Ausam announces discovery at Nolte Marsh prospectadmin
Ausam Energy Corporation 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.”
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.