Samson O&G has recently acquired a substantial project which expands its position in the Bakken Formation. This Roosevelt Project, along with the appraisal of the Niobrara Formation in Wyoming, and three conventional plays in the Hawk Springs project area, means that Samson will have an active drilling schedule in the second half of 2011. The combined drilling program, and the estimated cost and timing of the wells, is set out in the following table. Samson will fund this program from its existing cash resources.

As a result, Samson currently projects that it will exit the end of the calendar year with an estimated cash balance of US $32 million. This estimated cash balance takes into account existing operating cash flows, projected general and administrative expenditures, land acquisition costs, current forecasts of commodity prices and the capital expenditures noted below. However, the forecast includes no cash flow from any of these new wells during the year.

Samson's drilling program is expected to deliver appraisal results in three key areas:

•The Hawk Springs Niobrara will be the first well to be drilled and fracture stimulated in the Niobrara 'B' zone. •Multiple conventional targets in the Hawk Springs project are planned, where considerable potential is observed from the 3-D data at both the Permian and Pennsylvanian stratigraphic levels. •The Roosevelt Project Bakken wells will be the first ever drilling in this area and will therefore will be key tests for this project. Defender US 33 #2-29H – Hawk Springs Project - Wyoming This well will be the first appraisal of the Niobrara 'B' zone and is the first well to be drilled and funded 100% by Halliburton under their farmin agreement. It will be fracture stimulated following the completion of a 4,300' horizontal.

Spirit of America US 34 #1-29 - Hawk Springs Project-Wyoming This well will be drilled as an 11,000' vertical test down to the Precambrian basement to test multiple conventional targets in the Permian and Pennsylvanian sections.

State 24-63 #10-1H – Hawk Springs Project-Wyoming This well will be drilled as an 11,447' measured depth horizontal well in the Codell Sandstone (which lies directly beneath the Niobrara Formation). Upon completion of the well in the Codell sandstone, the fracture stimulation job is expected to fracture the Niobrara Formation.

Australia II 12 KA 6– Roosevelt Project – Fort Peck Reservation, Montana This well will be the first appraisal well in the Roosevelt Project and will be drilled as a 15,500' measured depth horizontal well in the middle member of the Bakken Formation.

Constellation US 20 State #1-36H – Hawk Springs Project-Wyoming This well will be Samson's second Niobrara well and is located outside the Halliburton/Mountain Energy Joint Venture area. It will be fracture stimulated following the completion of a 4200' horizontal.

State 24-63 #14-1H – Hawk Springs Project- Wyoming This well will be drilled as an 11,272' measured depth horizontal well in the Codell sandstone. Upon completion of the well in the Codell sandstone, the fracture stimulation job is expected to fracture the Niobrara Formation.

Diamondback #1 – Onshore Gulf Coast Basin, Texas This 8,900' well will test an amplitude anomaly in the Oligocene Frio Formation on the flank of the Big Hill salt dome in Jefferson County, Texas.

Australia IV 12 KA– Roosevelt Project – Fort Peck Reservation, Montana This well will be the second commitment well in the Roosevelt Project and will be drilled as a 15,200’ measured depth horizontal well in the middle member of the Bakken Formation.

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