SAMSON OIL AND GAS LIMITED PROVIDES ADVICE ON ITS SEC REGISTRATION
Denver 1700 hours 23 October 2007, Perth 0800 hours 24 October 2007
The Directors of Samson Oil & Gas Limited (“Samson”) wish to provide the following advice on the status of its registration with the Securities and Exchange Commission (“SEC”) and the American Stock Exchange (“AMEX”) in the United States: We previously advised that Samson had lodged a Form 20-F registration statement on July 6, 2007 and that the SEC staff had indicated that the registration statement became effective September 4, 2007. We further advised that Samson’s shares would not begin trading in the United States, however, until AMEX approved the listing of Samson’s American Depository Shares (“ADS”), each of which will represent 20 fully paid Ordinary Shares of Samson. Since that time, Samson has continued to respond to comments from the SEC and AMEX on its Form 20-F registration statement and has lodged various amendments to that document. It was the Company’s expectation that all comments would be cleared and AMEX would approve the listing of the ADS by the end of September 2007. However, as this did not occur, the U.S. reconciliation of Samson’s Financial Statements for the year ended 30 June 2006 accounts, which formed part of the original Form 20-F document became “stale” and the SEC now requires that the 20-F be amended to include the U.S. reconciliation of Samson’s audited Financial Statements for the year ended 30 June 2007. When the reconciliation exercise is completed, the amended 20-F will be lodged with the SEC for further review and comment. The audited reconciliation of the 30 June 2007 financial statements is expected to be completed by mid-November and the SEC’s review and comment process will begin shortly thereafter.
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. In addition, while Samson’s current plans are to list its securities in the US at the time and in the manner described, various factors, including but not limited to, the response of both the SEC and AMEX as well as other factors that could affect Samson’s ability to list these securities, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
ABN 25 009 069 005 Level 36, Exchange Plaza, 2 The Esplanade, Perth, Western Australia, 6000 | PO Box 7654, Cloisters Square, Perth, Western Australia, 6850 Tel: (+618) 9220 9830 Fax: (+618) 9220 9820 Email: contact@samsonoilandgas.com.au Web : www.samsonoilandgas.com.au ASX Code: SSN Page 1 of 1