Samson Oil & Gas Refinancing

Samson Oil and Gas USA, Inc, a wholly-owned subsidiary of Samson Oil and
Gas Limited (ASX:SSN and OTCQB:SSNYY), has entered into a Purchase and
Sale Agreement (PSA) with Eagle Energy Partners I, LLC (Eagle) for the
sale of Samson’s Foreman Butte Project located in the Williston Basin in
North Dakota and Montana, effective January 1, 2018, for cash
consideration of US$40 million (subject to customary adjustments).

The PSA provides for a US$1 million deposit that is fully refundable if
Samson shareholders do not approve the transaction or Eagle finds title
or environmental defects above a prescribed threshold, and is partially
refundable if Eagle has not secured sufficient debt financing to
complete the transaction.

Samson will also retain a non-operated 15% working interest in the Home
Run Field, which is believed to contain the bulk of the identified
upside of the project.

A shareholder meeting to seek approval for the transaction is currently
planned for August 6^th.

The transaction will allow Samson to retire all of its debt, meet all of
its other liabilities and retain a cash balance of approximately US$6.7
million. The retention of a 15% working interest in the Home Run Field
will allow Samson to participate in development of the Proved
Undeveloped Reserves within the Ratcliffe Formation associated with the
Home Run Field along with the Probable Reserves within the Nesson
Formation in the same field. Samson has previously identified 26 well
locations with the Ratcliffe Formation that could be drilled out of the
existing well bores. The Nesson Formation opportunity includes 10
vertical wells in a well-defined structure which was proven to be
productive from the Nesson Formation when penetrated in the Banks well,
but for mechanical reasons has remained undrained.

Eagle has advised Samson that it intends to develop these opportunities,
including 9 wells in the balance of 2018 and another 9 wells in 2019.
Samson expects to have sufficient funding to participate in this
drilling program. Samson will also be able, if it so determines, to
propose and drill some of these wells for its own account pursuant to
the Joint Operating Agreement to be entered into with Eagle at closing.

About Eagle Energy Partners

Eagle Energy Partners I, LLC is a private exploration and production
company that operates and develops primarily conventional upstream
assets in the Rocky Mountain region with a primary focus on the
Williston Basin.

Reserves

Samson’s reserves as at May 31^st, and following the
completion of this transaction have been estimated as follows:

						Net oil Mbbls						Net gas MMCF						Net BOE Mbbls						NPV 10 $ million
PDP						70						57						79						0.97
PNDP						28						38						34						0.27
PUD						304						248						345						5.65
Total proved						402						343						458						6.89
PROB						166						165						193						1.60
Total Proved and Probable						568						508						651						8.49

Notes to Reserves Estimates

PDP is Proved Developed Producing
PDNP is Proved Developed Non
Producing
PUD is Proved Un-Developed
PROB is Probable
NPV
10 is Net Present Value at 10% discount rate
BOE MBBLS is thousand
barrels of oil equivalent
BOE is calculated using a heating value
of gas and converted as 1 BOE equals 6 MCF

Commodity prices used in this estimate are as at May 31^st and
have been adjusted for transport and quality differentials to therefore
represent a realized well head price. The commodity prices before
applying this differential are as follows:

									Oil									Gas
2018									$67.15									$2.965
2019									$63.156									$2.796
2020									$59.343									$2.698
2021									$56.662									$2.666
2022									$54.834									$2.685
2023									$53.543									$2.738

The PDP and PDNP reserve estimates and forecasts of future production
rates are based on historical performance and analogy data. If no
production decline trend has been established, future production rates
and decline curves are based on analogous wells. If a decline curve is
established, this trend is used as the basis for estimating future
production rates.

The reserve estimates utilize historical operating costs of the wells
and leases, subject to the report, and are held constant for the life of
a well. Development costs are based on authorizations for expenditure
for the proposed work or actual costs for similar projects. Abandonment
costs are assumed to be offset by the salvage value as all of these
projects are located onshore.

The reference point used in the reserve estimates is the sales point,
and the reserves and their value are wholly attributable to the
Consolidated Entity’s economic interest, net of royalties, operating and
development costs, and production and ad valorem taxes.

PUD estimates are based on a drill and complete estimated expenditure of
US$375,000 per well. As these wells are infill drilling, all offtake and
production infrastructure is readily available. Four drilling permits
have been received by the Company, these will be transferred to Eagle
following the completion of the sale, allowing drilling to commence as
soon as practicable.

The estimated reserves quoted are based on information and supporting
documentation prepared by Ben Johnson, an employee of Netherland Sewell
& Associates Inc (NSAI), an independent petroleum engineering consulting
firm, based on the definitions and disclosures guidelines of the United
States Securities and Exchange Commission (SEC) as of 12/31/2017. The
volumes and values have been updated to fairly represent the potential
changes in ownership of these properties as of 5/31/2018 resulting from
the above mentioned transaction using information as provided to NSAI.
The reserves included in this release were estimated using deterministic
methods and presented as incremental quantities.

Mr. Johnson is a qualified petroleum reserves and resources evaluator
within the meaning of the ASX Listing Rules, and is a registered
professional engineer. Mr. Johnson and Netherland, Sewell & Associates
Inc have each consented to the form and context in which the estimated
reserves and supporting documentation are presented.

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 the risks
that the anticipated sales transaction will not close or that the
purchase price will be materially reduced on account of potential
liabilities uncovered during due diligence as well as 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180626006677/en/

Source: Business Wire
(June 26, 2018 - 9:58 PM EDT)

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