DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson (ASX: SSN - News) (NYSE AMEX: SSN) previously entered into derivative positions with respect to its oil and natural gas production. Oil and natural gas prices have risen significantly since these hedges were entered into and thus the Board of Samson have determined that, following the recently completed rights offering in the United States and Australia capital raising, it was prudent to use some of the funds raised to close out all of these outstanding hedge positions. On November 13, Samson closed out these positions with a payment of US$406,248 to Macquarie Bank Limited, the counter party to the hedge positions.

On November 13, Samson entered into the following derivative positions, which represents approximately 50% of current production:

Oil – Ratio Collar priced at West Texas Intermediate

Date		Call/Put		Volume - barrels		Price per Barrel – USD
December 2009 – December 2011		Put		21,431		60.00
December 2009 – December 2011		Call		21,431		102.90

Natural Gas – Ratio Collar priced at Henry Hub

Date		Call/Put		Volume - mmbtu		Price per MCF – USD
December 2009 – December 2011		Put		125,149		4.75
December 2009 – December 2011		Call		125,149		6.15

Natural Gas – Ratio Collar priced at Colorado Interstate Gas

Date		Call/Put		Volume - mmbtu		Price per MCF – USD
December 2009 – December 2011		Put		440,884		4.25
December 2009 – December 2011		Call		440,884		5.80

By using a combination of a put and a call, Samson is fixing a floor for the commodity prices while still allowing participation in upward movements in the commodity prices.

Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN." Samson's American Depository Receipts are traded on the NYSE Amex 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

TERRY BARR
Managing Director

Samson Oil & Gas Limited
Terry Barr, 303-296-3994
Cell: 970-389-5047
CEO