Press Releases

Company Expects to Emerge From Chapter 11 Within Next Two Weeks Debt Reduced by Approximately Half Company to Receive $320 Million in Exit Financing

GREENVILLE, Wis., May 23, 2013 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB: SCHSQ) announced today that the U.S. Bankruptcy Court for the District of Delaware entered an order confirming the Company's Second Amended Joint Plan of Reorganization (the Plan). School Specialty expects the Plan to become effective within the next two weeks.

School Specialty's President and CEO Michael P. Lavelle, said, "We are pleased to receive Court approval of our Plan of Reorganization and look forward to exiting Chapter 11 within the next two weeks. We have used the past four months to continue transforming our company by strengthening our capital structure, enhancing our financial flexibility and improving the quality and efficiency of our operations to deliver better value for our customers. I am grateful for the hard work and dedication of our employees who have helped make this restructuring a success, and the continued support of our suppliers and business partners. Today, School Specialty is much better positioned as an industry leader to satisfy the needs of our customers with outstanding customer care and enhance our brands and product offerings."

Under the Plan, School Specialty will reduce its total debt obligations by half and enable the Company to secure $320 million in new financing.

Existing common stock will be extinguished under the Plan, and no distributions will be made to holders of the Company's current equity. New common stock with voting rights will be issued to the Company's current noteholders and Ad Hoc DIP lenders. School Specialty expects to continue to comply with public reporting requirements as designated by the U.S. Securities and Exchange Commission, although the new company does not expect initially to be listed on a stock exchange.

Lavelle added, "Throughout this process, we continued to focus on our business and customers. We are excited about our new Delta FOSS 3rd Edition in Science for K-6 and customized Science program for the upcoming Texas state adoption. Our digital applications now create blended curriculum options in Science, Reading and Math Intervention, and in Health and Wellness. This fall, we are introducing a new mobile digital application for student planners. Adding to our classroom furniture offerings, we now own the full distribution rights for the well-known Royal Brand Seating brand. Our Educational Resources also include facility and classroom supplies; Sax art education, Sportime physical education and early childhood products; the Abilitations line for special needs students, as well as other teacher resources. We emerge from this transition well-equipped to continue providing our customers with the industry's broadest range of supplemental educational and instructional products and equipment for the upcoming fall school season and for the long term."

Additional information concerning the restructuring is available on the Company's website at www.schoolspecialty.com. Claims and distributions information and a copy of the Plan and Disclosure Statement are available at www.kccllc.net/schoolspecialty or by calling (+1-877) 709-4758.

Statement Concerning Forward-Looking Information

Any statements made in this press release about future financial condition, results of operations, expectations, plans, or prospects, constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "should," "plans," "targets" and/or similar expressions. These forward-looking statements are based on School Specialty's current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the factors described in Item 1A of School Specialty's Annual Report on Form 10-K for the fiscal year ended April 28, 2012, which factors are incorporated herein by reference. Except to the extent required under the federal securities laws, School Specialty does not intend to update or revise the forward-looking statements.

About School Specialty, Inc.

School Specialty is a leading education company that provides innovative and proprietary products, programs and services to help educators engage and inspire students of all ages and abilities to learn. The company designs, develops, and provides preK-12 educators with the latest and very best curriculum, supplemental learning resources, and school supplies. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential. For more information about School Specialty, visit www.schoolspecialty.com.

CONTACT: Investor Contact:
         School Specialty, Inc.
         Elizabeth Higashi, CFA
         (920) 243-5392
         IR@schoolspecialty.com

         Media Contact:
         Kekst and Company
         Kimberly Kriger
         (212) 521-4800

DENVER & PERTH, Australia--(BUSINESS WIRE)-- Samson Oil & Gas Limited (“Samson� or “the Company�) (ASX: SSN) (NYSE MKT: SSN) advises that the closing date, being the last day for acceptances and payments for the current non renounceable rights offer, for holders of American Depositary Shares in the USA will occur at 5.00 pm New York time on Friday, May 24, 2013 and, for holders of ordinary shares traded on the ASX in Australia, will occur at 5.00 pm Perth time on Friday, May 31, 2013.

