UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549


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                                 SCHEDULE 13G/A





                   Under the Securities Exchange Act of 1934
                         (Amendment No. _2__________)*


                    	BIG SKY ENERGY CORPORATION
             -----------------------------------------------------
                                (Name of Issuer)

                 		COMMON STOCK
             -----------------------------------------------------
                         (Title of Class of Securities)

                   		089544100
             -----------------------------------------------------
                                 (CUSIP Number)
			12/31/2007
             -----------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b)
[] Rule 13d-1(c)
[] Rule 13d-1(d)

- ----------
*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).



CUSIP No. _089544100____                       13G



- --------------------------------------------------------------------------------
   1.  NAME OF REPORTING PERSON(S)
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)


       INGALLS & SNYDER, LLC
	13-5156620


- --------------------------------------------------------------------------------
   2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                             (a)  [  ]
                                                             (b)  [  ]


- --------------------------------------------------------------------------------
   3.  SEC USE ONLY




- --------------------------------------------------------------------------------
   4.  CITIZENSHIP OR PLACE OF ORGANIZATION

	NEW YORK STATE


- --------------------------------------------------------------------------------
     NUMBER OF      5.   SOLE VOTING POWER 	0
     SHARES
  BENEFICIALLY    --------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER  	0
   REPORTING      --------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER 		0
      WITH
                  --------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER 	14,918,882

- --------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	14,918,882

- --------------------------------------------------------------------------------
  10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*



- --------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

	8.6%

- --------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON*

BD, IA

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



                                       13G





Item 1.     (a)   Name of Issuer: 	BIG SKY ENERGY CORPORATION

                  --------------------------------------------------------------
            (b)   Address of Issuer's Principal Executive Offices:

			750, 440 - 2 Avenue SW
			Calgary, Alberta
			Canada T2P 5E9

                  --------------------------------------------------------------
Item 2.     (a)   Name of Person Filing:    INGALLS & SNYDER, LLC

                  --------------------------------------------------------------
            (b)   Address of Principal Business Office, or if None, Residence:

			61 BROADWAY, NEW YORK NY 10006
                  --------------------------------------------------------------
            (c)   Citizenship:	NEW YORK STATE


                  --------------------------------------------------------------
            (d)   Title of Class of Securities:

			COMMON STOCK

                  --------------------------------------------------------------
            (e)   CUSIP Number: 089544100


                  --------------------------------------------------------------


Item 3. If this statement is filed pursuant to Section 240.13d-1(b) or
Section 240.13d-2(b) or (c), check whether the person filing is a:

(a)   [ X ] Broker or dealer registered under section 15 of the
	Act (15 U.S.C. 78o).

(b)   [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)   [ ] Insurance company as defined in section 3(a)(19) of the
	Act (15 U.S.C. 78c).

(d)   [ ] Investment company registered under section 8 of the Investment
	Company Act of 1940 (15 U.S.C 80a-8).

(e)   [X ] An investment adviser in accordance with
	Section 240.13d-1(b)(1)(ii)(E);

(f)   [ ] An employee benefit plan or endowment fund in accordance
	with Section 240.13d-1(b)(1)(ii)(F);

(g)   [ ] A parent holding company or control person in accordance
	with Section  240.13d-1(b)(1)(ii)(G);

(h)   [ ] A savings associations as defined in Section 3(b) of the Federal
	Deposit Insurance Act (12 U.S.C. 1813);

(i)   [ ] A church plan that is excluded from the definition of an investment
	company under section 3(c)(14) of the Investment Company Act
	of 1940 (15 U.S.C. 80a-3);

(j)   [ ] Group, in accordance with Section 240.13d-1(b)(1)(ii)(J).







Item 4. Ownership.

Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.

(a) Amount beneficially owned:______14,918,882_____ .

(b) Percent of class: ____8.6%__________.

(c) Number of shares as to which the person has:

	(i) Sole power to vote or to direct the vote ____0___.

	(ii) Shared power to vote or to direct the vote ____0__________.

	(iii) Sole power to dispose or to direct the disposition of ___0______.

	(iv) Shared power to dispose or to direct the disposition of 14,918,882__.


Item 5.     Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [].


Item 6.     Ownership of More Than Five Percent on Behalf of Another Person.

Shares reported under shared dispositive authority include
12,295,082 shares which are receivable under the assumed conversion of
$15,000,000 par value of Big Sky Energy Corporation Convertible Notes
due 6/30/08, which are convertible at $1.22/per share. These notes are owned
by Ingalls & Snyder Value Partners, LP ("ISVP"), an investment partnership
managed under an investment advisory contract by Ingalls & Snyder LLC
("Ingalls").

Shares reported under shared dispositive authority include shares owned by
investment advisory clients of Ingalls.

Item 7.     Identification and Classification of the Subsidiary which Acquired
            the Security Being Reported on By the Parent Holding Company.


Item 8.     Identification and Classification of Members of the Group.


Item 9.     Notice of Dissolution of Group.


Item 10.    Certification.

            By  signing  below  -I/we-  certify  that,  to the  best  of  my/our
            knowledge and belief, the securities referred to above were acquired
            in the  ordinary  course of business  and were not  acquired for the
            purpose of and do not have the effect of changing or influencing the
            control of the issuer of such  securities  and were not  acquired in
            connection with or as a participant in any  transaction  having such
            purpose or effect.





                                  Signature.


            After  reasonable  inquiry  and to the  best  of my  knowledge  and
            belief,  -I/we-  certify  that the  information  set  forth in this
            statement is true, complete and correct.


Date: 2/08/08


INGALLS & SNYDER, LLC

/S/ THOMAS O. BOUCHER, JR. /s/

- ----------------------------------
                      (Signature)*

THOMAS O. BOUCHER, JR.
MANAGER
- ----------------------------------
                      (Name/Title)


* Attention. Intentional misstatements or omissions of fact constitute federal
  criminal violations (see 18 U.S.C. 1001).