samson oil & gas lodges quarterly report and a, page-29

Sorting the wheat from the chaff.....

- oil production up 25%

- gas production up 6%

- revenue up 25%

- closing cash balance $31.4 million


- DEFENDER...Pending economic production results from the Defender US33 #2-29H well, a longer 9,000+ foot lateral in the
Niobrara is currently being planned. Samson has recently requested a hearing at the WYOGC to allow for 1280
acre well spacing in order to drill such a well.This hearing is booked in for May 8th.The core data has been analyzed and confirms that the Niobrara Formation is well
within the oil maturity window at our Defender well location as well as over the majority of Samson’s acreage
position. This information along with our recent production is encouraging.


- AUS II and GRETEL II.....Oil
has been discovered at both locations. Aus II 600 barrels during drill out.If commercial production is established at Australia II 12 KA 6 or Gretel II 12 KA 3, a development program
would commence and include the drilling of the Australia III 12 KA 9 well (permitted),the Australia IV 12 KA 16
well (permitted and surface casing set), or a new location yet to be named. (eco pad ????)


- HAWK SPRINGS JV....Samson’s current land position in the Hawk Springs projects stands at 18,580 net acres after
assuming that our farm-in partner exercises their option to drill the second farm-in well.


- NORTH STOCKYARD.....The North Dakota Industrial Commission approved the spacing order request for North Stockyard
allowing for the drilling of four in-fill locations.


- SOA 2.....The Spirit of America replacement well, Spirit of America US34 #2-29, will spud on or about on 1 May to test the
Permian and Pennsylvanian age targets delineated from Samson’s North Platte 3-D seismic survey. Samson
has mapped numerous similar prospects within its 3D seismic area that will allow for substantial follow up to this
well.



OMR