Samson Oil & Gas Operational Advisory

Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) provides operational advice.

Drilling Rig Contract

As previously advised on 20th March, 2012 Samson has contracted Frontier Rig 24 for 18 months; the manufacture of this rig has been delayed and is now due for completion in early November 2012 rather than August 2012 as previously advised in the Company's  March 2012 Quarterly Report on Form 10Q. Negotiations are ongoing with industry participants to take up available drilling slots on this rig during the contracted period.

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$1.14 per ADS on August 7th, 2012 the Company has a current market capitalization of approximately US$109 million. Correspondingly, based on the ASX closing price of A$0.052 on August 7th, 2012, the Company has a current market capitalization of A$100 million. The options have been valued at their closing price of A$0.035 on August 7th, 2012 and translated to US$ at the current exchange of 1.058 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.

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