Samson Oil & Gas Operational Advisory

Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):

NORTH STOCKYARD PROJECT (Samson 50% operated working interest)

Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that it is presently drilling ahead in the lateral portion of the Billabong 2-13-14HBK well at a depth of 13,850’ MD. Gas levels have remained at over 2000 units and abundant oil staining has been observed in samples while drilling the Middle Bakken silty sandstone. The forward plan is to continue to drill to a measured depth of 17,663 feet, run and cement the 4½” production liner, and then fracture stimulate the Billabong 2-13-14HBK and Sail & Anchor 4-13-14HBK wells together.

About Samson Oil & Gas Limited

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 MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.55 per ADS on July 29th, 2013 the Company has a current market capitalization of approximately US$61 million (the options have been valued at an exchange rate of 0.9257). Correspondingly, based on the ASX closing price of A$0.026 for ordinary shares and an closing price of A$0.012 for the 2017 options, on July 29th, 2013, the Company has a current market capitalization of approximately A$59.1 million.

SAMSON OIL & GAS LIMITED

TERRY BARRManaging Director

Statements made in this press 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 prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.

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