About Blue Sky

History

Blue Sky has operated as an entity since 2007, but its shareholders have been thriving in oil and gas exploration and production and related services since 1989, when Ilyas Chaudhary, Blue Sky’s CEO, founded Saba Petroleum Co., an American Stock Exchange-listed company which established oil and gas operations in the United States, Canada, Colombia, Indonesia, the United Kingdom, China, and Pakistan. A resounding success, Saba amassed a substantial amount of assets within a five year period, growing the company from 100 bopd to approximately 10,000 bopd.

During this period, Mr. Chaudhary completed a wide spectrum of oil and gas projects, including:

  • in California – the purchase, from Unocal, of heavy oil properties in the Santa Maria Basin and Bakersfield
  • in California – the purchase, from Conoco, of a shut-in refinery in Santa Barbara County, and its subsequent revival to operational status
  • in Colombia – the purchase, and later sale, of heavy oil and other oil and gas properties from Texaco and Occidental, with the buyer later selling the properties to China National Offshore Oil Corporation for over $500 million
  • in GOM – the purchase, from 2001 to 2006, of properties from majors and independents for a cash outlay exceeding $150 million and the subsequent drilling of offshore exploration wells. Regrettably, this first experience in GOM was not profitable and the owning entity filed for bankruptcy in 2007

Equipped with the experience gained from its successes, and the lessons gained from its initial GOM operations, Blue Sky moved on to deeper waters in GOM in 2007.