The Directors of Samson Oil & Gas Limited (“Samson” or the “Company”) advise that, further to the Company’s non-renounceable rights issue which closed on 31 May, 2013 (“Rights Issue”), Samson has placed with US and Australian investors Samson’s ordinary shares (“New Shares”) and options exercisable at A$0.038 each and expiring on 31 March 2017 (“New Options”) comprising a portion of the shortfall from the Rights Issue (“Shortfall Placement”). The size of the placement was limited to 318,452,166 New Shares and 127,380,866 New Options, which will raise gross proceeds of approximately A$7.96 million, though demand from institutional investors exceeded that amount. Patersons Securities Limited acted as Corporate Adviser and Lead Manager to the Shortfall Placement and Carter Terry & Co acted as Placement Agent for the placement of Samson's American Depository Shares (“ADSs”) in the United States. Samson is pleased to welcome a number of US and Australian institutional investors onto its share register as part of the Shortfall Placement. US based investors will be issued ADSs rather than New Shares. The price of new ADSs was based on the A$:US$ exchange rate of 0.9216 on 19 August 2013, and was set at US$0.4608 per ADS (An ADS is represented by 20 Ordinary Shares). Most of the ADSs and their associated New Options will be allotted today, having received cleared funds. New Shares and New Options will be issued in respect of applications received upon clearance of funds within the next seven days. The proceeds from the Shortfall Placement, together with existing cash reserves (US$13.3 million at June 30th 2013) will be used to fund planned infill development drilling programs on Samson’s North Stockyard and Rainbow Projects. NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA Coopers 1-14-15HBK well The Frontier 24 rig has been mobilised and rigged up on the Tofte 2 pad, which will host the Coopers and Tooheys middle Bakken well bores.