...

Big Sky Energy signs memorandum of understanding to purchase outstanding 45% interest in its Morskoe Block in Kazakhstan

Oil&Gas Materials 9 December 2005 13:40

Big Sky Energy Corporation (OTCBB:BSKOE) (the "Company") announced its subsidiary KoZhan LLP has signed a Memorandum of Understanding to purchase the outstanding 45% interest held by ABT LLP ("ABT"), a Kazakh registered corporation, in its Morskoe Block, Kazakhstan, which is located on the north-east shore of the Caspian Sea, Kazakhstan.

Under this agreement, the Company will pay ABT US$10,000,000 in cash, and issue ABT 15,000,000 shares of the Company's common stock at closing anticipated on or about

January 31, 2005. This transaction is subject to the approval of Ministry of Energy and Mineral Resources of the Republic of Kazakhstan.

"We are pleased to have 100% of our Morskoe Block as we commence production," stated Al Sehsuvaroglu, the Company's President and CEO. "With full operational control, we will accelerate our plans to exploit additional prospects associated with this Block."

Big Sky Energy Corporation is a US junior oil and gas company looking to develop assets in the world's most prolific basins in order to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Kazakhstan's renowned pre-Caspian Basin.

Latest

Latest