KALLISTO ANNOUNCES SPUDDING OF SECOND CROSSFIELD WELL AND CLOSING OF
CROSSFIELD ACQUISITION
CALGARY, Oct. 18 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") is pleased to announce that its second Crossfield, Alberta well has spudded. The well, located at 08-20-028-01 W5, is a horizontal well targeting the Viking formation and is expected to be completed with multi-stage fracture stimulations. Kallisto has a 50% interest in the well.
The Company also announces that it has closed the Crossfield property acquisition previously announced on September 7, 2010. Following the exercise of rights of first refusal held by certain working interest owners, the Company acquired approximately 3.6 net sections of Viking rights and four Elkton gas wells with estimated net reserves of 124 Mboe.
Upon closing of this acquisition, Kallisto's land position at Crossfield is more than 30 net sections that are prospective for Viking horizontal oil development. The Company owns an additional 98 net sections of P&NG rights at Crossfield in zones other than the Viking.
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 acreage estimates, well drilling and completion schedules, 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, 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, Telephone: (403) 237-9996, Facsimile: (403) 264-0416
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