SAMSON OIL & GAS ROAD SHOW PRESENTATION. Denver 1700 hours August 9 th, Perth 0700 hours August 10 th, 2011

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1 SAMSON OIL & GAS ROAD SHOW PRESENTATION Denver 1700 hours August 9 th, Perth 0700 hours August 10 th, 2011 Samson Oil & Gas Limited (ASX: SSN; NYSE AMEX: SSN) advises that it will be meeting with several groups of institutional investors in New York this week. The written presentation containing the information to be used at these meetings has been posted on Samson s website, 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 253 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$2.34 per ADS on August 9th, 2011 the company has a current market capitalization of approximately US$225 million. Correspondingly, based on the ASX closing price of A$0.097 on August 9th, 2011, the company has a current market capitalization of A$189 million. The options have been valued at their closing price of A$0.082 on August 9 th, 2011 and translated to US$ at the current exchange of 1.01 for the purposes of inclusion in the US$ market capitalization calculation. For and on behalf of the board of SAMSON OIL & GAS LIMITED TERRY BARR Managing Director For further information please contact, Terry Barr, CEO on (US office) or (US cell) Statements made in the presentation that is available on Samson s website that are not historical facts may be forward looking statements, including but not limited to statements using words like may, believe, expect, anticipate, should or will. Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson s financial results, are included in the Company's report to the U.S. Securities and Exchange Commission on Form 20-F, a copy of which is available at Samson Oil & Gas USA 1331, 17 th Street, Suite 710, Denver Colorado Tel Fax

2 NYC ROAD SHOW August 2011

3 DISCLAIMER This presentation has been prepared by Samson Oil and Gas Limited and contains information about the Company which may not be complete and should be read in conjunction with its disclosures on the ASX and the with the Securities and Exchange Commission. The presentation contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential drilling programs, the success of the company's business, as well as statements that include the words "believe, expect anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Samson Oil & Gas Limited to differ materially from those implied or expressed by such forward-looking statements. This presentation was prepared as of August 9 th and Samson Oil & Gas Limited assumes no responsibility to update the information included herein for events occurring after the date hereof. The various risks and uncertainties are discussed in the Company s Annual Report (available on the Company s website) and on Form 20-F for its most recent fiscal year and in other reports the Company files with the U.S. Securities & Exchange Commission. This presentation does not constitute an offer to subscribe to an issue and recipients of the presentation are required to conduct their own analysis of the material contained herein prior to making a decision to trade Samson s securities. 2

4 COMPANY SUMMARY Market capitalization US$231 million All of its assets in the USA Dual listed on the ASX and the NYSE AMEX (SSN) Samson has several significant liquids projects 1. Niobrara Shale, Wyoming 16,391 net acres 2. Bakken Shale, North Dakota 1,200 net acres Established production Located in McKenzie County adjacent to 3,000 and 2,000 BOPD wells 3. Bakken Shale, Montana Acquired an initial 20,000 acres, with a 20,000 acre option 4. Conventional DJ Basin Wyoming 30 Permian/Pennslyvanian structural/stratigraphic targets 3

5 CAPITAL STRUCTURE Dual listed NYSE AMEX and ASX (SSN in both markets) US investors represent 60% Table represents all shares as ADS Options traded only on the ASX and converted at 1.01 Issued ADS Listed Options (exercise price of AUD$0.30) Share price Option price Market Capitalization Debt Cash Enterprise Value 83.2 million 16.6 million US$2.32 US$1.62 US$220 million NIL US$55 million US$164 million 4

6 ADS PRICE SHARE PRICE PERFORMANCE $4.70 $4.20 $3.70 $3.20 $2.70 $2.20 $1.70 $ Jan 22-Feb 13-Apr 2-Jun 22-Jul 5

7 MANAGEMENT TEAM Terry Barr, Chief Executive Officer Petroleum Geologist, career spanning 35 years Cooper Basin Exploration Manager for Santos Discovered and developed significant volumes of tight gas and oil Experienced in start ups Dan Gralla, Vice President - Engineering Reservoir engineer 20 Years experience David Ninke, Vice President - Exploration Geologist with Geophysical expertise 3D Seismic specialist Robyn Lamont, Chief Financial Officer Chartered Accountant Competent across Australian IFRS and US GAAP 6

