Ann: Share Purchase Plan Oversubscribed , page-2

SAMSON OIL & GAS SHARE PURCHASE PLAN OVERSUBSCRIBED
Denver 1800 hours July 4th, 2010. Perth 0800 hours, July 5th
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that in response to its Share Purchase Plan that it has received applications for 276 million ordinary shares or 13.8 million ADSs representing funds of approximately A$9.3 million or US$7.8 million, on Fridays closing
exchange rate of 0.8488. Samson Directors are awaiting all subscribed funds to clear and expect to be able to announce the extent of the scale back later in the week of July 5th.
Samsons 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 1,440 million ordinary shares issued and outstanding, which would be the equivalent of 72 million ADSs. Accordingly, based on the NYSE AMEX closing price of
US$0.79 per ADS on July 2nd 2010 the company has a current market capitalization of approximately US$56.8 million. Correspondingly, based on the ASX closing price of A$0.048 on July 2nd, 2010, the company has a current market capitalization of A$69.1 million.