Big Sky Energy Finalizes Deal to Purchase 45% Stake in Morskoe Block


Morskoe Block, Kazakhstan
(Click to Enlarge)
Big Sky Energy's subsidiary KoZhaN LLP has finalized a Settlement Agreement with ABT LLP, a Kazakh registered corporation, whereby ABT relinquishes its 45% interest in the Morskoe Block, located on the northeast 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 on March 10, 2006.

"We are pleased to have 100% of the Morskoe Block," stated Mr. Al Sehsuvaroglu, the Company's President and CEO. "We intend to explore additional prospects associated with this Block, which we anticipate will be confirmed by our current 3-D seismic program."

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 producing in Kazakhstan's renowned pre-Caspian Basin.

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