Samson Oil & Gas Receives Extension on Promissory Note Payment

The payment date on Samson’s outstanding vendor promissory note has been
extended by one month to May 1, 2017, and negotiations are continuing
with respect to the refinance of this note. The interest payment of
$400,000 has been made today, however.

The promissory note was secured by second mortgages against Samson’s
Foreman Butte assets through an inter-creditor agreement with Mutual of
Omaha Bank. The terms of the agreement grant 180 days before the note
holder can exercise any remedies under the 2^nd lien mortgage.

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 200 fully paid Ordinary Shares of Samson.
Samson has a total of 3,283 million ordinary shares issued and
outstanding which would be the equivalent of 16.4 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.57 per ADS on
April 3^rd, 2017, the Company has a current market
capitalization of approximately US$9.4 million. Correspondingly, based
on the ASX closing price of A$0.003 for ordinary shares on April 3^rd,
2017, the Company has a current market capitalization of approximately
A$13.1 million.

SAMSON OIL & GAS LIMITED
TERRY BARR
Managing
Director

Statements made in this press 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
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.

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