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

NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTAThe infill development drilling of North Stockyard continues with the immediate fracking of 3 Three Fork wells (Bootleg 6, 7 and 8). Drilling operations of the easterly Three Forks wells (Ironbank 4 and 5) have progressed according to plan. During the fracking operations, the field was shut in to protect the existing well bores. This shut in period is expected to be lifted late in November following the completion of the immediate fracking program.

The current status of each well is set out below with separate tables for each drill pad:

TOFTE 1 PAD    

Laterallength

    Objective     Status    

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Billabong2-13-14HBK

    6,147 ft.     Bakken    

Frackscheduled forNov

    NA     NA     NA

Sail and Anchor4-13-14HBK

    6,375 ft.     Bakken    

Shut in forfrack program

    1,323     SI     57,669

Blackdog3-13-14 HBK

    8,383 ft.     Bakken    

Shut in forfrack program

    1,995     SI     109,878                         TOFTE 2 PAD    

Laterallength

    Objective     Status    

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Tooheys4-15-14HBK

    6,740 ft.     Bakken    

Shut in forfrack program

    1,078     SI     58,452

Coopers2-15-14HBK

    6,360 ft.     Bakken    

Shut in forfrack program

    556     SI     47,064

Little Creature3-15-14HBK

    7,578 ft.     Bakken    

Shut in forfrack program

    501     SI     72,284                        

MATILDA BAY PAD

   

Laterallength

    Objective     Status    

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Matilda Bay2-15-HBK

    4,215 ft.     Bakken    

Shut in forfrack program

    1117     SI     26,280

Matilda Bay1-15-HBK

    4,215 ft.     Bakken    

Shut in forfrack program

    318     SI     1,100                         TF NORTH PAD    

Laterallength

    Objective     Status    

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Bootleg4-14-15TFH

    7,211 ft.    

Three Forks1

   

Shut in forfrack program

    NA     NA     12,574

Bootleg5-14-15TFH

    7,495 ft.    

Three Forks1

   

Shut in forfrack program

    NA     NA     9,846

Ironbank4-14-13TFH

    7,466 ft.    

Three Forks1

   

Drillingcompleted

    NA     NA     NA

Ironbank5-14-13TFH

    7,495 ft.    

Three Forks1

   

Drilling lateral at11,733 feet

    NA     NA     NA                         TF SOUTH PAD    

Laterallength

    Objective     Status    

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Bootleg6-14-15TFH

    6,867 ft.    

Three Forks1

    Frack completed     NA     NA     NA

Bootleg7-14-15TFH

    6,973 ft.    

Three Forks1

    Frack underway     NA     NA     NA

Bootleg8-14-15TFH

    6,771 ft.    

Three Forks2

    Frack completed     NA     NA     NA

Ironbank6-14-13TFH

    7,434 ft.    

Three Forks1

    APD approved     NA     NA     NA

Ironbank7-14-13TFH

    7,458 ft.    

Three Forks1

    APD approved     NA     NA     NA                        

#The Avg. Daily rate is an average of the last week’s production or the average after the well was put back into production.BO: Barrels of oilBOE: Barrels of oil equivalent (gas converted at its heating value)BOPD: Barrels of oil per dayMCF: Thousand cubic feetBOEPD: Barrels of oil equivalent per day

NA: Not availableAPD: Application for Permit to DrillIP Rate: Gross first 24 hour oil rateCurrent rate BOPD: Barrels of Oil per DayCum to Date: Cumulative gross BO

Bootleg 6 and 8 fracks have been completed. Both frack jobs were 25 stages, 3.5 million pound treatments. The Bootleg 7 frack job is underway.

The Billabong 2-13-14HBK well is presently scheduled to be fracked in November and the frack will consist of 35 stages.

Frontier Rig 24 is currently on the TF north pad and has drilled and completed the Ironbank 4-14-13TFH in the Three Forks formation. The rig is drilling Ironbank 5-14-13TFH where it has set the production casing at 11,655 feet and is currently drilling the lateral portion of the wellbore at 11,733 feet.

Samson’s working interest and its net revenue interest for the North Stockyard Project is set out in the following table:

Well     Working interest     Net revenue Interest Billabong 2-13-14HBK     28.77220%     22.01073% Sail and Anchor 4-13-14HBK     25.028509%     19.146809% Blackdog 3-13-14H     24.863526%     19.020597% Tooheys 4-15-14HBK     28.232033%     21.597505% Coopers 2-15-14HBK     28.232033%     21.597505% Little Creature 3-15-14H     27.759719%     21.236185% Matilda Bay 2-15-H     32.972255%     25.223775% Matilda Bay 1-15-H     32.972255%     25.223775% Bootleg 4-14-15TFH     28.386344%     21.715553% Bootleg 5-14-15TFH     28.386344%     21.715553% Ironbank 4-14-13TFH     26.746521%     20.461089% Ironbank 7-14-13TFH     26.746521%     20.461089% Bootleg 6-14-15TFH*     28.386344%     21.715553% Bootleg 7-14-15TFH*     28.386330%     21.715553% Bootleg 8-14-15H     28.386330%     21.715553% Ironbank 6-14-13TFH*     26.746521%     20.461089% Ironbank 7-14-13TFH*     26.746521%     20.461089%  

* Wells have yet to be elected by Samson and therefore are subject to change.

 

RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTAGladys 1-20H (SSN 23%)

The Gladys 1-20 H well has been drilled by Continental Resources to a total depth of 19,994 feet. The well is a 1,280 acre lateral (approximately 10,000 feet) in the middle member of the Bakken Formation.

     

Laterallength

    Objective    

Status

   

IP rateBOPD

   

Avg. RateBOPD#

   

Cum toDate BO

Gladys 1-20H     9,558 ft.    

MiddleBakken

    Flowing     717     414     12,798                        

Since the Glady’s 1-20H was turned onto production September 7th, the well has produced an average of 414 BOPD.

HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMINGBluff 1-11 (SSN 25%)

True Drilling Rig #26 is currently rigging up on the Bluff 1-11 well to drill out the temporary cement plug and set a liner across the Permian 9,500 sand. This will then enable a flow test to be undertaken after the True Drilling Rig #26 is moved off location. This test is aimed at establishing a flow rate and will also enable a detailed gas analysis to be undertaken. The test may also include a shut-in period which can be used to establish whether a gas-oil contact exists below the intersection of the Permian 9,500 sand.

TOTAL COMPANY PRODUCTIONSamson net production for 2014 is as follows:

          Q1         Q2         JULY         AUGUST         SEPTEMBER OIL, BO         29,408         50,639         17,310         7,791         5,527 GAS, MCF         48,518         50,141         17,820         14,569         10,988 BOE         37,494         58,996         20,280         10,219         7,358 BOEPD         417         656         654         329         245                                        

Production has decreased since July due to new and vintage wells in North Stockyard being shut in for the frack program. These wells will be put back on production as the offset fracks are completed. The lost production is expected to be made up once these wells are restored to production due to the additional fracturing resulting from the new well fracks. Importantly once production is restored 4 new wells will come on line along with the flush production from the vintage wells.

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 2,837 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 141.85 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.25 per ADS on Oct 10th, 2014, the Company has a current market capitalization of approximately US$37.88 million (the options have been valued at an exchange rate of 0.8772). Correspondingly, based on the ASX closing price of A$0.016 for ordinary shares and a closing price of A$0.012 for the 2017 options, on Oct 10th, 2014, the Company has a current market capitalization of approximately A$48.15 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.

Samson Oil & Gas LimitedTerry Barr, CEO, 303-296-3994 (US office)970-389-5047 (US cell)