8 FORWARD STRATEGY Four core oil projects DJ Basin, Wyoming, Niobrara Shale, Farmed in Halliburton Confirm the concept, 2 appraisal wells fully carried Defender spuds August 12th Continue leasing within acreage block (4,000 acres targeted) Develop the resource Participating in two CHK wells DJ Basin, Wyoming, Permian/Pennslyvanian conventional oil Sprit of America spuds mid September Williston Basin, North Dakota, Bakken, North Stockyard Field Complete development of existing acreage Two wells recently fracced 1 additional 5,000ft well to frac to complete 640 acre spacing 3 additional 10,000ft wells to complete 320 acre spacing Williston Basin, Montana, Bakken, Roosevelt Project 20,000 acres acquired Two wells planned in the third quarter 7

9 PROJECT LOCATIONS 8

10 NORTH STOCKYARD, WILLISTON BASIN Outermost GreenLine is Bakken Oil Generation Window 9

11 NORTH STOCKYARD, WILLISTON BASIN 6 by 640 acre Bakken producers, 3 additional infill EARL frac complete 1,300 BOPD RODNEY frac complete plugs to be drilled Everett 1-15 H (Bakken) Harstad 1-15H well (Bluell) GENE 1-22H 2,936 BOEPD initial LEONARD 1-23H 900 BOEPD initial GARY 1-20H 2,780 BOEPD initial Bakken objective Horizontal development Sophisticated fracs Prolific producers within the basin wells IP at up to 3,000 BOPD SSN equity circa 30% Six Bakken Producers 3 additional on 320 acre spacing 1 10

12 ACREAGE POSITION, WILLISTON BASIN ROOSEVELT PROJECT NORTHSTOCKYARD PARSHALL -SANISH 11

13 ROOSEVELT PROJECT INTRODUCTION Samson has enjoyed a significant level of success in the North Stockyard Oil Field in North Dakota. These results have demonstrated that the Bakken Formation represents perhaps the best opportunity in US to advance its oil reserves and its oil production. Results are repeatable, the technology is well known and available. Critical elements are that the project needs to be located within the continuous oil accumulation This is evidenced by low water saturations and in turn by relatively low water cuts in production streams The Roosevelt project appears to meet all these criteria. 12

14 ROOSEVELT PROJECT STRATEGY From a strategic position Samson has sought a project where it could operate. This is important so that: The appropriate technologies can be applied The pace of development can be controlled The project needed to be able to deliver a future $1 billion asset and therefore required: A large equity position A large acreage position The Roosevelt project meets all of these criteria. 13

15 ROOSEVELT PROJECT BACKGROUND The Roosevelt opportunity was initially developed from the distressed debt purchase late last year when Samson bought leases at around $3 per acre. The evaluation of that purchase introduced Samson to Fort Peck Energy and led to the geologic and engineering evaluation of the area of the purchased leases and the Fort Peck Reservation generally. That evaluation found that the productivity of the Bakken Formation in this immediate area is unproven, but technically viable, because of surrounding production and log analysis evidence. The lease map included in this presentation shows the abrupt cessation of leasing activity westwards at the boundary of the reservation. 14

16 ROOSEVELT PROJECT Deal Structure Phase 1 Samson is buying from FPEC, existing leases comprising 20,000 acres Samson is committing to drill two horizontal middle Bakken wells to prove productivity FPEC has a one time back in election where they may purchase % of the 20,000 acres and the same interest in the two initial wells by reimbursing Samson s cost Phase 2 Samson has an option to acquire an additional 20,000 acres of existing leases from FPEC Phase 3 Samson and FPEC have created an AMI in which Samson and FPEC can jointly acquire a further 50,000 acres 15

17 ROOSEVELT PROJECT SAMSON NET ACRES PHASE ACRES NO BACK IN FPEC BACK IN PHASE 1 20,000 20,000 13,333 PHASE 2 20,000 20,000 13,333 PHASE 3 50,000 33,333 33,333 TOTAL 90,000 73,333 60,000 16

