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SAMSON OIL & GAS ADVISES ON RODNEY #1-14H

Denver 1700 hours March 29th, Perth 0700 hours March 30th 2011.

Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) provides a progress report on the Rodney #1-14 well. (Samson 26.3% working interest) Since the Company�s last report, the 16th and final stage of the stimulation was pumped, for a total of 1.7 million pounds of proppant placed in the well.

Flow back operations commenced on March 23rd. This flow back is being undertaken with 15 individual frac plugs in place, these are required to facilitate the fraccing operations. The flow back is being controlled by design to ensure the proppant remains in place. The rate is therefore restricted down hole and is not representative of an initial production rate, which can only be determined after the frac plugs have been drilled out. This operation (planned as part of the completion) will be undertaken by the work over rig that is presently scheduled to be on site next week.

Even though the flow rate may not be representative, the restricted flow back results are nevertheless very encouraging, with a maximum oil rate of 1320 BOPD being recorded. During the flow back operations, the water rate has reduced from an initial rate of 2800 BWPD to 470 BWPD. This decreased water rate is commensurate with an initial water cut of 86% reducing to a water cut of 48%. It is expected that the water cut will continue to reduce to around 25%. Gas rates have varied between 1.38 mmcfpd to 0.9 mmcfpd

Oil sales commenced immediately and the gas sales line was connected after 4 days of flaring, so both products are already being marketed and generating cash flow.