Ausam announces successful production test at Fisher Lindsey-1 well


    TSX Venture Exchange - Symbol "AZE"

    CALGARY, Jan. 22 /CNW/ - Ausam Energy Corporation ("Ausam" or the
"Company") is pleased to announce the successful test of the Fisher Lindsey-1
well, which resulted in gas production of approximately 7.2 MMcfpd plus
approximately 115 barrels of condensate per day with no appreciable water and
flowing tubing pressure at 6,797-psi through a 14/64-inch choke during this
initial production test.
    Browning Oil Company ("Browning", 83.2% working interest and operator)
expects to begin commercial production from the Fisher Lindsey-1 well into the
market pipeline during February 2008.
    The Fisher Lindsey-1 well is located in the Quatre Prospect (Ausam 16.8%
working interest, 12.6% revenue interest), Calcasieu Parish, Louisiana.

    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. The reader should be aware that historical results, including
those relating to production testing, are not necessarily indicative of future
performance. Those factors include, but are not limited to risks,
uncertainties and other factors that are beyond the control of Ausam,
including the reliability of third party historical data that Ausam has relied
upon, 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. 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, 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.

    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 have not been 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.

    %SEDAR: 00008979E

For further information:

For further information: Mark G. Avery, Ausam Energy Corporation,
President and CEO, 1430, 1122 - 4th Street S.W.,,
Calgary, Alberta, T2R 1M1, Tel: (403) 215-2380; Alastair J. Robertson, Fax:
(403) 206-1457, Chief Financial Officer,, Web site:

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