TSX Venture Exchange -Symbol "AZE"
OTC Bulletin Board - Symbol "ASMEF"
HOUSTON, Oct. 8 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") is pleased to announce that preliminary test results from the Nolte
Marsh No.1 well in Liberty County, Texas indicate that the Nolte Marsh No.1
well will be produced as an oil well. The well flowed at an initial rate of
approximately 2.5 MMcf per day and 620 barrels of oil per day, or
approximately 1,050 barrels oil equivalent per day, through a 10/64" choke.
The well was drilled to total depth of 13,300 feet and intersected the
Yegua/Cook Mountain formations with an estimated 50 feet of reservoir sand.
Mark Avery, President and CEO of Ausam, stated "The Company is very
pleased with the successful production test at the Nolte Marsh prospect. This
is the third commercial well out of the first four in our current drilling
program, and the high ratio of oil/condensate to gas is expected to improve
The Nolte Marsh No.1 is operated by Square Mile Energy L.L.C. (37.5%)
under a Joint Operating Agreement with Ausam (40%), Petro Real (17.5%), and
100 Wall Energy Partners (5%). The well is expected to be completed and tied
into nearby production facilities for processing and sales.
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 variation of daily
production rates and other 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.
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 and under the symbol "ASMEF" on the OTC Bulletin Board.
William M. Hitchcock
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, firstname.lastname@example.org, Tel: (832) 678-2200, Fax: (832)
678-2205; Ralph D. Davis, Chief Financial Officer, email@example.com; Web