18 PHASE 1 AND 2 LEASES ROOSEVELT PROJECT 17

19 ROOSEVELT PARTICIPANTS FORT PECK TRIBES The Fort Peck Tribes consist of the Assiniboine and Sioux Tribes The reservation was established in 1871 FORT PECK ENRGY COMPANY (FPEC) FPEC was formed to develop the Tribes petroleum resources in conjunction with an industry participant FPEC is a jointly owned by the Fort Peck Nation s holding company and North American Resource Partners NORTH AMERICAN RESOURCE PARTNERS (NARP) NARP is a company specialising in the development of Tribal Nations (USA) and First Nations (CAN) lands through the leasing, permitting and promotion of the development of traditional owner land holdings QUANTUM ENERGY PARTNERS Quantum is a $5.7 billion fund specializing in resource investments and NARP is one of their portfolio companies HALLIBURTION PROJECT MANAGMENT Contracted to supply well construction planning, drilling and completion supervision 18

20 BAKKEN FORMATION Bakken Formation has been firmly established a hydrocarbon resource exceeding 3.5 billion barrels The Bakken in the central part of the Williston is a continuous oil accumulation It has been established as a significant discovery because of the development of fracture stimulation techniques in horizontal well bores Oil in the Bakken resides in open horizontal fractures and secondary micro-porosity adjacent to fractures Permeability ranges from 0 to 20 millidarcies Thermally mature, kerogen rich shales create a higher fracture density because of the generation of oil and therefore not only have a high residual oil content but also a significant permeability enhancement. 19

21 BAKKEN PETROLEUM SYSTEM Modeled Vitrinite Reflectance Jack Flannery & Jeff Kraus Search and Discovery Article #10105 (2006) 20

22 ROOSEVELT PROJECT, EVALUATION A regional Bakken data base was established which included; Subsurface depth maps Petrophysical log analysis (By Halliburton s Denver Tech Team) Porosity maps, Water saturation maps Isopach interval maps 2D seismic was reviewed for structural events covering the eastern acreage on the Fort Peck Reservation. Conclusions Based on water saturation analysis, structure maps, and log work by Halliburton, a prospective extension of eastern Montana s Bakken continues into the Fort Peck. These are comparable to current productive Bakken fields and could very likely outperform offset wells with the enhancement of structural features and stratigraphic traps. 21

23 EASTERN MONTANA ACTIVITY MAP Brigham Beck EOG Permits EOG Carat 2-33H Producing Brigham Rogney 17-8 IP: 909 boepd MSC/EFP Tribal Samson Oil and Gas Fort Peck Acreage Brigham Swindle 16-9 IP: 1065 boepd Continental Herness 1-15H Drilling Three Forks Test Continental Tolksdorf 1-1H IP: 642 Boepd Continental Rognas 2-22H IP: 1,013 Boepd Continental Baxter 1-5H IP: 412 Boepd Brigham Johnson IP:2,962boepd 22

24 PROJECT LOCATIONS 23

25 HAWK SPRINGS PROJECT D-J BASIN DJ Basin prolific at several stratigraphic levels Including the Niobrara at the Silo Field Samson s acreage strategically located on a resistivity anomaly Bounded by two major structural lineaments Samson holds a net 16,391 acres. Land values have moved from the SSN deal at $3,150 per acre to the CNOOC deal at $4,150 and the MRO Marubeini deal at $5,000 per acre. Boulder Field Silo Field Chivington Field Spindle Field Hambert & Aristocrat Fields Florence Field Samson s 16,391 acres 24

26 DJ BASIN ACTIVITY SSN 16,391 acres 62 square miles of 3D in 2010 First horizontal test June 2011 Samson acreage surrounded by CHK EOG 300,000 acres 3 rigs operating wells IP between 700 and 110 BOPD wells restricted at 700 to 800 BOPD GMXR 40,643 acres 200 square miles of 3D for rig contracted Samson acquired 62 square miles of 3D CHK 6 wells drilled, 2 wells fracced CNOOC Purchases CHK acres at $4,150 per acre PDC 74,100 acres wells MRO 180,000 acres 8-12 wells

