Samson Oil & Gas Limited Announces Initiation of Coverage of Shares by WallStreet Research with a Speculative Buy Recommendation.

DENVER -- Samson Oil & Gas Limited (ASX:SSN) (OTC:SAEZF), an Australian oil and gas company holding an extensive portfolio of exploration and development properties in the Rocky Mountains region, announced today that WallStreet Research ("WSR") has recently issued an analyst research report initiating coverage of the company's shares with a speculative buy recommendation. The complete report, together with attendant risk factors, as well as additional information about WallStreet Research, is available at www.WallStreetResearch.org.

According to a WSR analyst and co-author of the report, Sam Kiri, CFA, "Samson Oil & Gas appears attractively valued vis-a-vis other similar companies in the Rocky Mountains region based upon market capitalizations, reserve values, oil and gas production and cash flow. This experienced management team has a clear plan to build shareholder value via acquisitions and production."

About Samson Oil & Gas:

Samson Oil & Gas Limited, listed on Australian Stock Exchange and headquartered in Denver, CO, is an oil and gas company holding extensive exploration and development acreage in the US. The company's primary focus has been in the Rocky Mountains region, including Wyoming, New Mexico and Oklahoma, which has become the frontier for gas and oil exploration in the US. Additional information is available at www.SamsonOilandGas.com.

About WallStreet Research:

WallStreet Research is a prominent research boutique led by Alan Stone, Managing Director of Alan Stone & Company, LLC ("ASC"). The firm specializes in the microcap and smallcap investment arena, looking for emerging growth companies with strong management, unique or proprietary technology, significant market potential, financial strength, and outstanding long-term earnings growth possibilities. Mr. Stone was formerly a securities analyst and assistant portfolio manager at Merrill Lynch Asset Management and an investment analyst at Prudential Insurance Company's Capital Markets Group. The firm has offices in Los Angeles, CA, Palm Beach, FL, and New York City, NY, and is well known for discovering undervalued companies and bringing them to the attention of the investment community. ASC/WSR also arranges road shows for its publicly traded clients, before the investment community in New York City, California and Florida.

Forward-looking statements:

Certain matters discussed within this press release may constitute forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate," "project," "forecast," "anticipate," "plan," or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Although the company believes the expectations reflected in such forward-looking statements including reserves estimates, production forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include without limitation financial performance, oil and gas prices, drilling program results, regulatory changes, changes in local or national economic conditions and other risks detailed in the company's other communications with shareholders and periodic filings with the Australian Stock Exchange (ASX) authorities.

Disclaimer:

Any Samson Oil & Gas shares currently trading in the US markets have not yet been registered by the Securities Exchange Commission (SEC) and are likely to be volatile and illiquid. The company intends to seek a US listing on the Over-the-Counter Bulletin Board (OTC BB) during the first half of 2007, in order to further strengthen the liquidity and ratings. US investors having access to ASX via their stock brokerage firms are subject to all official ASX rules.

The information presented in the WallStreet Research report is not to be construed as an offer to sell, nor a solicitation of an offer to purchase, any securities referred to herein or otherwise. Readers are encouraged to conduct their own due diligence and review all of the company's financial statements and risk statements on file with the Australian Stock Exchange. Samson Oil & Gas Ltd. has paid a consulting fee of $10,000 to Alan Stone & Company, LLC in conjunction with preparation and distribution of this research report, and committed to pay $5,000 for a quarterly update report, as well as other fees for road show and investor relations services. Alan Stone & Company, LLC or its associates may own shares, for investment purposes, in its corporate accounts, and may increase or decrease its positions at any time, without notice.