Ausam Energy Closes $8 Million Private Placement

Ausam Energy has closed non brokered private placements of 8,895,285 units at $0.90 per unit for a total raising of $8,005,755.

Each unit comprises one common share and one half of one common share purchase warrant where each warrant entitles the holder to acquire one common share at a price of $1.20 per share at any time until December 1, 2006. Each of the shares and warrants comprising the Units are subject to a four month hold period.

Ausam paid aggregate commissions of $297,389 or 3.7% of the total amount raised and also issued agent options to acquire 276,888 common shares at an exercise price of $1.20 per share at any time until December 1, 2006.

The funds will be used to finance the Company's oil and gas development and exploration program in Queensland, Australia.

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