Samson believes that the SOA #2 results thus far have been encouraging although future investment in this particular project requires a favorable result from the frac.Defender US33 #2-29H, (SSN 37.5% working interest) Formal approval has now been received from the joint venture partners to work-over the well which is completed in the Niobrara. This operation has two operational objectives. First, to ensure that the complete horizontal lateral is clean of sand and debris, and second, to change out the jet pump which was on rental, for the joint venture owned rod pump. The well remains shut in pending this workover which will commence following the completion of activities on Spirit of America #2. 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$1.11 per ADS on July 12th, 2012 the Company has a current market capitalization of approximately US$107 million. Correspondingly, based on the ASX closing price of A$0.054 on July 12th, 2012, the Company has a current market capitalization of A$105 million. The options have been valued at their closing price of A$0.038 on July 12th, 2012 and translated to US$ at the current exchange of 1.017 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.