TSX Venture Exchange - Symbol "AZE"
CALGARY, Aug. 13 /PRNewswire-FirstCall/ - Ausam Energy Corporation ("Ausam" or
the "Company") announced today that drilling has commenced on its Nolte Marsh
Prospect in Liberty County, Texas with the spudding of the Nolte Marsh # 1
well on August 2, 2008. The well is being operated by Square Mile Energy
L.L.C. and targets the Yegua/Cook Mountain formation. The well is being
drilled to a proposed total depth of 13,350 feet.
The Nolte Marsh prospect consists of approximately 120 acres and is owned by
Ausam (40.0%), Square Mile Energy L.L.C. (37.5% and operator), PetroReal
(17.5%) and 100 Wall Energy Partners (5%).
Cautions Regarding Forward-Looking Statements
Forward-looking statements (often, but not always, identified by the use of
words such as "expect", "may", "could", "anticipate" or "will" and similar
expressions) may describe expectations, opinions or guidance that are not
statements of fact. Forward-looking statements are based upon the opinions,
expectations and estimates of management of Ausam as at the date the
statements are made and are subject to a variety of known and unknown risks
and uncertainties and other factors that could cause actual events or outcomes
to differ materially from those anticipated or implied by such forward-looking
statements. Those factors include, but are not limited to risks, uncertainties
and other factors that are beyond the control of Ausam. In light of the risks
and uncertainties associated with forward-looking statements, readers are
cautioned not to place undue reliance upon forward-looking information.
Although Ausam believes that the expectations reflected in the forward-looking
statements set out in this press release are reasonable, it can give no
assurance that such expectations will prove to have been correct. The
forward-looking statements of Ausam contained in this press release, or
incorporated herein by reference, are expressly qualified, in their entirety,
by this cautionary statement.
About Ausam
Ausam is a public company engaged in the business of oil and gas exploration
and development. Ausam, through its U.S. subsidiary Noram Resources, Inc, has
acquired a diverse portfolio of oil and gas leases and prospects in Texas,
Louisiana, Mississippi, Alabama and Arkansas. Ausam, through its Australian
subsidiary Ausam Resources Pty Ltd., holds interests in permits in Queensland
and Victoria. Ausam's growth strategy includes the organic development of its
current holdings and selective corporate transactions. The Company trades
under the symbol "AZE" on the TSX Venture Exchange.
William M. Hitchcock
Chairman
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy securities of Ausam in any jurisdiction. The securities of
Ausam which have been registered under the Securities Act of 1933, as amended
(the "1933 Act"), are offered only pursuant to the prospectus relating to such
offering. The securities of Ausam which have not been registered under the
1933 Act may not be offered or sold in the United States absent registration
or an applicable exemption therefrom under the 1933 Act and the applicable
state securities laws.
SOURCE Ausam Energy Corporation
Mark G. Avery, President and CEO, mavery@ausamenergy.com, Tel: (832) 678-2200,
Fax: (832) 678-2205; Ralph D. Davis, Chief Financial Officer,
rdavis@ausamenergy.com, Web site: www.ausamenergy.com
