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Samson Oil & Gas Commences Four Well Drilling Program

Defender US33 #2-29H, Goshen County, Wyoming, Samson 37.5% working interest

The Defender US33 #2-29H, is the first Niobrara appraisal well in Samson's Hawk Springs project. Initially, a vertical pilot well will be drilled to around 7,450' and a conventional core will be cut from the Niobrara Formation. After the orientation of the fractures has been identified from core and FMI logs, the vertical pilot borehole will be plugged back to a kick-off point above the Niobrara. From the kick-off point, the borehole angle will be built until it is horizontal and the bit is positioned within the Niobrara "B" . Then 7-inch intermediate casing will be set through the curve and the lateral will thereafter be drilled for a distance of approximately 4,300' within the Niobrara "B" . The well will be completed using a plug and perforation process in 15-stages that is expected to involve the placement of approximately 3,000,000 pounds of proppant into the Niobrara Formation.

Sprit of America US34 #1-29, Goshen County, Wyoming, Samson 100% working interest

The Defender well will be followed by the Spirit of America US34 #1-29. This well is the first Permian and Pennsylvanian appraisal well within the Hawk Springs project. Preparatory operations, including the well site construction and the setting of the 20-inch surface casing, have been accomplished. The Spirit of America US34 #1-29 will be drilled as an 11,000' vertical test to the Precambrian basement to evaluate multiple conventional targets; in particular, two closed structural traps in the Permian and Pennsylvanian sections.

Following the completion of the two Hawk Springs wells, the Evergreen Rig 22 will be mobilised to Montana to drill the initial two wells in the Roosevelt project.

Australia II KA6 #1-29H and Gretel 11 KA12 #1-30H, Roosevelt County, Montana, Samson 100% working interest

These wells will be the first two appraisal wells in the Roosevelt Project. Both wells will be drilled initially as vertical pilot holes to enable cores to be cut in the Bakken Formation, and then completed as a 15,500' measured depth horizontal wells in the middle member of the Bakken Formation. The wells will then be fracture stimulated. The design of this completion is currently being undertaken but the final design will build on industry results previously achieved in the area.

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 253 million options exercisable at AUD 1.5 cents), which would be the equivalent of 99.8 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$1.86 per ADS on August 8th, 2011 the company has a current market capitalization of approximately US$182 million. Correspondingly, based on the ASX closing price of A$0.098 on August 8th , 2011, the company has a current market capitalization of A$182 million. The options have been valued at their closing price of A$0.079 on August 8^th, 2011 and translated to US$ at the current exchange of 1.03 for the purposes of inclusion in the US$ market capitalization calculation.

For and on behalf of the board of
SAMSON OIL & GAS LIMITED

TERRY BARR
Managing Director

Statements made in the presentation that is available on Samson's website 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 20-F a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.

Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994
US cell: 970-389-5047