Ausam announces filing of Amendment No. 1 to registration statement



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
    DISTRIBUTION SERVICES/

    TSX Venture Exchange - Symbol "AZE"

    CALGARY, Jan. 18 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") is pleased to announce that it has submitted its Amendment No. 1 to
its registration statement on Form S-1 (the "Registration Statement") to the
Securities and Exchange Commission on January 17, 2008, to register 54,276,718
of its common shares ("Common Shares") for resale by selling shareholders on a
delayed or continuous basis. This represents all of its Common Shares
currently issued and outstanding, together with Common Shares issuable upon
the exercise of outstanding options and warrants and the conversion of its
outstanding debt securities (as calculated at January 14, 2008).
    The Registration Statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted in the
United States prior to the time the Registration Statement becomes effective,
unless the sale is in reliance on an exemption from registration under the
Securities Act of 1933. Those Common Shares currently outstanding which do not
bear a legend restricting their ability to be traded on the facilities of the
TSX Venture Exchange (the "TSXV") may be traded on the TSXV provided there is
no solicitation of an offer to buy in the United States and there is no
solicitation of United States persons to participate in such trading.
    This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there by any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

    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 including the effective
date of the Registration Statement. 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., owns interests in
permits in Queensland, Victoria and Western Australia. 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 have not been registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of
any state of the United States, and may not be offered or sold in the United
States absent registration or an applicable exemption therefrom under the 1933
Act and the securities laws of all applicable states.

    %SEDAR: 00008979E




For further information:

For further information: Mark G. Avery, President and CEO,
mavery@ausamenergy.com; Alastair J. Robertson, Chief Financial Officer,
arobertson@ausamenergy.com; Ausam Energy Corporation, 1430, 1122 - 4th Street
S.W., Calgary, Alberta, T2R 1M1, Tel: (403) 215-2380, Fax: (403) 206-1457, Web
site: www.ausamenergy.com

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AUSAM ENERGY CORPORATION

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