Ausam Energy announces agreement to sell Australian subsidiary and change of auditors



    TSX Venture Exchange - Symbol "AZE"

    CALGARY, Aug. 14 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announced today that it has entered into an agreement to sell all
of its shares in Ausam Resources Limited, its Australian subsidiary to
Petroleum Exploration Australia Limited. The purchase price is AU$5 million,
which includes a non-refundable deposit of AU$500,000. The transaction is
scheduled to close on October 1, 2008.
    Closing of the sale is subject to numerous terms and conditions,
including the ability of Petroleum Exploration Australia Limited to raise
sufficient financing to close the transaction. There can be no assurance that
the transaction will close as scheduled.
    In addition, Ausam announced that as part of its transition to an
exploration effort focused on the United States, it has accepted the
resignation of KPMG Calgary as auditors and has engaged KPMG Houston. In
accordance with Alberta law, the appointment of KPMG Houston as auditor will
be put before the annual meeting of shareholders scheduled to be held in
September.

    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 the effective
date of the Registration Statement. 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.

    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
    

    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, 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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