SAMSON OIL & GAS LIMITED JOINT VENTURES WITH DEVON IN THE BAXTER SHALE

SAMSON OIL & GAS LIMITED JOINT VENTURES WITH DEVON IN THE XXXXXX SHALE

Denver 1700 hours April 29, Perth 0700 hours April 30, 2008

Samson Oil & Gas Limited (“Samson”) has executed an Exploration Agreement with Devon Energy Production Company (“Devon”). The agreement covers Xxxxxx’x 6,400 acre holding in the western flank of the Xxxxxxxxxx Basin in Sweetwater County, Wyoming. This area contains a 3,500 foot section of Xxxxxx Shale which was drilled in the 1970’s and recovered a significant flow of gas from an unstimulated Xxxxxx Shale. Since that time there has been significant development of the Xxxxxx Shale in the Xxxxxxxxxx region 40 miles east of Samson’s acreage, where our competitors have expended significant funds that have resulted in flows of up to 9 mmcfpd from the Xxxxxx Shale.

The Exploration Agreement envisages that a 3D seismic grid will be acquired in an effort to define an exploratory program. Devon will operate the seismic acquisition and any subsequent exploratory program. Xxxxxx anticipates that the seismic acquisition will be undertaken in the summer of 2008. Xxxxxx will hold a 50% interest in the leasehold block unless Xxxxxx permits a third party to complete the second farm-in well in the Greens Canyon area and earn an 18% equity stake in Samson’s leases. In that circumstance, Xxxxxx would retain a 32% equity interest in these leases.

The acquisition of 3D seismic is a necessary first step in the evaluation process such that naturally occurring fractures systems can be identified and evaluation drilling. This appears to be one of several technical keys to the successful flow rates seen to date in the Xxxxxxxxxx region.

Xxxxxx’x agreement with Devon Energy would appear to complement their existing lease holding which is shown on the attached map. This map shows both Xxxxxx’x acreage (in yellow) and Devon’s (in green).

Xxxxxx’x Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Xxxxxx'x American Depositary Receipts (ADRs) are traded on the American Stock Exchange under the symbol "SSN", and, each ADR represents 20 fully paid Ordinary Shares of Samson.

For and on behalf of the board of

SAMSON OIL & GAS LIMITED

For further information please contact, Xxxxx Xxxx, CEO on 000 000 0000 (US office) or 000 000 0000 (US cell)

XXXXX XXXX

Managing Director

Statements made in the presentation that is available on Xxxxxx’x 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 changes in the price of oil and natural gas and uncertainties inherent in estimating the timing and results of exploration activities and in the accuracy of predictions made on the basis of seismic data.

A description of the risks and uncertainties that are generally attendant to Xxxxxx and its industry, as well as other factors that could affect Xxxxxx’x financial results, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, as amended, a copy of which is available at xxx.xxx.xxx/xxxxx/xxxxxxxxxxx/xxxxxxxx.xxx.