Samson Oil & Gas Ltd. – Transformation Continues: Becoming More Unconventional

What’s New: Bigger and Better in the Bakken, Poised to Drill the Niobrara

In two previous reports, we described Samson’s efforts to advance the development of its leasehold prospective for the Niobrara oil play in the northern Denver-Julesburg (DJ) Basin and the Bakken oil shale play in the Williston Basin, including “Getting Up to Speed” on December 29, 2010 and “Turning the Bit in the Right Direction” on August 6, 2010.

Since December 2010, Samson has completed key initiatives to improve its competitive position, increase visible growth opportunities and strengthen its balance sheet. Here’s what’s new:

• Expanded its operated Bakken position in a deal with Fort Peck Energy Company LLC (FPEC) bringing total potential leasehold in the play to 93,840 gross acres (61,194 net acres). The deal includes an initial 20,000 gross acres, an option on another 20,000 gross acres and an Area of Mutual Interest covering 50,000 gross acres.

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