First page:BQUARTERLY REPORTBfor the period ended 31 December...

First page:


BQUARTERLY REPORT
Bfor the period ended 31 December 2009
BHIGHLIGHTS
FINANCIAL
- A$10.946 million raised by a successful rights issue, with the majority of the cash received during the
current quarter.
- Capital raising has allowed Samsons debt facility to be returned to compliance; the outstanding debt is
US$12,586,248(A$14,092,764).
- Revenue from gas sales increased 31%, from the prior quarter to A$773,690 whilst oil remained
consistent with the prior quarter at A$413,908
- Cash receipts from sales of A$1.3 million for the quarter, an 80% increase from the prior quarter
OPERATIONAL
- Drilling commenced on the Gene 1-22H in January 2010, an offset well to the Leonard 1-23H well in
Williams Co., North Dakota.
- Leasing of the Ripsaw prospect in Grimes County, Texas has been concluded.
- Leasing continues to proceed on two additional prospects in Texas.
- Geological and regulatory work has commenced on London Flats #1-29H Niobrara re-entry project.
Samsons 50% partner in the project has approved a farmout plan in regard to moving forward with the
project.
- Ground work commenced to bring the Harrod #4-2 well and the Pierce Unit back on line in Campbell
County, Wyoming.
BDRILLING PROGRAMME 2010
North Dakota Williston Basin
Samson 31% Working Interest
The Gene 1-22H well, a 17060 feet measured depth Bakken test, commenced drilling late January 2010. This
well offsets the successful Leonard 1-23H well, currently producing at 150 bopd. A second Bakken well in the
North Stockyard Project area may be drilled in late March-early April 2010.
Wyoming Greater Green River Basin (Jonah Field)
Samson 21% Working Interest in 240 acres at Jonah
A reservoir study has indicated that there is potential for additional perforating and fracing in 3 existing Jonah
wells. This work, whilst yet to be approved by the joint venture, should result in additional gas from these wells.
Northern D-J Basin (Goshen County)
Samson 50% Working Interest in ~54,000 acres
A recompletion/re-entry into the London Flats 1-29H well in Goshen County will test the oil production potential
of the Niobrara Formation in the northern D-J Basin.