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SAMSON OIL & GAS ADVISES ON NIOBRARA FORMATION PROJECT

Denver 1800 hours April 25th, 2010
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) provides advice on the Niobrara
Formation project in the Denver-Julesburg Basin, Wyoming.
Samson holds a considerable acreage position (40,800 net acres) in Goshen County in
southeastern Wyoming, where it has been pursuing the development of the Upper Cretaceous
Niobrara Formation as an oil productive horizon. The evaluation of this acreage began in 2006,
when the London Flats well was drilled as a horizontal completion. The well was not economically
successful, but a recent review of the engineering of the well by Samson indicated that, as drilled,
the well design had several shortcomings. In light of the development of horizontal completions in
the Bakken Formation, Samson has determined that it would be appropriate to re-enter that well
and fracture stimulate the Niobrara in order to determine its productive capacity. This would then
be followed by a new well, which would be completed in line with the most recent technical
developments that have been successful in the Bakken Formation.
Activities by other companies, approximately 15 miles to the south on the border of Platte and
Goshen Counties have raised the profile of this prospective formation. Evidence of increased
competitor activity and successful completions are abundant, which Samson believes are largely
responsible for the keen interest that the industry is showing in its Niobrara Formation project.
Over the last several months, Samson has been engaged in discussions with various industry
partners with a view toward sharing a portion of the exploration expense of the project via a
farmout. These discussions have resulted in an offer to purchase a portion of Samsons interest at
a substantial premium over Samson's original purchase price for the acreage. While Samson has
not made any final determination to sell a portion of its interest at this time, such a sale could
provide additional working capital that would then be available to drill several new wells, to pay
down debt or for other purposes. It is, however, Samsons intent to retain a significant interest in
the project in any event.

The Niobrara Formation is seen by some commentators in the industry as having characteristics
similar to the Bakken Formation, but the Niobrara Formation has not yet had the completion
technology that has been developed recently in the Bakken Formation applied to it.