Big Sky Energy Corporation
OTC Bulletin Board : BSKO

Big Sky Energy Corporation

May 15, 2006 14:15 ET

Big Sky Energy Announces Oil Discovery, Morskoe Field, Western Kazakhstan

CALGARY, ALBERTA--(CCNMatthews - May 15, 2006) - Big Sky Energy Corporation (OTCBB:BSKO) (the "Company") announced today that its subsidiary, KoZhaN LLP, has discovered an oil pool (Morskoe B pool) located across a ceiling fault immediately north of its producing pool (Morskoe A pool), in the Morskoe Field, on the north-eastern shore of the Caspian Sea in Western Kazakhstan.

Based on seismic and petrophysical analysis, the Company believes that the Morskoe B pool is a faulted anticline which was penetrated by Well Morskoe No. 1. This well was drilled by the Soviets in 1965 to a total depth of 2,150m.

The Company re-entered this well to confirm oil pay it identified on well logs but was not able to perforate all perspective intervals due to the deterioration of well-bore integrity. However, the Company did perforate the Cretaceous interval from 1,194 to 1,200m and swabbed oil at a rate of approximately 100 bopd. The Company believes that this interval was severely damaged during Soviet drilling operations, and anticipates significantly higher inflow when drilled and completed with modern drilling practices.

Based on the above, the Company believes that the Morskoe B pool is similar in areal extent that of its Morskoe A pool, and plans to drill approximately 3 to 5 wells to define and exploit this reservoir. In addition, the Company intends to investigate additional sands not only in the Cretaceous Formation, but also in the Jurassic, and Triassic Formations it identified on Morskoe No. 1 well logs, and to drill these wells to an average depth of 1,800m.

"This is another significant oil find," stated Mr. Al Sehsuvaroglu, the Company's President and CEO. "We are preparing to construct permanent lease access and proceed with development drilling as soon as appropriate permits have been obtained."

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.

Contact Information

  • Big Sky Energy Corporation
    Mr. S. A. (Al) Sehsuvaroglu
    President & CEO
    7 3272 598 903
    7 3272 597 628 (FAX)