. The well produced as high as 288 BOPD. Spirit of America US34 #2-29, (SSN up to 100% WI) The rig to drill the Spirit of America US34 #2-29 well is being mobilized to the well site and the well is expected to spud on or about May 1st. This 11,000’ vertical well will test two targets in the Lower Permian and Pennsylvanian age rocks. The Company previously attempted to test these targets but was unsuccessful in doing so due to drilling difficulties in the Permian salt section. A larger, more powerful top-drive rig combined with a heavy weighted oil-based mud and an intermediate casing string set over the salt and bubble gum shale section should allow us to reach our targets. 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$1.98 per ADS on April 26 th, 2012 the Company has a current market capitalization of approximately US$192 million. Correspondingly, based on the ASX closing price of A$.093 on April 26th, 2012, the Company has a current market capitalization of A$181 million. The options have been valued at their closing price of A$.073 on April 26 th, 2012 and translated to US$ at the current exchange of 1.0382 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.