Samson Oil & Gas Indentifies Additional Possible Oil Pay in State GC#2

DENVER & PERTH, Australia, Apr 13, 2008 (BUSINESS WIRE) — STATE GC#2 (Working
Interest SSN 37%, Net Revenue Interest 28.3%)

The State GC #2 well has been cased to total depth of 11,590 feet and the
drilling rig is being demobilized.

A log analysis of the penetrated section has been completed and confirmed the
previously advised pay counts for the primary target in Lower Leonard.

Whilst drilling the overlying Bone Spring Formation oil was recorded on the mud
pits however no mud log data was recorded because mud logging was only undertaken
in the primary objective. However because of this oil show, logs were undertaken
over the entire open hole section to evaluate any further oil productive zones.

The log analysis indicates numerous individual possible pay zones which total 190
feet, and should add to the productive capacity of this well.

The Bone Spring Formation is productive in the region, with 70 million barrels
having been produced from 16 individual fields which exceed a million barrels of
recoverable oil. The State GC#2 well was situated just to the east of the
existing limit of this productive area. Knowledge of this zone was limited
because when drilled the State GC #1 was not logged over this interval. The State
GC #2 well is located on a prominent plunging nose and given that the regional
geology for the unit creates a zero edge in the up plunge direction it would
appear that this well has intersected a trap at this level.

The completion design for this well is currently being considered such that both
the Lower Leonard and the Bone Spring can be produced simultaneously. There are
some technical and regulatory challenges to be overcome to achieve this. An
alternative to this is to pursue the production of the Bone Spring Formation in a
twinned well or to examine this interval in the adjacent Section 2 where Samson
has a 27% equity. This location is up plunge from State GC #2 and would be ideal
location to gather additional reservoir engineering data on this zone.

The State GC#2 well is located in the Permian Basin in Lea County in eastern New
Mexico. The well is adjacent to the State GC#1 well, which produces oil from the
Lower Leonard Formation. This well has produced a gross 543,000 barrels and has a
gross Expected Ultimate Recovery of 1.1 million barrels. The State GC #2 well can
be expected to have a similar recovery so long as the amplitude response is
proven to be accurate.

The State GC #2 well location has been developed through the use of 3D seismic
which has been analyzed for amplitude response and both the State GC#1 well and
the State GC#2 well are located in areas of elevated amplitude thought to be
caused by the incidence of porosity. The credibility of the amplitude response
has been enhanced because of the lack of amplitude associated with two dry holes
drilled adjacent to the State GC#1 well by neighboring lease holders. Thus there
is both positive and negative evidence that the porosity associated with the
Lower Leonard can be imaged by 3D seismically derived amplitudes.

Samson’s shares (SSN) (ASX:SSN) are traded on both the American Stock Exchange
and on Australian Securities Exchange. On the Amex, Samson trades an American
Depository Share, each of which represent 20 fully paid Ordinary Shares of
Samson.

For and on behalf of the board of

SAMSON OIL & GAS LIMITED

TERRY BARR

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. Log analysis is a scientific technique which requires assumptions to
be made as to the physical properties of the rocks and fluids intersected and
therefore it is imprecise and cannot determine with certainty that the State GC#2
well will be economically productive from the Bone Spring Formation which is not
produced at the State GC #1 location. The well operations could be delayed or
curtailed and may vary from current expectations since various factors, including
but not limited to equipment availability or breakage or continuing problems with
lost circulation or other unanticipated difficulties could delay those events and
change those expectations.

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 registration statement and
report to the Securities and Exchange Commission on Form 20-F, which is available
at http://www.sec.gov/edgar/searchedgar/webusers.htm.

SOURCE: Samson Oil & Gas Limited
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994
Cell: 970-389-5047

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