Ausam announces grant of stock options



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

    TSX Venture Exchange - symbol "AUZ"

    CALGARY, Sept. 7 /CNW/ - Ausam announces that the directors of the
Company have approved the granting of 3,150,000 stock options to certain
directors and employees, exercisable at a price of C$0.48, and exercisable
until September 5, 2012. Following this grant there will be an aggregate of
14,346,253 stock options outstanding, representing 9.6% of the total shares
outstanding. A total of 14,904,175 shares are reserved for issuance under the
plan approved by shareholders in July 2007.

    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 approval and
completion of the Private Placement, risks associated with the oil and gas
industry, commodity prices and exchange rate changes, operational risks
associated with exploration, development and production operations, delays or
changes in plans, risks associated with the uncertainty of reserve estimates,
health and safety risks and the uncertainty of estimates and projections of
production, costs and expenses. In light of the risks and uncertainties
associated with forward-looking statements, readers are cautioned not to place
undue reliance upon forward-looking information. Assumptions relating to
certain forward-looking information contained in this press release are set
out herein. Although Ausam believes that the expectations reflected in the
forward-looking statements set out in this press release or incorporated
herein by reference 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,. is active 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 "AUZ"on the TSX Venture
Exchange.

    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 and will not be 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, Chairman, 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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