/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
Common Shares Outstanding: 149,041,754
TSX Venture Exchange - symbol "AUZ"
CALGARY, April 18 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announces additions to its management team in the United States and
the grant of stock options. Ausam's operations in the United States will be
conducted through its wholly owned subsidiary, Noram Resources, Inc.
("Noram"), based in Houston, Texas.
Ausam is pleased to announce the following appointments to Noram's
Arnold Milton - Vice President, Exploration. Mr. Milton has over 40 years
experience as a geologist and geophysicist, originating and screening oil and
gas deals for major oil companies, independents, and private investors. He has
worked both domestically and internationally and, in addition to his technical
background, has experience and credentials as a certified broker-dealer,
working for A. G. Edwards and Associates. Mr. Milton earned a BSc. degree in
Geological Engineering in 1961 from Colorado School of Mines and a M.A. in
Geology from the University of Texas in 1963.
Todd Regalado - Vice President, Operations. Mr. Regalado has over 26
years experience in worldwide drilling operations (onshore/offshore)
firefighting, blowout control, project management, and equipment design. For
the past 20 years he has acted as Manager of Operations for industry leading
oilwell firefighting firms. Mr. Regalado was a Team Leader during the Al-awda
project in Kuwait and has controlled exploratory and production wells onshore
and offshore in 34 different countries. Mr. Regalado's well control experience
includes conventional capping methods, drillpipe capping operations,
underground blowouts, shallow gas blowouts, relief well design and
implementation, critical well environments (H2S), nitrogen, geothermal and
sub-zero environments. He is a member of SPE, ADE, IADC and API and maintains
his certifications in well control (Operators Level), Incident command, H2S,
first aid, and Haz-waper (40 hour). Mr. Regalado is also a certified IADC Well
Curtis Weddle - Vice President, Engineering. Mr. Weddle founded Cherokee
Offshore Engineering in 1999 to provide project management, well engineering,
dual gradient drilling, well control, and technology development services to
the industry worldwide. Prior thereto, he had 16 years of experience with BP
Exploration and the Standard Oil Company of Ohio as a drilling engineer,
business analyst, and global drilling consultant. Mr. Weddle earned a B.S. in
Civil Engineering from Oklahoma State University in 1978.
Ausam announces that the directors of the Company have approved the
granting of 7,446,253 stock options to directors, officers and employees,
exercisable at a price of C$0.475, and exercisable until April 4, 2012.
Following this grant there will be an aggregate of 11,446,253 stock options
outstanding, representing 7.7% of the total shares outstanding. A total of
14,901,418 shares are reserved for issuance under the plan approved by
shareholders in December 2006.
As part of the acquisition of assets from SKH and related financings,
Ausam had intended to consolidate its shares on a four to one basis. The
directors of the Company determined in February 2007 that it was in the best
interest of the Company to delay this consolidation. Ausam intends to present
this consolidation at the next shareholder meeting, expected to be held in
early June, 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.
Ausam is a public company trading on the TSX Venture Exchange under the
symbol AUZ and is engaged in the business of oil and gas exploration. Ausam
has acquired a diverse portfolio of oil and gas leases in Texas, Louisiana,
Mississippi, Alabama and Arkansas and is pursuing exploration and development
activities on these leases. Ausam, through its Australian subsidiary Ausam
Resources Pty Ltd., is also applying proven North American drilling and
completion techniques that have not traditionally been used in the Australian
energy industry to targets in Queensland, Victoria and Western Australia.
Ausam's growth strategy includes the organic development of its current
holdings and selective corporate transactions.
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 to be issued pursuant to the Private Placement by 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.
For further information:
For further information: Mark G. Avery, Chairman, President and CEO,
firstname.lastname@example.org; Alastair J. Robertson, Chief Financial Officer,
email@example.com; Ausam Energy Corporation, 1430, 1122 - 4th Street
S.W., Calgary, Alberta T2R 1M1, Tel: (403) 215-2380, Fax: (403) 206-1457, Web