Prior to its acquisition by Ausam Energy, Ausam Resources was an unlisted Australian public company with a portfolio of Australian assets that required capital to unlock their value. The next step for Ausam Resources was to obtain a public listing. With Western Canada being one of the world's top natural resource financial centres, Ausam Resources opted to pursue a listing on Canada's TSX Venture Exchange (TSXV). In February 2004, Ausam Resources agreed to be acquired by TSXV listed Northlinks Limited in an arm's length reverse takeover creating Ausam Energy Corporation.
Ausam Energy completed a financing and commenced trading on the TSXV on Wednesday, September 15, 2004. Despite participating in fifteen wells in Australia from 2000 to 2007, results were disappointing.
During late 2005, we were offered opportunities for us to invest in, or participate with, and/or acquire certain companies and assets owned, or controlled by, certain shareholders. After a thorough evaluation, our board of directors determined that the acquisition of the portfolio of prospects owned by the SKH group of partnerships clearly offered diversity of risk and potential up-side that exceed the potential returns offered by our existing and other previously identified opportunities in Australia.
In September 2006, we entered into a purchase agreement with the SKH group of partnerships which was closed, together with a series of financings, in February 2007. Our U.S. assets are held in our wholly-owned subsidiary Noram Resources, Inc. which has established an office in Houston. We issued a $25 million convertible debenture in July 2007 which has provided us with the liquidity needed to begin our program of aggresively exploiting our U.S. prospects. During 2007, we participated in drilling three wells in the U.S.
Our stock is listed on the TSXV under the symbol "AZE."