ann out

SAMSON OIL & GAS OPERATIONAL ADVISORY
Denver 1700 hours November 27th, 2011, Perth 0700 hours November 28th, 2011
HAWK SPRINGS PROJECT
Defender US33 #2-29H, Goshen County, Wyoming, Samson 37.5% working interest (carried)
Samson Oil & Gas Limited (ASX: SSN; NYSE AMEX: SSN) advises that flow back operations are
continuing, with 29% of the frac fluid being recovered. The well has not produced any formation
fluids to date and therefore no rate has been established. The lack of hydrocarbons at this stage of
the flow back may be due to the existing pressure regime. As expected pre-drill, the Niobrara
Formation is “normally pressured” and because the frac fluid in the wellbore is a 5% sodium
chloride solution, it exerts a pressure on the formation that exceeds the formation pressure, thus
inhibiting the reservoir fluids flow.
This pressure in-balance will be overcome by installing a pump and reducing the fluid column (and
therefore the pressure) in the well bore. This is planned next week when tubing and a down-hole
pump will be installed.
The Defender US33 #2-29H is the first Niobrara appraisal well in Samson’s Hawk Springs project.
ROOSEVELT PROJECT
AUSTRALIA II 12KA 6 #1-29, (SSN 100%, subject to a 33.34% back-in option)
Drilling operations continue on the Australia II 12 KA 6 #1-29, which is at a depth of 9,414feet, the
core point for the Bakken Formation. One 60 foot core will be taken in the Bakken Formation and a
second 60 foot core will be taken in the Upper Three Forks Formation. Following coring operations,
electric logs will be run and the well will then be plugged back so the 4,500 foot lateral can be
drilled.
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 AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of
Samson. Samson has a total of 1,996 million ordinary shares issued and outstanding (including
246 million options exercisable at AUD 1.5 cents), which would be the equivalent of 99.8 million
ADSs. Accordingly, based on the NYSE AMEX closing price of US$2.68 per ADS on November
25, 2011 the Company has a current market capitalization of approximately US$200.92 million.
Correspondingly, based on the ASX closing price of A$0.10 on November 25, 2011, the Company
has a current market capitalization of A$195.6 million. The options have been valued at their
closing price of A$0.084 on November 25, 2011 and translated to US$ at t