here tis...SAMSON OIL & GAS ADVISES ON GOSHEN COUNTY TRANSACTION...

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SAMSON OIL & GAS ADVISES ON GOSHEN COUNTY TRANSACTION AND OPERATIONS
IN THE NORTH STOCKYARD OILFIELD

Denver 1800 hours August 9th, 2010 Perth 0800 hours August 10th, 2010
Goshen County Transaction
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that, pursuant to the amended
sales agreement for part of its Goshen County lease holdings, it has now received the required $10
million deposit. The deposit is not being held in escrow and is refundable only if Samson is unable
to deliver marketable title to twenty percent (20%) of the contracted properties, other than the
expiring leases, at the planned September 6th closing.
As previously advised, Samson has been in discussions with State of Wyoming authorities to
establish an Exploratory Unit to alleviate some near term lease expirations. While the Exploratory
Unit will not be formed at this time, the State has extended all of the State leases that were to be
included in the Unit for a period of twelve months. As a result, all of the extended State leases are
now qualified as compensable properties under the Goshen County sales agreement.
In addition, Samson has filed applications to drill wells on four State leases (outside of the
previously proposed Unit), to protect these leases from expiration and qualify them as
compensable properties under the sales agreement. Three of these applications have been
granted and the fourth is pending. Since these applications were submitted, the buyer of the
Goshen County properties has indicated that it would prefer a slightly different orientation to the
proposed well track and therefore the applications will be amended.
In light of the decision not to proceed with the Exploratory Unit, Samson is also seeking permits for
two further wells which will protect a private lease from expiration later this year. All of the leases
that are subject to drilling permits will form a post-closing settlement with the Buyer and will be
settled in December 2010 so long as the drilling permits are valid and the associated leases
remain in place.
Rodney #1-14H (27% working interest)
As of 0600 hours CST the Rodney #1-14H was drilling ahead at a measured depth of 16,372 feet
and is expected to reach a total depth of 17,225 feet in the next 24 hours. The well path has been
maintained within the Middle Bakken Formation and has returned oil and gas shows that are
consistent with previous well in the North Stockyard Field.