Coopers was spudded this morning and was drilling ahead at a depth of 200 feet in preparation of setting surface casing at 2,200 feet. The two wells will be batch drilled, so that Tooheys will spud after the surface casing is set on Coopers.RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA Preparations to drill the first two wells in this project continue and the 8 wells on the two initial pads have been staked. This allows the directional drilling plans to be formulated which will in turn allow the submission of an application for drilling permits. Samson is currently planning to drill a Bakken and Three Forks well on this project as its initial development. The Ryder Scott Company has estimated a proved undeveloped (PUD) reserve for 4 middle Bakken wells in this project based on immediately adjacent production data. Whilst there is adequate production evidence from Three Forks wells in the area, there are no Three Forks producing wells that “touch” the project boundary, which would be needed to establish a PUD reserve for this production interval. Thus, the establishment of a Three Forks well in the project is an important objective to increase the proved reserves attributable to the project. 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 97.3 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$0.58 per ADS on August 16th, 2013 the Company has a current market capitalization of approximately US$68.973 million (the options have been valued at an exchange rate of 0.9216). Correspondingly, based on the ASX closing price of A$0.033 for ordinary shares and a closing price of A$0.017 for the 2017 options, on August 16th, 2013, the Company has a current market capitalization of approximately A$78.407 million.
|SAMSON OIL & GAS LIMITED|
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 Samson’s recently concluded Rights Offering as well as in the Company's annual report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.