10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-33578

Samson Oil & Gas Limited

(Exact Name of Registrant as Specified in its Charter)

Australia	N/A
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

Level 16, AMP Building, 140 St Georges Terrace Perth, Western Australia 6000
(Address Of Principal Executive Offices)	(Zip Code)
Level 36, Exchange Plaza, 2 The Esplanade Perth, Western Australia 6000
(Former address, if changed since last report)

+61 8 9220 9830

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   x Yes     ¨   No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x      No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer     x
Non-accelerated filer	¨	Smaller reporting company     ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨ No x

There were 1,985,896,471 ordinary shares outstanding as of February 8, 2013.

PURPOSE OF AMENDMENT

Samson is filing this Amendment No. 1 (the “Form 10-Q/A”) to our Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 that we filed with the Securities and Exchange Commission (“SEC”) on February 11, 2013 (the “Form 10-Q”), for the sole purpose of filing the Interactive Data File as Exhibit 101. The attached Exhibit 101 was submitted for filing with our original 10-Q but was not accepted by the EDGAR filing system, due to technical issues.

This Form 10-Q/A continues to speak as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update any related disclosures made in the Form 10-Q.

Item 6.    Exhibits.

Exhibit No.	Title of Exhibit
31.1*	Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certifications of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C., 1350, as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following financial information from Samson Oil & Gas Limited’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2012 is formatted in XBRL (eXtensible Business Reporting Language): (i)  Consolidated Balance Sheets at December 31, 2012, (ii)  Consolidated Statements of Operations for the three months ended December 31, 2012 and December 31, 2011 and for the six months ended December 31, 2012 and December 31 2011 (iii)  Consolidated Statement of Changes in Stockholders’ Equity at December 31, 2012 (iv)  Consolidated Statements of Cash Flows for the six months ended December 31, 2012 and December 31, 2011, and (v) the Notes to Consolidated Financial Statements.  The information in Exhibit 101 is “furnished” and not “filed,” as provided in Rule 402 of Regulation S-T.

* Previously filed as exhibit to Quarterly Report on Form 10-Q for the quarter ended December 31, 2012.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SAMSON OIL & GAS LIMITED
Date:   February 12, 2013	By:	/s/ Terence M. Barr
		Terence M. Barr
		Managing Director, President and Chief Executive Officer (Principal Executive Officer)
Date:  February 12, 2013	By:	/s/ Robyn Lamont
		Robyn Lamont
		Chief Financial Officer (Principal Financial Officer)

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Asset Retirement Obligations (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2012
Asset Retirement Obligations [Line Items]
Asset retirement obligations at beginning of period			$ 808,572	$ 236,024
Liabilities incurred or acquired			4,691	4,630
Accretion expense	13,675	5,559	27,109	10,993
Asset retirement obligations at end of period	840,372	251,647	840,372	251,647
Long-term asset retirement obligations	$ 840,372	$ 251,647	$ 840,372	$ 251,647	$ 808,572
Minimum [Member]
Asset Retirement Obligations [Line Items]
Asset Retirement Obligations, Discount Rate			4.00%
Maximum [Member]
Asset Retirement Obligations [Line Items]
Asset Retirement Obligations, Discount Rate			9.00%

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Income Taxes

3 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Income Taxes

2. Income Taxes

	Three months ended					Six months ended
	31-Dec-12		31-Dec-11		31-Dec-12		31-Dec-11
Income tax benefit/(expense)	$	1,366,938	$	693,385	$	2,035,936	$	881,563
Effective tax rate		102.67%		12.04%		70%		13.55%

The Company has current year losses and available prior year cumulative net operating losses that maybe carried forward to reduce taxable income in future years.  The Tax Reform Act of 1986 contains provisions that limit the utilization of net operating loss carryforwards if there has been a change in ownership as described in Internal Revenue Code Section 382.  The Company’s prior year losses are limited by IRC Section 382, however, current year losses are not subject to these limitations.

