TSX Venture Exchange - Symbol "AZE"
OTC Bulletin Board - Symbol "ASMEF"
HOUSTON, Sept. 17 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") announces today that it has made a gas condensate discovery on its
Nolte Marsh prospect in Liberty County, Texas. The prospect was drilled to a
depth of 13,330 feet by Square Mile Energy L.L.C. (37.5% and operator) under a
Joint Operating Agreement with Ausam (40%), Petro Real (17.5%), and 100 Wall
Energy Partners (5%). The prospect tested the Yegua/Cook Mountain sands and
encountered an estimated 35 feet of net pay. The well is expected to be
completed and tied into nearby production facilities for processing and sales.
Mark Avery, President and CEO of Ausam, stated "The Company is very
pleased to announce the success at the Nolte Marsh prospect, which exposes the
Company to reserve and production growth and is a good start to the currently
proposed drilling program in Texas."
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.
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