Ausam Announces Filing of Restated Financial Results in Accordance with Canadian GAAP



    TSX Venture Exchange - Symbol "AZE"

    CALGARY, June 3 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announced today that it has restated its financial statements
prepared in accordance with Canadian GAAP for the periods ended September 30,
2007 and December 31, 2007 and has filed the financial statements on
www.SEDAR.com and on its own website at www.ausamenergy.com.
    In its Canadian GAAP financial statements for the periods ended
September 30, 2007 and December 31, 2007, the Company has restated the basic
and diluted earnings per share to include the redemption price of preferred
shares in excess of cost and the dividends on preferred shares in the net loss
per share before cumulative effect of change in accounting principle and net
loss per common share. The effect for the September 30, 2007 statements was to
increase the net loss per share from US$0.11 to US$0.17 per share and the
effect for the December 31, 2007 statements was to increase the net loss per
share from US$0.92 to US$0.99. This restatement was required to correct an
error in accounting principle in previously filed financial statements. The
Company's financial statements prepared in accordance with US GAAP had been
corrected previously.

    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


    Cautions Regarding Forward-Looking Statements

    Statements contained in this press release that are not historical facts
are "forward-looking statements" within the meaning of the federal securities
laws. Forward-looking statements are inherently uncertain and subject to a
variety of risks that could cause actual results to differ materially from
those expected by management of Ausam Energy Corporation.

    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.

    %SEDAR: 00008979E




For further information:

For further information: 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

Organization Profile

AUSAM ENERGY CORPORATION

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