This current year operating loss will be carried back to offset tax paid in the June 30, 2011 year end.  This generates a current year benefit and income tax receivable for the tax expected to be refunded from the carry back claim

ASC Topic 740 requires that a valuation allowance be provided if it is more likely than not that some portion or all deferred tax assets will not be realized. The Company's ability to realize the benefit of its deferred tax assets will depend on the generation of future taxable income through profitable operations. Due to the Company's history of losses and the uncertainty of future profitable operations, the Company has recorded a full valuation allowance against its deferred tax assets.

Subsequent to the December 31, 2012 but prior to the filing of this report, the Company received $5.6 million in income tax refund from the Internal Revenue Service as a refund from taxes paid in a prior period. $0.7 million remains as a receivable in the Balance Sheet.

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Issue of Share Capital (Details)	3 Months Ended	6 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2012 AUD
Capital Stock Contributed Equity [Abstract]
Shares issued upon exercise of options, shares		214,004,644	214,004,644
Options expired unexercised	10,614,326	10,614,326	10,614,326
Weighted average exercise price - cents (AUD), exercised			0.015
Proceeds from Stock Options Exercised	$ 3,342,911	$ 3,342,911

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Capitalized Exploration Expense (Details) (USD $)	3 Months Ended
	Dec. 31, 2012	Jun. 30, 2012
Capitalized Exploratory Well Costs [Abstract]
Capiltalized exploration expense after write off	$ 9,700,000
Capitalized Exploratory Well Costs that Have Been Capitalized for Period of One Year or Less	7,200,000
Unproved Oil And Gas Property Successful Effort Method	$ 12,357,333	$ 10,017,287

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Cash Flow Statement (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Cash Flow Statement [Abstract]
Income Loss From Continuing Operations	$ 35,484	$ (5,064,198)	$ (888,053)	$ (5,623,855)
Depletion, depreciation and amortization			1,089,618	1,353,022
Stock based compensation			152,062	836,721
Accretion of asset retirment obligation	13,675	5,559	27,109	10,993
Exploration and evaluation expenditure	39,006	4,619,278	400,950	4,740,828
Net (gain)/loss on fair value movement of fixed forward swaps				22,268
Impairment losses/(reversals) of oil and gas properties			244,589
(Increase)/decrease in receivables			24,074	(1,275,190)
Increase (Decrease) in Income Taxes Receivable			(2,036,036)	(921,563)
Increase/(decrease) in employee benefits			(37,643)	38,814
Increase/(decrease) in payables			184,442	1,339,494
Net cash flows used in operating activities			$ (838,888)	$ 521,532

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Basis of Presentation

3 Months Ended

Dec. 31, 2012

Disclosure Text Block [Abstract]

Basis of Presentation

SAMSON O IL & GAS LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting. All adjustments which are normal and recurring by nature, in the opinion of management, necessary for fair statement of Samson Oil & Gas Limited’s (the Company) Consolidated Financial Statements have been included herein. Interim results are not necessarily indicative of expected annual results because of the impact of fluctuations in prices received for oil and natural gas, as well as other factors. In the course of preparing the Consolidated Financial Statements, management makes various assumptions, judgments and estimates to determine the reported amounts of assets, liabilities, revenues and expenses, and in the disclosures of commitments and contingencies. Changes in these assumptions, judgments and estimates will occur as a result of the passage of time and the occurrence of future events, and, accordingly, actual results could differ from amounts previously established.

The Company’s Consolidated Financial Statements have been prepared on a basis consistent with the accounting principles and policies reflected in the Company’s audited financial statements as of and for the year ended June 30, 2012. The year-end Consolidated Balance Sheet presented herein was derived from audited Consolidated Financial Statements, but does not include all disclosures required by GAAP.

These Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2012.

Accruals.   The components of accrued liabilities for the periods ended December 31, 2012 andJune 30, 2012include accruals based on estimated costs relating to goods and services provided yet not invoiced and an amount payable for Samson’s employee bonus plan.

