On April 3, 2017, Samson Oil and Gas USA, Inc. (“Samson USA”), a subsidiary of Samson Oil & Gas Limited (the “Company”), and Oasis Petroleum North America LLC (“Oasis”) agreed to extend the due date (the “Note Extension”) of the Secured Promissory Note entered into between Samson USA and Oasis on March 31, 2016 (the “Note”), in accordance with the terms of the Note. The terms of the Note were previously disclosed on the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 6, 2016.

Under the Note Extension, the date by which Samson USA is obligated to repay the $4 million principal balance due under the Note (the “Principal”) was extended from March 31, 2017 to May 1, 2017 (the “Modified Payment Due Date”). Additionally, Samson USA agreed to (a) immediately pay the interest accrued on the Note in the amount of $400,000 (the “Outstanding Interest”), and (b) pay on the Modified Payment Due Date the additional interest accruing on the Principal between March 31, 2017 and the Modified Payment Due Date at a rate of 15%. Samson USA paid the Outstanding Interest on April 3, 2017. Samson USA expects the amount of additional interest that will be due and payable on the Modified Payment Due Date will be approximately $50,958. Under the modified terms of the Note, Oasis does not waive its right to exercise any right or remedy which Oasis possesses under the Note for any current or subsequent breach or default.

The foregoing does not constitute a complete summary of Note Extension. Reference is made to the complete text of the Note Extension, attached hereto as exhibit 10.1, and incorporated by reference herein.