Message #25 From:
NewsBot Date: December 6, 2005 03:44:00 AM
BSKO News Big Sky Energy Announces the Signing of a Heads of Agreement with SK Group
CALGARY, Alberta--(BUSINESS WIRE)--Dec. 6, 2005--Big Sky Energy Corporation (OTCBB:BSKO) (the "Company") announced today that it has signed a Heads of Agreement with SK Group, Korea's largest energy and chemical company, to farm-out through its Vector Energy West affiliate a 50% interest in Atyrau and Liman-2 Blocks, located on the north shore of the Caspian Sea, Kazakhstan.
Under this Agreement, SK Group will commit to fund fifty percent of total expenditures of Vector, drill a deep well targeting a pre-salt prospect at a cost of up to US$15,000,000 and reimburse the Company for historical costs. This well will be drilled as soon as possible after signing a definitive farm-out agreement, which is anticipated to occur in February 2006.
"We are pleased that the SK group chose to enter the Kazakh oil industry by joining with us in exploring our Atyrau and Liman-2 Blocks," stated Mr. Al Sehsuvaroglu, the Company's President and CEO. "We believe especially the Atyrau Block, which is some 10,000 sq.km. in area, has both shallow post-salt and deep pre-salt potential. We are currently pursuing lower-risk post-salt leads and with SK Group's input, we will now be able to accelerate our plans to test deep high risk / high potential pre-salt structures."
SK Corporation is a dependable supplier of energy as well as being the world's chief telecommunications service provider for the last 50 years and plays a crucial role in the industrialization of Korea. In the 1960's, SK started out as a small petroleum company in a nation where oil is very rare. By 1964, 35,000 barrels of crude were refined a day - a first in Korea. Today, SK's tenacity of purpose and dedication is bearing fruit in 20 oilfields in 12 nations around the world, where 70,000 barrels of oil are produced each day.
Big Sky Energy Corporation is an American 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:BSKO)
