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

Pursuant to the PSA, as amended, the transaction was scheduled to close on October 15th but failed to do so. As a result, the PSA has now expired.

Samson remains in discussions with the Buyer but is now actively seeking an alternate buyer for the asset. The recent appreciation in the price of oil has enhanced the reserve value of the asset. The Company is therefore confident that interest in the asset will remain high. All reserves shown for September 30th, 2018 and June 30th, 2017 are designated as 1P reserves.