The final combined US and Australian timetable follows:

How to Subscribe

For ADS holders, subscriptions and full payment of the ADS deposit amount must be received by the rights agent, The Bank of New York Mellon (“BNY Mellon�), by 5:00 p.m. New York City time on May 24, 2013.

For ordinary shareholders, subscriptions and full payment of the ordinary shares subscription amount must be received by the Company’s share registry, Security Transfer Registrars Pty Ltd by 5:00 p.m. Perth time on May 31, 2013.

American Depositary Shares. DTC participants (such as a bank or stock brokerage firm) and registered holders of ADSs (i.e., those holding ADSs directly with BNY Mellon rather than through DTC or a stock brokerage firm) who wish to participate in the Rights Offer should immediately contact the rights agent to exercise their rights. Such exercise will require payment of the deposit amount and completion of the ADS Subscription & Oversubscription Form for Registered ADS Holders attached as Appendix A to Samson’s April 3, 2013, Prospectus Supplement filed with the SEC. A copy of the Prospectus Supplement and the Form are available from the rights agent, BNY Mellon, or by calling the information agent, Georgeson, Inc. at 800-2223-2064 (banks and broker-dealers) or 800-213-0473 (retail investors). The Prospectus Supplement and the Form are also available at www.sec.gov/edgar/searchedgar/webusers.htm.

Retail investors wishing to participate in the Rights Offering who are beneficial owners of ADSs held of record by DTC, a stock brokerage firm or other financial intermediary should immediately contact their financial intermediaries to arrange for the exercise of the rights and payment of the deposit amount. Beneficial owners are urged to consult their financial intermediary without delay to ensure the effective exercise of the rights.

Ordinary Shares. The ordinary shareholder subscription form is also attached to the April 3, 2013, Prospectus Supplement filed with the SEC as Appendix B. The Prospectus Supplement, including all forms and appendices thereto, is available at www.sec.gov/edgar/searchedgar/webusers.htm. Ordinary shareholders may also contact the Company's share registry, Security Transfer Registrars, 770 Canning Highway, Applecross, Western Australia 6153, telephone +618 9315 2333.

Pricing The Offering has been priced in Australian currency and, as a consequence of the recent weakening of the Australian Dollar, the 2.5 Australian cents issue price for Ordinary Shares translates to a ADS price (representing 20 Ordinary Shares) of US$ 48 cents based on the exchange rate of 0.9612 published by the Reserve Bank of Australia (RBA) on May 23rd. The actual ADS price will be determined by the exchange rate published by the RBA on June 10, 2013.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any of Samson’s securities, nor shall there be any offer or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful without registration or qualification under the securities laws of the jurisdiction. While Samson has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed Rights Offering to its shareholders, that offering will be made only by means of a prospectus. The U.S. prospectus and prospectus supplement for the Rights Offering are available at www.sec.gov/edgar/searchedgar/webusers.htm. The Australian prospectus is available at www.asx.com.au. A copy of the U.S. prospectus and prospectus supplement may be obtained from the information agent, Georgeson Inc. at (800)-213-0473.

Statements made herein that are not historical facts may be forward looking statements, including but not limited to statements using words like “may�, “believe�, “intend�, “expect�, “anticipate�, “should� or “will.�

Future events may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual events to differ materially from those anticipated or estimated by any forward looking information.

A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.

Samson’s ordinary shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's ADSs are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid ordinary shares. Samson has a total of 2,813 million ordinary shares issued and outstanding, which would be the equivalent of 141 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.49 per ADS on May 23rd, 2013, the Company has a current market capitalization of approximately US$69 million. Correspondingly, based on the ASX closing price of A$0.024 on May 23rd, 2013, the Company has a current market capitalization of A$67.5 million.

Samson Oil & Gas LimitedTerry Barr, CEO, 303-296-3994 (US office)US cell: 970-389-5047

Source: Samson Oil & Gas Limited