27 NIOBRARA ACTIVITY Company No Wells Avg IP (boe/d) EUR Estimate Samson ,000 bbls Chesapeake ,250,000 bbls SM Energy 1 1,075 Rex ,000 to 350,000 bbls PetroQuest EOG Slawson well program 2011, $3.2m per well Noble rigs running in 2011 Carrizo PDC Energy well program 2011, $3.5m per well Total/Average >150 wells permitted 26

28 NIOBRARA ACTIVITY Well Name Well status Twn Rge Sec Company SSN Royalty Intrepid US H Drilled and Fracced CHK YES Enterprise US H Drilled and Fracced CHK YES Alhbrandt H Drilled and Fracced CHK YES Gleam US 11 State 1-16H Drilled and Fracced CHK YES Courageous US H Drilled CHK YES Hall #1H Drilled CHK YES State H Applied CHK NO Clark State H Applied CHK YES Brandt H Applied CHK YES Brandt H Applied CHK YES Price State H Applied CHK YES State H Applied CHK/SSN YES Dvorak State H Applied CHK YES State H Applied CHK/SSN YES Yeik H Applied CHK NO State H Applied CHK NO Teeters H Applied CHK NO Splinter H Applied CHK NO Pheasant H Applied CHK NO Newton Ranches H Applied DVN NO H&T Ranch H Applied DVN NO Fracced 4 Drilled 2 Applied 15 Total 21 Royalty wells 13 27

29 HAWK SPRINGS 3D SEISMIC Conventional processing and interpretation is complete Conventional targets have been mapped at three levels: J Sand credible channel belt with several closed stratigraphic traps 24 Permian, Leonard Formation stratigraphic pods (thought to be depositional related porosity features) Several Pennsylvanian, Admire Formation structural traps 28

30 HAWK SPRINGS 3D SEISMIC Niobrara fracture identification processing complete Data quality is excellent and processing has identified areas of intense fracturing Fracture orientation can be determined Niobrara B brittleness determined 29

31 HAWK SPRINGS PROJECT DEFENDER US 34 (SSN 37.5%) Niobrara 4,500 ft Horizontal Fully carried by HAL Spuds this week Multi stage (15) frac Location determined by 3D seismic Direction of horizontal to be determined by orientated core 30

32 HAWK SPRINGS PROJECT SPIRIT OF AMERICA US 33 (SSN 100%) Permian/Pennslyvanian vertical Spuds after Defender Multi target conventional Pennsylvanian structural trap Permian stratigraphic trap Both targets defined by 3D seismic Significant upside with 30 additional targets DJ Basin a proven hydrocarbon province 31

33 HAWK SPRINGS PROJECT 3D SEISMIC OUTLINE SSN DEFENDER OIL TERMINAL SSN CONSTELLATION SSN SPRIT OF AMERICA CHK WELLS 32

34 THE NIOBRARA HOW GOOD IS IT? Early days so a wide range of estimates Noble says: 328,000 barrels per 160 acre well or Chesapeake says: 1,250,000 barrels per 160 acre well Samson says: 413,000 barrels per 160 acre well That translates to 36.1 million barrels net to SSN Assuming 413,000 barrels per well Contingent reserve 36.1 million bbls NPV 10 is $18.90 per bbl Total NPV $682 million # Per ADS $6.84 # # Value is developed on a single well economic case and is dependent on the future production performance and on commodity prices 33

35 SUMMARY HAWKS SPRINGS NIOBRARA Partial sale for $74 million was a game changer Provides capital for development Visibility of valuation Strategic farm down Partnership with the biggest service provider Carry of first two wells Defender spuds this week Permo-Penn Numerous targets identified Sprit of America spuds mid September BAKKEN NORTH DAKOTA 6 wells drilled, 1 to be fracced 3 by 320 acre in fills to come BAKKEN MONTANA 20,000 acres acquired, 20,000 acres option Two well commitment first spuds mid October 34