news, page-9

Defender US33 #2-29H, Goshen County, Wyoming, Samson 37.5% working interest (carried)
Samson Oil & Gas Limited (ASX: SSN; NYSE AMEX: SSN) advises that the horizontal 6 and 1/8
inch lateral has been drilled to date to a measured depth of 9,905 feet. Samson expects to reach
the total planned measured depth of 11,030 feet by Tuesday September 20th.
The forward plan at that point would be to run a 4 and ? inch liner equipped with external casing
packers such that the well can be stimulated in 15 stages, which would involve the placement of
approximately 3,000,000 pounds of proppant into the Niobrara Formation. The Defender US33 #2-
29H is the first Niobrara appraisal well in Samson?s Hawk Springs project.
Spirit of America US34 #1-29H, Goshen County, Wyoming, Samson 100% working interest
A truck mounted rig is being used to prepare the Spirit of America well and it has been drilled to a
total depth of 2,230 feet, at which depth 9 and 5/8 inch casing was run and cemented. The
Evergreen 22 rig will drill the balance of the well once it has completed the Defender well. The
truck mounted rig is currently rigging down and moving over to drill the surface casing portion of
the Constellation US20 #1-36H well. The Spirit of America well will be appraising the multiple
conventional targets identified in the North Platte 3-D seismic data. These targets consist of a
stratigraphic trap mapped in the Permian section and a structural trap in the Pennsylvanian. The
well will be a vertical well drilled to an expected total depth of 11,000 feet, at which it will be logged
to assess the rock quality and hydrocarbon saturation.
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
250 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 September
16, 2011 the Company has a current market capitalization of approximately US$266.2 million.
Correspondingly, based on the ASX closing price of A$0.14 on September 16th, 2011, the
Company has a current market capitalization of A$275.6 million. The options have been valued at
their closing price of A$0.125 on September 16th, 2011 and translated to US$ at the current
exchange of 1.0345 for purposes of inclusion in the US$ market capitalization calculation.