ITEM 1.01 Entry into a Material Definitive Agreement.
Additional Extension of Time for Closing of North Stockyard
Sale
On September 29, 2016, APEG Energy, LP, an affiliate of Angelus
Private Equity Group (the “Purchaser”), exercised its right under the Purchase and Sale Agreement, dated as of June
30, 2016, between Samson Oil & Gas Limited (the “Company”) and the Purchaser, to extend the closing deadline for
its purchase of our North Stockyard assets for an additional thirty (30) days, from September 30, 2016 to October 30, 2016, by
notice and payment to the Company of a $50,000 extension fee. The Purchase and Sale Agreement was previously filed as Exhibit 10.1
to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2016.
Modification of Credit Agreement
On September 28, 2016, the Company’s primary lender, Mutual
of Omaha Bank (“Mutual of Omaha”), agreed to extend the deadline by which the Company is obligated to pay down $11.5
million of the outstanding balance under its credit facility to October 31, 2016. Mutual of Omaha has also agreed to extend the
deadline by which the Company must raise a total of $5 million in equity under the credit facility from September 30, 2016 to November
15, 2016.
Samson issued a press release on September 29, 2016 announcing
the material terms of the aforementioned extension and modification. A copy of the press release is attached to this Current Report
on Form 8-K as Exhibit 99.1.
On September 30, 2016, the Company, Mutual of Omaha and certain
affiliates of the Company, including Samson Oil and Gas USA, Inc. and Samson Oil and Gas USA Montana, Inc., executed a Fifth Amendment
to Credit Agreement, dated as of September 29, 2016 (the “Amendment”), to memorialize the terms of the previously agreed
modifications to the credit agreement. The foregoing does not constitute a complete summary of the terms of the Amendment, and
reference is made to the complete text of the Amendment, which is attached hereto as Exhibit 10.1 and incorporated by reference
herein.