SAMSON OIL & GAS LIMITED 
By Denver 1700 hours January 12th, 2011, Perth 0700 hours January 13th, 2011
Samson Oil & Gas Limited (ASX: SSN; NYSE AMEX: SSN) advises on the following field operations:
ROOSEVELT PROJECT Gretel II 12KA 3, Roosevelt County, MT (SSN 100%, subject to a 33.34% back-in option)
The DHS Rig 1 is rigged up on the Gretel II well site and is
ready to commence drilling operations from the 9 5/8 inch
casing shoe which had previously been set at 1,701 feet. A
repair has been necessary to the top drive unit and this is
expected to be completed within the next 24 to 48 hours and
drilling operations are expected to start shortly
thereafter.
The Gretel II 12 KA 3 well is Samson's second Bakken well in
the Roosevelt Project.
As previously advised the Australia II well has been
successfully drilled to a total measured depth of 14,972
feet.
The 4 ½ liner equipped with 15 external casing packers was
then run to total depth and set in the 7 inch casing shoe. A
retrievable bridge plug has been set such that the well is
made safe.
Contract negotiations are being undertaken with two
mainstream pressure pumping companies such that this well can
be fracture stimulated in the first quarter.
The Defender US33 #2-29H work over rig is due to arrive on
location on Friday January 13th and will
commence a pump change out. This operation will be completed
over the weekend and the well is expected to be pumping with
the replaced pump Monday January 16th. As
previously advised the pump has not been operating
efficiently and therefore the new pump is expected to
establish a rate that is diagnostic.
The Defender US33 #2-29H is the first Niobrara appraisal well
in Samson's Hawk Springs project and is being fully carried
by Samson's farmin partner.
1331, 17thStreet, Suite 710, Denver Colorado 80202 Tel + 1 303 295 0344 Fax + 1 303 295 1961
Fracture stimulation operations have been completed with
Stage 20 having been pumped. The stimulation job placed 1.6
million pounds of proppant in 20 stages Currently a work over
rig is onsite rigging up to drill out the 19 frac plugs and
then the well will undertake a flow back operation
The Everett #1-15H well is Samson's sixth Bakken well in the
North Stockyard Field.
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
246 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$2.25 per ADS on January 12,
2012 the Company has a current market capitalization of
approximately US$218.65 million. Correspondingly, based on
the ASX closing price of A$0.11 on January 12, 2012, the
Company has a current market capitalization of A$213.58
million. The options have been valued at their closing price
of A$0.092 on January 12, 2012 and translated to US$ at the
current exchange of
1.0296 for purposes of inclusion in the US$ market
capitalization calculation.
For and on behalf of the board of
For further information please contact, Terry Barr, CEO
on
303 296 3994 (US office) or 970 389 5047 (US cell)
Managing Director
Statements made in this release 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 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Samson Oil & Gas USA1331, 17thStreet, Suite 710, Denver Colorado 80202 Tel + 1 303 295 0344 Fax + 1 303 295 1961
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