BMB Munai Buys Stake in Kazakh Company

American oil and gas producing company BMB Munai has signed an agreement to purchase the 30% interest of its minority partner in Emir Oil, a Kazakhstan company, for 3,500,000 common shares of BMB Munai.
As a result of the acquisition BMB Munai will be the sole owner of Emir. Emir holds a hydrocarbons exploration contract from the Government of the Republic of Kazakhstan over the Aksaz-Dolinnoe-Emir oil and gas field in the Mangistau region in Kazakhstan.

BMB Munai made its initial acquisition of a 70% interest in Emir in June of 2003. Since that time the company has assumed management of Emir and responsibility to raise the required investment capital, conduct seismic studies and construct field infrastructure in the ADE Block.