Ausam announces application to extend term of warrants

    TSX Venture Exchange - Symbol "AZE"

    CALGARY, July 3 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announces today that in connection with its recent graduation to
Tier 1 of the TSX Venture Exchange ("TSXV") it has filed a Form 4D with the
TSXV requesting the extension of the expiration date of certain of its
outstanding warrants (the "Warrants") by three years. The table below sets
forth the number of Warrants subject to the extension, the exercise price, and
the current and requested expiration dates of such Warrants:

    Number of       Exercise     Current Expiration     Requested Expiration
    Warrants        Price        Date                   Date
    125,685         CDN$3.25     September 7, 2009      September 7, 2012
    1,996,666       CDN$3.75     February 8, 2009       February 8, 2012
    3,092,682       CDN$3.25     February 8, 2009       February 8, 2012

    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

    William M. Hitchcock

    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 approval
of the TSX Venture Exchange with respect to the extension of the expiry dates
of the Warrants. 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.

    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,, Tel: (832) 678-2200, Fax: (832) 678-2205; Ralph D.
Davis, Chief Financial Officer,; Web site:

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