Recently Adopted Standards

In June 2011, the FASB issued ASU No. 2011-05 Presentation of Comprehensive Income.  The ASU amends previously issued authoritative guidance and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011.  This amendment removes the option under current GAAP to present the components of other comprehensive income as part of the statements of changes in stockholder’s equity.  The adoption of this guidance did not have an impact on our financial position or results of operations, but has required the Company to present the statements of comprehensive income separately from its statements of equity, as these statements were previously presented on a combined basis.  

Recently Issued Pronouncements

In December 2011, the FASB issued ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The ASU requires additional disclosures about the impact of offsetting, or netting, on a company's financial position, and is effective for annual periods beginning on or after January 1, 2013 and interim periods within those annual periods, and retrospectively for all comparative periods presented. Under US GAAP, derivative assets and liabilities can be offset under certain conditions. The ASU requires disclosures showing both gross information and net information about instruments eligible for offset in the balance sheet. The Company is currently evaluating the provisions of ASU 2011-11 and assessing the impact, if any, it may have on the Company's financial position or results of operations.

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Consolidated Balance Sheets (USD $)	Dec. 31, 2012	Jun. 30, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 9,725,163	$ 18,845,894
Accounts receivable, net of allowance for doubtful accounts of $nil and $nil respectively	1,264,085	1,288,159
Prepayments	240,400	344,108
Pipe inventory - held by third party	78,944	78,944
Income tax receivable	6,383,492	4,347,456
Total current assets	17,692,084	24,904,561
PROPERTY, PLANT AND EQUIPMENT, AT COST
Oil and gas properties, successful efforts method of accounting, less accumulated depreciation, depletion and impairment of $17,399,071 and $16,112,531 at December 31, 2012 and June 30, 2012, respectively.	13,911,282	13,754,971
Other property and equipment, net of accumulated depreciation and amortization of $300,461 and $252,254 at December 31, 2012 and June 30, 2012, respectively	403,921	448,061
Net property, plant and equipment	14,315,203	14,203,032
OTHER ASSETS
Undeveloped capitalized acreage	12,357,333	10,017,287
Capitalized exploration expense	9,733,880	6,498,398
Other	100,575	99,961
TOTAL ASSETS	54,199,075	55,723,239
CURRENT LIABILITIES
Accounts payable	1,397,055	5,269,748
Accruals	895,686	1,229,982
Provision for annual leave	196,893	234,536
Total current liabilities	2,489,634	6,734,266
Capitalized lease		7,322
Asset retirement obligations	840,372	808,572
TOTAL LIABILITIES	3,330,006	7,550,160
STOCKHOLDERS' EQUITY - nil par value
Common stock, 1,985,896,471 (equivalent to 99,294,824 ADR's) and 1,771,889,967 (equivalent to 88,594,498 ADR's) shares issued and outstanding at December 31, 2012 and June 30, 2012, respectively)	86,962,960	83,467,987
Other comprehensive income	2,861,828	2,772,758
Retained earnings (accumulated deficit)	(38,955,719)	(38,067,666)
Total stockholders' equity	50,869,069	48,173,079
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 54,199,075	$ 55,723,239

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Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (Imported) (USD $)	6 Months Ended
	Dec. 31, 2012
Consolidated Statements Of Changes In Stockholders' Equity [Abstract]
Foreign currency translation, tax	$ 0

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Cashflow Statement Reconcilation (Table)

3 Months Ended

Dec. 31, 2012

Cash Flow Statement [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Six months ended
	31-Dec-12		31-Dec-11
Net (loss) after tax	$	(888,053)	$	(5,623,855)
Depletion, depreciation and amortization		1,089,618		1,353,022
Stock based compensation		152,062		836,721
Accretion of asset retirement obligation		27,109		10,993
Impairment expense		244,589		-
Exploration and evaluation expenditure		400,950		4,740,828
Net (gain)/loss on fair value movement of fixed forward swaps		-		22,268
Changes in assets and liabilities:
(Increase)/decrease in receivables		24,074		(1,275,190)
(Increase)/decrease in income tax receivable/deferred tax asset		(2,036,036)		(921,563)
Increase/(decrease) in provision for annual leave		(37,643)		38,814
Increase/(decrease) in payables		184,442		1,339,494
NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	(838,888)	$	521,532

