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|UNITED STATES                                                                           
|SECURITIES AND EXCHANGE COMMISSION                                                      
|Washington, D.C. 20549                                                                  
|                                                                                        
|                                                                                        
|Form
 10-Q/A 
 Amendment No. 1                                                          
|                                                                                        
|QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
 SECURITIES EXCHANGE ACT OF 1934
|                                                                                        
|                                                                                        
|                                                                                        
|FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2008                                            
|                                                                                        
|                                                                                        
|                                                                                        
|Commission
 file number:
 333-146853                                                    
|                                                                                        
|AUSAM ENERGY CORPORATION                                                                
|(Exact Name of Registrant as Specified in
 Its Charter)                                 
|                                                                                        
|                                                                                        

|                                |  |                       
|------------------------------- |  | ----------------------
|Alberta, Canada                 |  | 98-0552537            
|(State or Other Jurisdiction of |  | (I.R.S. Employer      
|Incorporation or Organization)  |  | Identification Number)

13103 FM 1960 West, Suite 210
Houston, TX 77065
(832) 678-2200(Address,
Including Zip Code, and Telephone Number, including Area Code, oj Registrants
Principal Executive Offices)



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Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the
Exchange Act) during the preceding 12 months (or for such shorter period that
the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes  x   No  o

Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer (as defined in Rule 12b-2 of the
Exchange Act):

|                              |                        |                                                                            |                                
|----------------------------- | ---------------------- | -------------------------------------------------------------------------- | -------------------------------
|Large accelerated filer
    o | Accelerated
 filer   o | Non-accelerated
 filer    o(Do not check if a
 smaller
 reporting company) | Smaller
 reporting
 company   x

Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act): Yes  o   No  x

Number
of shares of the registrants common stock outstanding at November 13, 2008:
31,024,835 shares

AUSAM ENERGY CORPORATION

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TABLE OF CONTENTS

|           |                   
|---------- | ------------------
|Part
 II  | Other
 Information
|           |                   
|           | Item 6.
 Exhibits 
|           |                   
|Signatures

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EXPLANATORY NOTE

Ausam
Energy Corporation (Ausam) is filing this Amendment No. 1 on Form 10-Q/A
(Amendment No. 1) to file an amended Exhibit 10.14 reflecting the current
state of the Confidential Treatment Request made by Ausam with respect to
Exhibit 10.14. The redacted terms in Exhibit 10.14 have been reduced. The new
Exhibit 10.14 is the only change being made to the original Form10-Q for the
quarterly period ended June 30, 2008. Accordingly, the unaffected items of the
original Form 10-Q are not being repeated in this Amendment No. 1.

PLEASE
NOTE THAT THE INFORMATION CONTAINED IN THIS AMENDMENT NO. 1 DOES NOT REFLECT
EVENTS OCCURING AFTER THE DATE OF THE ORIGINAL FILING OF THE FORM 10-Q.

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PART II. OTHER INFORMATION

|        |          
|------- | ---------
|Item 6. | Exhibits.

EXHIBIT INDEX

|         |  |                                                                                                                                                                                                                        |                                                                  
|-------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------
|Exhibits |  |                                                                                                                                                                                                                       
|        
|3.1*     |  | Articles of Incorporation
 of Ausam Energy Corporation                                                                                                                                                                
|         |  |                                                                                                                                                                                                                       
|3.2*     |  | Bylaws of Ausam Energy
 Corporation                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                       
|4.1*     |  | Subscription Agreement
 dated as of July 3, 2007 among Ausam Energy Corporation, Noram Resources,
 Inc. and The Huff Energy Fund L.P.                                                                                 
|         |  |                                                                                                                                                                                                                       
|4.2*     |  | Form of Warrant
 Certificate dated July 3, 2007 for warrants issued to The Huff Energy Fund,
 L.P.                                                                                                                    
|         |  |                                                                                                                                                                                                                       
|4.3*     |  | Form of Debenture for
 $25,000,000 9% Senior Secured Convertible Debenture due July 3, 2012 issued
 by Ausam Energy Corporation and Noram Resources, Inc.                                                             
|         |  |                                                                                                                                                                                                                       
|4.4*     |  | Form of Warrant
 Certificate dated as of February 9, 2007 for warrants issued in connection
 with issuance of First Preferred Shares, Series 2                                                                        
|         |  |                                                                                                                                                                                                                       
|4.5*     |  | Form of Warrant
 Certificate dated as of February 9,2007 for warrants issued in connection
 with issuance of Common Shares on February 9, 2007                                                                        
|         |  |                                                                                                                                                                                                                       
|4.6*     |  | Form of Warrant Certificate
 dated as of September 7, 2007 for warrants issued in connection with issuance
 of Common Shares on September 7, 2007                                                                     
|         |  |                                                                                                                                                                                                                       
|4.7*     |  | Specimen Common Shares
 certificate                                                                                                                                                                                   
|         |  |                                                                                                                                                                                                                       
|10.1*    |  | Ausam Energy Corporation
 Option Plan                                                                                                                                                                                 
|         |  |                                                                                                                                                                                                                       
|10.2*    |  | Employment Agreement with
 Mark G. Avery                                                                                                                                                                              
|         |  |                                                                                                                                                                                                                       
|10.3*    |  | Employment Agreement with
 Alastair J. Robertson                                                                                                                                                                      
|         |  |                                                                                                                                                                                                                       
|10.4*    |  | Employment Agreement with
 Richard G. Lummis                                                                                                                                                                          
|         |  |                                                                                                                                                                                                                       
|10.5*    |  | Employment Agreement with
 Curtis E. Weddle III                                                                                                                                                                       
|         |  |                                                                                                                                                                                                                       
|10.6*    |  | Employment Agreement with
 Todd A. Regalado                                                                                                                                                                           
|         |  |                                                                                                                                                                                                                       
|10.7*    |  | Employment Agreement with
 Arnold Milton                                                                                                                                                                              
|         |  |                                                                                                                                                                                                                       
|10.8*    |  | Employment Agreement with
 Frank Lytle                                                                                                                                                                                
|         |  |                                                                                                                                                                                                                       
|10.9*    |  | Asset Purchase Agreement
 dated September 21, 2006 between SKH Management L.P., SKH Management II L.P.,
 SKH Management III LLC, SKH Energy Fund L.P. and Antares Exploration Fund,
 L.P. and Ausam Energy Corporation
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule A                                                                                                                                                                                                             | Lands and Petroleum and
 Natural Gas Rights                      
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule B                                                                                                                                                                                                             | Form of Conveyance                                               
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule C                                                                                                                                                                                                             | Value Allocation                                                 
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule D                                                                                                                                                                                                             | Disclosure Schedule                                              
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule E                                                                                                                                                                                                             | Interim Report                                                   
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule F                                                                                                                                                                                                             | Form of Participation
 Agreement                                 
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule G                                                                                                                                                                                                             | Tax Partnership Provisions
 and Form of Joint Operating Agreement
|         |  |                                                                                                                                                                                                                        |                                                                  
|         |  | Schedule H                                                                                                                                                                                                             | Certificate of Accredited
 Investor Status                       
|         |  |                                                                                                                                                                                                                       
|10.10*   |  | Registration Rights
 Agreement with The Huff Energy Fund L.P.                                                                                                                                                         

