Ausam announces filing of FORM 10-Q; financial results for quarter ended June 30, 2008

    TSX Venture Exchange -Symbol "AZE"



    CALGARY, Aug. 20 /EMWNews/ - Ausam Energy Corporation

("Ausam" or the "Company") announces today that it has filed its Form 10-Q

containing unaudited consolidated financial statements for the three months

ended June 30, 2008 and related Management Discussion and Analysis with the

United States Securities and Exchange Commission and with Canadian

Regulatory Authorities.



    For the three months ended June 30, 2008, the Company had a loss of

$2.0 million ($0.07 per share) compared to $4.5 million ($0.15 per share)

for the three months ended June 30, 2007 and the Company's loss for the six

months ended June 30, 2008 was $4.4 million ($0.14 per share) compared to

$7 million ($0.27 per share) for the six months ended June 30, 2007.



    The difference reflects the oil and gas revenue from the RDH Farms #1

(Wethorford prospect) and the Fisher Lindsey # 1 (Quatre prospect) wells in

the United States offset by the increased depreciation, depletion and

amortization due to commencement of the production, decrease in general and

administrative costs, interest and accretion on the convertible debentures

and decreased loss from discontinued Australian operations.



    Oil and gas revenue from continuing operations was $1.4 million for the

three months ended June 30, 2008, compared to nil for the three months

ended June 30, 2007, and $2.4 million for the six months ended June 30,

2008 compared to nil for the same period in 2007. The variation was due to

initiation of production from first the RDH Farms #1 well that was

completed in the 4th quarter of 2007 and then from the Fisher-Lindsey #1

well, which commenced production in May 2008.



    Copies of Ausam's June 30, 2008 disclosure documents may be obtained at

http://www.sec.gov, http://www.sedar.com or on our website at http://www.ausamenergy.com

    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

    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.