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Earnings Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Anti-dilutive	72,201,619	238,307,570	261,839,351	271,320,247
Income Loss From Continuing Operations	$ 35,484	$ (5,064,198)	$ (888,053)	$ (5,623,855)
Basic	1,832,852,723	1,750,222,724	1,808,716,468	1,746,423,566
Basic earnings per common share - cents per share	$ 0.00	$ (0.29)	$ (0.05)	$ (0.32)
Add: dilutive effect of stock options	95,791,227
Bonus Element For Rights Issue	26,488,246
Diluted	1,955,132,196	1,750,222,724	1,808,716,468	1,746,423,566
Diluted earnings per common share - cents per share	$ 0.00	$ (0.29)	$ (0.05)	$ (0.32)

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Consolidated Statements Of Cash Flows (USD $)	6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Receipts from customers	$ 3,487,463	$ 4,486,797
Cash received from commodity derivative financial instruments		38,508
Payments to suppliers & employees	(4,464,795)	(4,200,663)
Interest received	138,544	196,890
Income taxes refund received/( paid)	(100)
Net cash flows provided by/ (used in) operating activities	(838,888)	521,532
Cash flows from investing activities
Payments for plant & equipment	(10,392)	(51,495)
Payments for exploration and evaluation	(10,371,563)	(14,518,508)
Payments for oil and gas properties	(1,140,341)	(1,929,585)
Net cash flows (used in) investing activities	(11,522,296)	(16,499,588)
Cash flows from financing activities
Proceeds from the exercise of options	3,132,420	297,229
Net cash flows provided by financing activities	3,132,420	297,229
Net (decrease) in cash and cash equivalents	(9,228,764)	(15,680,827)
Cash and cash equivalents at the beginning of the fiscal period	18,845,894	58,448,477
Effects of exchange rate changes on cash and cash equivalents	108,033	(362,831)
Cash and cash equivalents at end of fiscal period	$ 9,725,163	$ 42,404,819

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2012	Jun. 30, 2012
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 0	$ 0
Other property and equipment, accumulated depreciation and amortization	300,461	252,254
Oil and Gas Property, Successful Effort Method, Accumulated Depreciation, Depletion and Amortization	$ 17,399,071	$ 16,112,531
Common stock, par value	$ 0	$ 0
Common stock, ADR	99,294,824	88,594,591
Common stock, shares issued	1,985,896,471	1,771,891,827

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Cash Flow Statement

3 Months Ended

Dec. 31, 2012

Cash Flow Statement [Abstract]

Cash Flow Statement

11. Cash Flow Statement

Reconciliation of the net profit/(loss) after tax to the net cash flows from operations:

	Six months ended
	31-Dec-12		31-Dec-11
Net (loss) after tax	$	(888,053)	$	(5,623,855)
Depletion, depreciation and amortization		1,089,618		1,353,022
Stock based compensation		152,062		836,721
Accretion of asset retirement obligation		27,109		10,993
Impairment expense		244,589		-
Exploration and evaluation expenditure		400,950		4,740,828
Net (gain)/loss on fair value movement of fixed forward swaps		-		22,268
Changes in assets and liabilities:
(Increase)/decrease in receivables		24,074		(1,275,190)
(Increase)/decrease in income tax receivable/deferred tax asset		(2,036,036)		(921,563)
Increase/(decrease) in provision for annual leave		(37,643)		38,814
Increase/(decrease) in payables		184,442		1,339,494
NET CASH FLOWS USED IN OPERATING ACTIVITIES	$	(838,888)	$	521,532

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Document And Entity Information	6 Months Ended
	Dec. 31, 2012	Feb. 08, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	SSN
Entity Registrant Name	Samson Oil & Gas LTD
Entity Central Index Key	0001404079
Current Fiscal Year End Date	--06-30
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		1,985,896,471

