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November 2013 Company Overview Company Snapshot Focusing on Liquids-rich Targets in Existing Resource Base Proved Reserves (12/31/12): 2.0 Tcfe Rockies Targets: Shannon, Sussex, Frontier, Three Q2 2013 Production: 595 MMcfe/d


  1. November 2013

  2. Company Overview Company Snapshot Focusing on Liquids-rich Targets in Existing Resource Base  Proved Reserves (12/31/12): 2.0 Tcfe Rockies Targets: Shannon, Sussex, Frontier, Three  Q2 2013 Production: 595 MMcfe/d Forks, Middle Bakken, Ft. Union, Muddy Legacy Position: San Juan (29% Liquids) Mid-Continent & East Texas Targets: Marmaton, Granite Wash, Hogshooter  Operated Rigs: 11 / Cottage Grove Wash, Cotton Valley Sands and Haynesville / Bossier  Total Net Acres: ~2.2 million Q2’13 Production by Area (MMcfe/d) East Texas Rockies 177 233 Mid-Con 185 Reserves by Category As of 12/31/12 PDNP 1% PUD 35% Samson Rigs PDP 64% 2

  3. Committed Leadership with Investor Support Public Company Industry Experience Experience Randy Limbacher - Chief Executive Officer and Director 32+ 32+ Richard Fraley - Executive Vice President and Chief Operating 30+ 25 Officer Phil Cook - Executive Vice President and Chief Financial Officer 25+ 17 Louis Jones - Executive Vice President of Business Development, 30+ 30+ New Ventures and Portfolio Management Andrew Kidd - Senior Vice President and General Counsel 20+ 10 Committed Equity Investors with Significant Industry Experience / Investment Exposure 3

  4. Corporate Strategy  Maximize dollars at the drill bit Optimize Capital  Focus on prospects with higher liquids content (returns focused drilling program) Program  Reduce costs and improve efficiencies in the field  Delineate the liquids-rich Ft. Union and Granite Wash positions  Future Drill Bit Bolt-on to existing core positions Inventory  Actively monitor M&A market for potential acquisitions that provide visibility and inventory  Lower exploration risk Protect the Balance  Well hedged for the next 18 – 24 months Sheet in Short Term  Incremental non-core assets sales – Estimate of $300 million for 2013 Long Term  Equity contribution to fund growth from acquisitions or acceleration of delineated Opportunities to inventory Strengthen Balance  Position portfolio for public market access Sheet 4

  5. Delivering on Liquids Growth MBbl/d % Liquids Liquids Production by Quarter 30 35% 29% 30% 26% 25% 22% 20 19% 20% 13 12 11 15% 10 10 10% 5% 10 12 14 16 0 0% Q1'12* Q2'12* Q1'13 Q2'13 NGL Oil % Liquids 5 * Excludes production from Bakken divestiture

  6. Reducing Drilling & Completion Costs  Pad Drilling $7.0  Completion – Service Provider Reductions Down ~8% $6.6 $6.5 Down D&C Costs per Well ($MM) ~8% $6.1 $6.0 $6.0 $5.5 $5.5 $5.0 2012 2013 YTD 2012 2013 YTD Bakken - Ambrose Field Cotton Valley - SE Carthage Driving Down Costs Across the Portfolio 6 6 Note: 2013 YTD represents wells spud through May for Bakken and April for Cotton Valley

  7. Improving Relative Cost Structure Commitment to Continual Improvement  Lease Operating Expense – Flat despite shift to higher cost liquids focused drilling  Cash G&A – Reduced compensation expense Cash G&A (1) ($ per Mcfe) Lease Operating Expense ($ MM) $70 $0.94 $63 $60 $54 $0.93 $50 $40 $0.92 $0.92 $0.92 $30 $20 $0.91 $10 $0 $0.90 1H'12 1H'13 1H'12 1H'13 7 (1) Income Statement G&A (excluding non-cash compensation & management fee)

  8. Rocky Mountain Operations Williston Basin: Rocky Mountains Snapshot:  Three Forks and Middle Bakken  Net Acreage: ~1,000,000 development  Q2’13 Production: 4.5 MBoe/d  YE 2012 Proved Reserves: 779 Bcfe North Dakota  Rig Count: 1  Q2’13 Average Daily Production: 233 MMcfe/d Oil 23%; NGL 11%; Gas 66%  Current Rig Count: 5 Powder River Basin:  Stacked oil plays targeting: Shannon, Sussex, Muddy, and Frontier  Q2’13 Production: 4.0 MBoe/d Idaho  Rig Count: 2 Wyoming Green River Basin:  Horizontal program in the Ft. Union  Q2’13 Production: 85 MMcfe/d  Rig Count: 2 Utah Colorado San Juan Basin:  Mature dry gas asset  Q2’13 Production: 98 MMcfe/d Samson Rigs Diversified Position Across Several Basins with Catalysts for Growth 8

