KALLISTO ANNOUNCES CLOSING OF SALE OF GIFT PROPERTY

CALGARY, Nov. 22 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") announces that it has closed the sale of its Gift, Alberta property for gross proceeds of $3,700,000, subject to purchase price adjustments. The effective date of the sale for the purpose of calculating the purchase price adjustments is September 1, 2010. Proceeds from the sale are initially being used to reduce the amount drawn against the Company's operating facility. Three additional dispositions are expected to close in 2010 for aggregate gross proceeds of approximately $430,000. In total, these dispositions are expected to reduce the Company's daily production by approximately 55 boe per day. The planned disposition of non-core properties is being undertaken to raise capital to further the Company's development projects at Crossfield and Pembina, Alberta.

Kallisto is a Calgary-based junior resource company engaged in the exploration, development and production of oil and natural gas in Alberta.

This press release contains forward-looking statements which include, but are not limited to, property dispositions, production, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks associated with oil and gas drilling, production and transportation, loss of market, volatility of oil and gas prices, operating expenses, imprecision of reserve estimates, environmental risks, competition from other producers. As a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information:

Robyn Lore
President and Chief Executive Officer
Telephone: [phone]
Facsimile: [phone]