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Income Tax (Table)

3 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Three months ended					Six months ended
	31-Dec-12		31-Dec-11		31-Dec-12		31-Dec-11
Income tax benefit/(expense)	$	1,366,938	$	693,385	$	2,035,936	$	881,563
Effective tax rate		102.67%		12.04%		70%		13.55%

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Consolidated Statements Of Operations (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
REVENUES AND OTHER INCOME:
Interest income	$ 55,139	$ 85,431	$ 126,779	$ 199,237
Other	111,469	1,979	111,481	21,136
TOTAL REVENUE AND OTHER INCOME	1,842,731	2,018,758	3,511,141	4,643,999
EXPENSES:
Lease operating expense	(1,041,761)	(455,495)	(1,853,750)	(1,082,292)
Depletion, depreciation and amortization	(498,851)	(619,713)	(1,089,618)	(1,353,022)
Impairment of oil and natural gas properties	(244,560)		(244,589)
Exploration and evaluation expenditure	(39,006)	(4,619,278)	(400,950)	(4,740,828)
Accretion of asset retirement obligations	(13,675)	(5,559)	(27,109)	(10,993)
General and administrative	(1,336,332)	(2,076,296)	(2,819,114)	(3,962,282)
TOTAL EXPENSES	(3,174,185)	(7,776,341)	(6,435,130)	(11,149,417)
Income (loss) from operations	(1,331,454)	(5,757,583)	(2,923,989)	(6,505,418)
Income tax benefit/(provision)	1,366,938	693,385	2,035,936	881,563
Net income/(loss)	35,484	(5,064,198)	(888,053)	(5,623,855)
Foreign Currency Translation, net tax of $nil	(62,606)	223,626	89,070	(350,006)
Total comprehensive income/(loss) for the period	(27,122)	(4,840,572)	(798,983)	(5,973,861)
Net earnings/(loss) per common share from continuing operations:
Basic - cents per share	$ 0.00	$ (0.29)	$ (0.05)	$ (0.32)
Diluted - cents per share	$ 0.00	$ (0.29)	$ (0.05)	$ (0.32)
Weighted average common shares outstanding:
Basic	1,832,852,723	1,750,222,724	1,808,716,468	1,746,423,566
Diluted	1,955,132,196	1,750,222,724	1,808,716,468	1,746,423,566
Oil [Member]
REVENUES AND OTHER INCOME:
Sales	1,457,238	1,666,006	2,903,775	3,842,442
Natural Gas [Member]
REVENUES AND OTHER INCOME:
Sales	218,885	263,087	364,907	573,263
Other Liquids [Member]
REVENUES AND OTHER INCOME:
Sales		$ 2,255	$ 4,199	$ 7,921

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Equity Incentive Compensation

3 Months Ended

Dec. 31, 2012

Share-Based Payments [Abstract]

Share-Based Payments

5. Equity Incentive Compensation

Stock-based compensation is measured at the grant date based on the value of the awards, and the fair value is recognized on a straight-line basis over the requisite service period (usually the vesting period).

Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $72,011 and $518,116 during the three months ended December 31, 2012 and 2011.

Total compensation cost recognized in the Statements of Operations for the grants under the Company’s equity incentive compensation plans was $152,061 and $836,721 during the six months ended December 31, 2012 and 2011.

 As of December 31, 2012, there was $49,724 of total unrecognized compensation cost related to outstanding stock options. This cost is expected to be recognized over two years.

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Asset Retirement Obligations

3 Months Ended

Dec. 31, 2012

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

4. Asset Retirement Obligations

The Company’s asset retirement obligations primarily represent the estimated present value of the amounts expected to be incurred to plug, abandon and remediate producing and shut–in properties at the end of their productive lives in accordance with applicable state and federal laws. The Company determines the estimated fair value of its asset retirement obligations by calculating the present value of estimated cash flows related to plugging and abandonment liabilities. The significant inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit adjusted discount rates, inflation rates and estimated dates of abandonment. The asset retirement liability is accreted to its present value each period and the capitalized asset retirement cost is depleted using the units–of–production method.