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|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|--------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibits  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|          | 
|10.11*    |  | Employment Agreement with
 Ralph D. Davis                                                                                                                                                                                                                                                                                                                                                                                                                  
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|10.12*    |  | Farmin Agreement between
 Ausam Resources Pty Ltd, Mosaic Oil NL, and Santors (BOL) Pty Ltd                                                                                                                                                                                                                                                                                                                                                                
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|10.13*    |  | Participation and Right of
 First Offer Agreement dated January 25, 2008 among Ausam Energy Corporation,
 SKH Management L.P., SKH Management II, L.P., SKH Management III LLC, SKH
 Energy Fund L.P., and Antares Exploration Fund L.P                                                                                                                                                                                                                    
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|10.14**** |  | Purchase
 and Sale Agreement by and among TR Energy Inc, as Seller and Noram Resources,
 Inc. as Buyer dated Effective August 1, 2008 [SPECIFIC TERMS IN THIS
 AGREEMENT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS
 HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE SECURITIES
 AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE
 PLACE WITH THREE ASTERISKS (*    *    *)].
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|31.1**    |  | Certificate of Chief
 Executive Officer pursuant to Rule 15d-14(a) under the Securities Exchange
 Act of 1934                                                                                                                                                                                                                                                                                                                                              
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|31.2**    |  | Certificate of Chief
 Financial Officer pursuant to Rule 15d-14(a) under the Securities Exchange
 Act of 1934                                                                                                                                                                                                                                                                                                                                              
|          |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|32**      |  | Certifications pursuant to
 18 U.S.C. Section 1350***                                                                                                                                                                                                                                                                                                                                                                                                      

|     |                                                                                                                                                                                                                                                                                                                                                                   
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    
|*    | Incorporated by Reference
 to the Exhibit of the same number filed as an exhibit to the Registration
 Statement of Ausam Energy Corporation on Form S-l declared effective on May
 14, 2008 by the United States Securities and Exchange Commission (File No.
 333-146853).                                                                                       
|     |                                                                                                                                                                                                                                                                                                                                                                   
|**   | Previously filed with the
 Quarterly Report on Form 10-Q for the period ended June 30, 2008 filed on
 August 19, 2008.                                                                                                                                                                                                                                            
|     |                                                                                                                                                                                                                                                                                                                                                                   
|***  | These certifications are
 to be treated as accompanying this report and not filed as part of such
 report. Such certifications will not be deemed to be incorporated by
 reference into any filing under the Securities Act of 1933 or the Securities
 Exchange Act of 1934, except to the extent the registrant specifically
 incorporates them by reference.
|     |                                                                                                                                                                                                                                                                                                                                                                   
|**** | Filed herewith.                                                                                                                                                                                                                                                                                                                                                   

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SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

|                        |                                                      
|----------------------- | -----------------------------------------------------
|Date: November 14, 2008 |                                                      
|                        |                                                      
|                        | AUSAM
 ENERGY CORPORATION                            
|                        |                                                      
|                        | /s/ Mark G. Avery                                    
|                        |                                                      
|                        | Mark G. Avery 
 President and Chief Executive Officer
|                        |                                                      
|                        | /s/ Ralph D.
 Davis                                  
|                        |                                                      
|                        | Ralph D.
 Davis 
 Chief Financial Officer            

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