Ann: Update on Gene 1 22H , page-2

SAMSON OIL & GAS ADVISES ON THE GENE #1-22H WELL
Denver 1700 hours February 4th, 2010 Perth 0700 hours February 5th, 2010
Gene #1-22H (30.6% working interest)
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that the Gene #1-22H as at
0600 hours CST Thursday, February 4th was laying down drill pipe, and has completed the drilling
of the 8 and inch hole to a measured depth of 11,547 feet, true vertical depth (TVD) of 11,226
feet. At this depth the well bore is horizontal as planned, and within the middle Bakken target zone.
Characteristic oil and gas shows have been recorded entering the zone and within the target
confirming the location of the drill bit and stratigraphy.
The forward operation is to run and cement 7 inch casing and then begin drilling the production
interval horizontally to a measured depth (MD) of 17,060 feet (TVD 11,239 feet) where a casing
liner, equipped with external casing packers, will be run such that the middle Bakken Formation
can be fracture stimulated sequentially along the full extent of the 5,500 foot horizontal section.
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 1,169 million ordinary shares issued and outstanding, which would
be the equivalent of 58.5 million ADSs. Accordingly, based on the NYSE AMEX closing price of
US$0.26 per ADS on February 4th, 2010 the company has a current market capitalization of
approximately US$ 15.2 million. Correspondingly, based on the ASX closing price of A$0.017 on
February 4th, 2010, the company has a current market capitalization of A$19.8 million.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in the presentation