The following table summarizes the activities for the Company’s asset retirement obligations for the six months ended December 31, 2012 and 2011:

	Six months ended
	31-Dec-12		31-Dec-11
Asset retirement obligations at beginning of period	$	808,572	$	236,024
Liabilities incurred or acquired		4,691		4,630
Liabilities settled		-		-
Disposition of properties		-		-
Accretion expense		27,109		10,993
Asset retirement obligations at end of period		840,372		251,647
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
Long-term asset retirement obligations	$	840,372	$	251,647

Discount rates used to calculate the present value vary depending on the estimated timing of the obligation, but typically range between 4% and 9%.

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Income Taxes (Schedule Of Effective Income tax Rate) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Abstract]
Income tax benefit/(expense)	$ 1,366,938	$ 693,385	$ 2,035,936	$ 881,563
Effective tax rate	102.67%	12.04%	70.00%	13.55%

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Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Continuing operations	Three months ended			Six months ended
	31-Dec-12		31-Dec-11	31-Dec-12		31-Dec-11
Net income (loss)	$	35,484	(5,064,198)	$	(888,053)	(5,623,855)
Basic weighted average common shares outstanding		1,832,852,723	1,750,222,724		1,808,716,468	1,746,423,566
Add: dilutive effect of stock options		95,791,227	-		-	-
Add: bonus element for rights issue		26,488,246	-		-	-
Diluted weighted average common shares outstanding		1,955,132,196	1,750,222,724		1,808,716,468	1,746,423,566
Basic earnings per common share – cents per share		0.00	(0.29)		(0.05)	(0.32)
Diluted earnings per common share – cents per share		0.00	(0.29)		(0.05)	(0.32)

Schedule Of Weighted Average Dilutive And Anti-Dilutive Securities

	Three months ended		Six months ended
	31-Dec-12	31-Dec-11	31-Dec-12	31-Dec-11
Dilutive	95,791,227	-	-	-
Anti–dilutive	72,201,619	238,307,570	261,839,351	271,320,247

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Capitalized Exploration Expense

3 Months Ended

Dec. 31, 2012

Capitalized Exploratory Well Costs [Abstract]

Oil and Gas Exploration and Production Industries Disclosures [Text Block]

9. Capitalized Exploration Expense

We use the successful efforts method of accounting for exploration and evaluation expenditure in respect of each area of interest. The application of this policy requires management to make certain estimates and assumptions as to future events and circumstances, in particular the assessment of whether economic quantities of reserves have been found.  Any such estimates and assumptions may change as new information becomes available.

Exploration and evaluation assets are assessed for impairment when facts and circumstances indicate that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.  When assessing for impairment consideration is given to but not limited to the following:

 the period for which Samson has the right to explore;

 planned and budgeted future exploration expenditure;

 activities incurred during the year; and

 activities planned for future periods.

If, after having capitalized expenditures under our policy, we conclude that we are unlikely to recover the expenditures through future exploitation or sale, then the relevant capitalized amount will be written off to the statement of operations.

Currently, we have capitalized exploration expenditures of  $9.7 million and undeveloped capitalized acreage of $12.4 million.  This primarily relates to costs in relation to our Hawk Springs (including 3D seismic acquisition costs) and Roosevelt projects (including the drilling and permitting of exploration wells). The costs include acreage acquisition costs in both of Hawk Springs and Roosevelt project areas. During the three months ended December 31, 2012 we continued with our drilling activities on our Spirit of America II well in our Hawk Springs project in Goshen County, Wyoming. To date we have capitalized approximately $7.2 million in relation to this well, including $0.2 million in the current quarter. Since the

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Fair Value Measurements

3 Months Ended

Dec. 31, 2012

Fair Value Inputs [Abstract]

Fair Value Disclosures [Text Block]

7. Fair Value Measurements

Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. The FASB has established a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

 Level 1—Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

 Level 2—Pricing inputs are other than quoted prices in active markets included in level 1, but are either directly or indirectly observable as of the reported date and for substantially the full term of the instrument. Inputs may include quoted prices for similar assets and liabilities. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.