  9. Green River Basin – Ft. Union Overview Asset Map  Rig Count: Currently operating 2 rigs Upper, Middle, and Lower Prospective  Acreage : 39,900 gross acres / 32,000 net acres Middle and Lower Prospective Q2’13 Production : 47 MMcfe/d, up 95% from Q1’13  Operations Update:   First four HZ wells exceeding expectations Barricade 41-6 MH EUR: ~11.5 Bcfe Polar Bar recompletion results are encouraging  Barricade 41-6 LH  Rich Gas EUR: ~9 Bcfe  2013-2014 Drill Plan: Drill & Complete 6 HZ wells   Test spacing & delineate to the Northeast Test stacked lateral concept  Gross Unrisked Resource Potential Polar Bar Recompletion Spacing # Locations Tcfe 6 Middle/Lower Horizons (1) 1,800' 150 1.3 900' 300 2.6 Upper Horizon 1,800' 23 0.2 HZ Producing Well 900' 46 0.4 Vertical Well (3 Zone Completion) Total 1,800' 173 1.5 2013-2014 Lower Target 2013-2014 Middle Target 900' 346 3.0 2013-2014 Upper Target Significant Resource Potential – Delineation Continues, Sets Stage for Development Drilling in 2014 9 (1) Equal contribution from Middle and Lower Horizons

  10. Bakken – Ambrose Field Overview Ambrose Field Asset Map  Rig Count: Plan to operate 1 rig through 2014 drilling Middle Bakken and Three Forks  Williston Basin Snapshot:  ~69,000 net acres in Divide County AMBROSE FIELD ~29,000 Operated   Q2’13 Production – ~4,500 Boe/d  Development Plans:  Infill development in Ambrose Field; 8 wells per 1,280 acre unit (4 MB and 4 TF) Multi-well pads, three to six wells per pad   D&C costs down 8% since 2012  Modeled Well Profile: Working Interest: ~41%   D&C: ~$6.1 MM Samson Rigs  TVD: ~8,000’; Lateral: 10,000’ Operated Acreage EUR: ~300 MBOE  Non Operated Acreage Solid Oil-Weighted Position 10

  11. Powder River Basin Asset Map by Field Buffalo Targeted Zones BLM Office North Tree Field LANCE FM. FOX HILLS SS MESAVERDE LEWIS SS TEAPOT SS. Spearhead Ranch Field PARKMAN SS. SUSSEX SS . (9,500’) CODY SHALE SHANNON SS . (10,000’) Hornbuckle Field STEELE SH. NIOBRARA SH. "CARLILE SH." WALL CR. SS. Helis Oil & Gas FRONTIER FM . (12,000’) MOWRY SH. Scott Field SHELL CREEK SH. MUDDY SS .(13,000’) Casper BLM Office THERMOPOLIS SH. *Strat column from USGS Samson Rigs Extensive Acreage Position Anchored by Shannon Development with Exploration Upside 11

  12. Powder River Basin – North Tree Field Overview Development Map  Rig Count : Currently operating 2 rigs drilling multi-well pads targeting the Shannon formation in North Tree Field  Acreage: ~17,000 net acres North Tree Activity:   Drilled and completed 7 horizontal wells to test and delineate North Tree Field  7 well average Max IP of 1,440 BOPD and average IP30 of 429 BOPD (range 184-807 BOPD) Development Plan:   2H 2013 : 12 HZ wells from 4 pads using a combination of short and long reach laterals  2014 : 16 HZ wells from 8 pads using a combination of short and long reach laterals Full Scale Potential North Tree Field – 28  additional locations on 320 acre spacing 2011-2012 Established Repeatability; 2013 Begins Development 12

  13. Powder River Basin – Sussex Overview Sussex by Field  Rig Count : Currently no active rigs. Two rigs Spearhead Ranch currently planned to move from Green River back to Powder River to resume Sussex program in February 2014 Hornbuckle Summary:   ~60,000 net acres  55 HZ producing Sussex wells in Hornbuckle, Helis Oil & Gas Scott Spearhead, and Scott Fields  Q2’13 Production: ~2,800 Boe/d Next Steps:   20 potential locations in 2014  Continuing to delineate in Scott Field Additional locations dependent on further  drilling results and defining down spacing potential Promising Economics in Delineated Fields 13

  14. Powder River Basin – Frontier Overview West Hornbuckle - Frontier  Rig Count: Currently no active operated rigs  Prospective Acreage: ~9,000 net acres (West Hornbuckle) 39N 75W 39N 74W  Activity to Date:  Bill Barrett, Helis and SM Energy currently actively drilling  Samson has participated in 3 HZ Frontier wells 38N 75W 38N 74W  Henry Fed 44-17-17-3774H (BBG Operated)  Henry Fed 41-20-3774H (BBG Operated)  Hornbuckle 15-33-28H (Helis Operated) Helis Oil & Gas  37N 75W Next Steps: 37N 74W  Continue non-op participation to monitor opportunity of testing play with our own wells  Continued success from others could lead to 36N 75W 36N 74W operated delineation program – up to 6 wells  Actively permitting for locations OBO Wells Samson Joined Potential Operated Drilling Locations Emerging Opportunity 14

  15. Mid-Continent / East Texas Operations MC/ET Snapshot:  Net Acreage: ~954,000  YE 2012 Proved Reserves: 1,235 Bcfe Arkoma Basin:  Q2’13 Average Daily Production: 362 MMcfe/d  Mature Dry Gas Asset  Q2’13 Production: 23 MMcfe/d Oil 11%; NGL 14%; Gas 75%  Current Rig Count: 6 Oklahoma East Texas / North Louisiana:  Cotton Valley Sands  Gas Option: Haynesville/Bossier  Q2’13 Production : 177 MMcfe/d  Rig Count: 2 Anadarko Basin:  Liquids rich development targeting the Granite Wash and Marmaton plays  Q2’13 Production: 162 MMcfe/d  Rig Count: 4 Texas Louisiana Samson Rigs Legacy Position with Embedded Upside and Strong Natural Gas Option 15

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