/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
TSX Venture Exchange - symbol "AUZ"
CALGARY, Aug. 3 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") is pleased to announce that the shareholders of the Company elected
Mr. William M. Hitchcock and Mr. Robert Eriksson to Ausam's board of directors
and re-elected incumbent directors Mark G. Avery, Richard G. Lummis, and
Alastair J. Robertson. The shareholders also approved a resolution authorizing
the consolidation of the outstanding shares of the Company's common stock on a
five for one basis.
Appointment of new Chairman and new Director
On July 5, 2007, the new board of directors of Ausam appointed
Mr. William M. Hitchcock as Chairman. Mr. Mark G. Avery will continue as
President and CEO. Mr. Hitchcock announced to the board that he is
"enthusiastic about becoming Ausam's Chairman, the Company's opportunities and
its potential for significant growth. The acquisition of the SKH portfolio of
20 prospects, the assembly of a highly skilled team to implement the planned
drilling program, and securing the financing from Huff have served to
favorably re-position the Company with the necessary capital to drill a group
of excellent prospects."
The board of directors also appointed Mr. Barry Borak of The Huff Energy
Fund L.P. to the board of Ausam. Mr Borak will also serve as director of the
Company's wholly-owned subsidiary, Noram Resources, Inc. ("Noram"). Mr. Borak
is a certified petroleum geologist, reservoir engineer, and investment
analyst. Mr. Avery commented that "personally and on behalf of the Company we
welcome Mr. Hitchcock, Mr. Eriksson and Mr. Borak. Ausam is fortunate to have
the combined strengths provided by the new board members, whose years of
successful experience in the oil and gas industry, capital markets and
investor relations are expected to provide management the advice and guidance
necessary for the effective and profitable development of the Company and the
new prospect portfolio."
At the same meeting, the board of directors named Mr. Hitchcock,
Mr. Eriksson, and Mr. Borak, all independent directors, to serve on the
Company's Audit, Reserves, and Compensation committees.
Ausam, through its U.S. subsidiary Noram, expects to drill 18 wells over
the next 24 months. Current plans for 2007 include wells in Starr, Liberty,
Jefferson and Wharton Counties, all located in the onshore Texas Gulf Coast
region, and also in Oktibbeha County, Mississippi.
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, 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 engaged in oil and gas exploration and development and through
its U.S. subsidiary, Noram Resources, Inc., recently 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, is also applying proven North American drilling and
completion techniques, which were not traditionally 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. Ausam is a public company
trading on the TSX Venture Exchange under the symbol AUZ.
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 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, 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