 Level 3—Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth by level within the fair value hierarchy the Company’s financial assets and liabilities that were accounted for at fair value as of December 31, 2012 and June 30, 2012.

	Carrying value at December 31, 2012		Level 1		Level 2		Level 3		Fair Value at December 31, 2012
Assets
Cash and cash equivalents	$	9,725,163	$	9,725,163	$	-	$	-	$	9,725,163
	Carrying value at June 30, 2012		Level 1		Level 2		Level 3		Fair Value at June 30, 2012
Assets
Cash and cash equivalents	$	18,845,894	$	18,845,894	$	-	$	-	$	18,845,894

 The following methods and assumptions were used to estimate the fair value of the assets and liabilities in the table above:

Commodity Derivative Contracts.   In previous periods, the Company’s commodity derivative instruments consisted of collar contracts for oil. The Company valued the derivative contracts using industry standard models, based on an income approach, which considers various assumptions including quoted forward prices and contractual prices for the underlying commodities, time value and volatility factors, as well as other relevant economic measures. Substantially all of the assumptions can be observed throughout the full term of the contracts, can be derived from observable data or are supportable by observable levels at which transactions are executed in the marketplace and are therefore designated as Level 2 within the fair value hierarchy.  For six months ended December 31, 2011the realized gain in relation to commodity derivative contracts amounted to $0.02 million.  As of December 31, 2011, the Company has no outstanding derivative agreements in relation to its oil or gas production. 

Fair Value of Financial Instruments.   The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and payable and derivatives (discussed above). The carrying values of cash equivalents and accounts receivable and payable are representative of their fair values due to their short–term maturities.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis. The Company also applies fair value accounting guidance to measure non–financial assets and liabilities such as business acquisitions, proved oil and gas properties, and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. These items are primarily valued using the present value of estimated future cash inflows and/or outflows. Given the unobservable nature of these inputs, they are deemed to be Level 3.

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Commitments

3 Months Ended

Dec. 31, 2012

Commitments [Abstract]

Commitments Disclosure [Text Block]

8. Commitments and Contingencies

Environmental Matters

The Company has no material accrued environmental liabilities for its sites, including sites in which governmental agencies have designated the Company as a potentially responsible party, because it is not probable that a loss will be incurred and the minimum cost and/or amount of loss cannot be reasonably estimated. However, due to uncertainties associated with environmental assessment and remediation activities, future expense to remediate the currently identified sites, and sites identified in the future, if any, could be incurred. Management believes, based upon current site assessments, that the ultimate resolution of any matters will not result in material costs incurred.

Contingent Assets or Liabilities

There are no unrecorded contingent assets or liabilities in place for the Company at December 31, 2012 or June 30, 2012.

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Issue of Share Capital

3 Months Ended

Dec. 31, 2012

Capital Stock Contributed Equity [Abstract]

Stockholders Equity Note Disclosure [Text Block]

10.  Issue of Share Capital

During the six months ended December 31, 2012, 214,004,644 Australian 1.5 cent options were exercised for net proceeds of $3,342,911 to us. The options were issued in public rights offering conducted in October 2009. The remaining 10,614,326 listed options expired unexercised.

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Fair Value (Table)

3 Months Ended

Dec. 31, 2012

Fair Value Inputs [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Carrying value at December 31, 2012		Level 1		Level 2		Level 3		Fair Value at December 31, 2012
Assets
Cash and cash equivalents	$	9,725,163	$	9,725,163	$	-	$	-	$	9,725,163
	Carrying value at June 30, 2012		Level 1		Level 2		Level 3		Fair Value at June 30, 2012
Assets
Cash and cash equivalents	$	18,845,894	$	18,845,894	$	-	$	-	$	18,845,894

