Samson Oil & Gas Lodges September 2014 Quarterly Report and Appendix 5B

Samson Oil & Gas Limited (ASX: SSN, NYSE MKT: SSN) advises that it has filed its Quarterly Report for the period ended September 30, 2014 and Appendix 5B. The report is now available on the Company’s website:

www.samsonoilandgas.com

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 MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,837 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 141.85 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.30 per ADS on October 30th, 2014 the Company has a current market capitalization of approximately US$44.2 million (the options have been valued at an exchange rate of 0.8768). Correspondingly, based on the ASX closing price of A$0.018 for ordinary shares and a closing price of A$0.008 for the 2017 options, on October 30th, 2014, the Company has a current market capitalization of approximately A$52.9 million.

For and on behalf of the board ofSAMSON OIL & GAS LIMITED

TERRY BARRManaging Director

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 prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.

Samson Oil & GasTerry Barr, 303-296-3994 (US office) or 970-389-5047 (US cell)CEO