KALLISTO ANNOUNCES SPUDDING OF SIXTH PEMBINA WELL AND LISTING OF NON-CORE
PROPERTIES
CALGARY, Sept. 29 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") is pleased to announce that its sixth Pembina, Alberta well has spudded. The well, located at 12-33-47-3W5, is a horizontal well targeting the Cardium formation and is expected to be completed with up to 14 multi-stage fracture stimulations. This is the sixth well of a planned 12 well drilling program at Pembina. The previous five wells had average gross production rates of approximately 257 boe per day in their first 30 days of production, including approximately 240 bbls of oil. Total production from all five wells was approximately 375 boe per day on September 24, 2010, including 324 bbls per day of oil. Kallisto has a 30% interest in the Pembina wells.
The Company also announces that it has engaged NRG Divestitures Inc. to market and sell its non-core oil and gas properties. Proceeds realized from the sale will be used to fund development drilling at the Company's two core areas: Pembina and Crossfield, Alberta. Information on the properties is available at: http://nrgdivestitures.com/Projects/Kallisto220910/Kallisto_Info.pdf.
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, well drilling schedules, well production, use of sale proceeds, 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 and CEO
Telephone: (403) 237-9996
Facsimile: (403) 264-0416
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