Big Sky Energy Signs Memorandum of Understanding to Purchase the Outstanding 45% Interest in its Morskoe Block, Kazakhstan.CALGARY, Alberta -- Big Sky Energy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BSKOE) (the "Company") announced today that its subsidiary KoZhan LLP LLP - Lower Layer Protocol has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to purchase the outstanding 45% interest held by ABT ABT About ABT Abteilung (German: Department) ABT Abbott Laboratories (stock symbol) ABT American Ballet Theatre ABT Associação Brasileira de Telemarketing ABT Abort ABT Availability Based Tariff 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 Mr. Al Sehsuvaroglu, the Company's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "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. NOTE: The information contained in this press release contains forward looking statements which are based on the current expectations of the management of Big Sky Energy Corporation only, and actual results may differ materially. For a more detailed discussion of risks and other factors related to Big Sky Energy Corporation, please refer to its Form 10-KSB and Form 10-QSB reports, as filed with the U.S. Securities and Exchange Commission. Big Sky Energy Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :BSKOE) |
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