Ausam announces filing of FORM 10-Q; financial results for quarter ended June 30, 2008



    TSX Venture Exchange -Symbol "AZE"

    CALGARY, Aug. 20 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announces today that it has filed its Form 10-Q containing
unaudited consolidated financial statements for the three months ended
June 30, 2008 and related Management Discussion and Analysis with the United
States Securities and Exchange Commission and with Canadian Regulatory
Authorities.
    For the three months ended June 30, 2008, the Company had a loss of
$2.0 million ($0.07 per share) compared to $4.5 million ($0.15 per share) for
the three months ended June 30, 2007 and the Company's loss for the six months
ended June 30, 2008 was $4.4 million ($0.14 per share) compared to $7 million
($0.27 per share) for the six months ended June 30, 2007.
    The difference reflects the oil and gas revenue from the RDH Farms No.1
(Wethorford prospect) and the Fisher Lindsey No. 1 (Quatre prospect) wells in
the United States offset by the increased depreciation, depletion and
amortization due to commencement of the production, decrease in general and
administrative costs, interest and accretion on the convertible debentures and
decreased loss from discontinued Australian operations.
    Oil and gas revenue from continuing operations was $1.4 million for the
three months ended June 30, 2008, compared to nil for the three months ended
June 30, 2007, and $2.4 million for the six months ended June 30, 2008
compared to nil for the same period in 2007. The variation was due to
initiation of production from first the RDH Farms No.1 well that was completed
in the 4th quarter of 2007 and then from the Fisher-Lindsey No.1 well, which
commenced production in May 2008.
    Copies of Ausam's June 30, 2008 disclosure documents may be obtained at
www.sec.gov, www.sedar.com or on our website at www.ausamenergy.com

    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, 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 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.





For further information:

For further information: Mark G. Avery, Ausam Energy Corporation,
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

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AUSAM ENERGY CORPORATION

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