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Share-Based Payments (Summary Of Stock Option Activity) (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2012 AUD	Dec. 31, 2011 USD ($)
Share-Based Payments [Abstract]
Exercised			(214,004,644)	(214,004,644)
Weighted average exercise price - cents (AUD), exercised				0.015
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 49,724		$ 49,724
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years
Share-based Compensation	$ 72,011	$ 518,116	$ 152,061		$ 836,721

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Consolidated Statements Of Changes In Stockholders' Equity (USD $)	Common Stock [Member]	Retained Earnings/(Accumulated Deficit) [Member]	Other Comprehensive Income (Loss) [Member]	Total
Balance at June 30, 2012 at Jun. 30, 2012	$ 83,467,987	$ (38,067,666)	$ 2,772,758	$ 48,173,079
Net income (loss)		(888,053)		(888,053)
Foreign Currency Translation, net tax of $nil			89,070	89,070
Total comprehensive income/(loss) for the period		(888,053)	89,070	(798,983)
Stock based compensation	152,062			152,062
Issue of share capital	3,342,911
Balance at December 31, 2012 at Dec. 31, 2012	$ 86,962,960	$ (38,955,719)	$ 2,861,828	$ 50,869,069

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Earnings Per Share

3 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

3. Earnings Per Share

Basic earnings (loss) per share is calculated by dividing net earnings (loss) attributable to common stock by the weighted average number of shares outstanding for the period. Under the treasury stock method, diluted earnings per share is calculated by dividing net earnings (loss) by the weighted average number of shares outstanding including all potentially dilutive common shares (unexercised stock options). In the event of a net loss, no potential common shares are included in the calculation of shares outstanding since the impact would be anti-dilutive.  The Company's unexercised stock options do not contain rights to dividends. When the Company records a net loss, none of the loss is allocated to the unexercised stock options since the securities are not obligated to share in Company losses. Consequently, in periods of net loss, outstanding options will have no dilutive impact to the Company’s basic earnings per share.

The following table details the weighted average dilutive and anti-dilutive securities, which consist of options and warrants, for the periods presented:

	Three months ended		Six months ended
	31-Dec-12	31-Dec-11	31-Dec-12	31-Dec-11
Dilutive	95,791,227	-	-	-
Anti–dilutive	72,201,619	238,307,570	261,839,351	271,320,247

The following tables set forth the calculation of basic and diluted earnings per share: 

Continuing operations	Three months ended			Six months ended
	31-Dec-12		31-Dec-11	31-Dec-12		31-Dec-11
Net income (loss)	$	35,484	(5,064,198)	$	(888,053)	(5,623,855)
Basic weighted average common shares outstanding		1,832,852,723	1,750,222,724		1,808,716,468	1,746,423,566
Add: dilutive effect of stock options		95,791,227	-		-	-
Add: bonus element for rights issue		26,488,246	-		-	-
Diluted weighted average common shares outstanding		1,955,132,196	1,750,222,724		1,808,716,468	1,746,423,566
Basic earnings per common share – cents per share		0.00	(0.29)		(0.05)	(0.32)
Diluted earnings per common share – cents per share		0.00	(0.29)		(0.05)	(0.32)

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Fair Value Measurements (Schedule Of Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis) (Details) (Level 1 [Member], USD $)	Dec. 31, 2012	Jun. 30, 2012
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 9,725,163	$ 18,845,894

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Asset Retirement Obligations (Table)

3 Months Ended

Dec. 31, 2012

Asset Retirement Obligations [Abstract]

Schedule of Asset Retirement Obligations [Table Text Block]

	Six months ended
	31-Dec-12		31-Dec-11
Asset retirement obligations at beginning of period	$	808,572	$	236,024
Liabilities incurred or acquired		4,691		4,630
Liabilities settled		-		-
Disposition of properties		-		-
Accretion expense		27,109		10,993
Asset retirement obligations at end of period		840,372		251,647
Less: current asset retirement obligations (classified with accounts payable and accrued liabilities)		-		-
Long-term asset retirement obligations	$	840,372	$	251,647