KALLISTO SPUDS WELL AND ISSUES STOCK OPTIONS

CALGARY, Nov. 30 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") announces that it is participating for a 50% interest in a well pursuant to an independent operations notice received from its joint venture partner in October, 2010 to drill a vertical Mannville test well at 10-34-027-01W5. The well, which spudded November 26, is targeting liquids rich natural gas and is a lease continuation well. During drilling operations, Kallisto will fund the coring of the Viking zone as part of its continuing analysis of its Crossfield area oil resource play.

The Company also announces that the board of directors has granted 843,000 stock options to employees, consultants, officers and directors of the Company. The options are exercisable at $0.70 per share, have a five year term and vest over two years. Kallisto now has 5,320,500 stock options outstanding.

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

Forward Looking Information

The reader is advised that some of the information herein may constitute forward looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. In particular these include, but are not limited to, statements with respect to potential results from drilling operations and encountering commercial quantities of natural gas and natural gas liquids. These statements are based on management's current expectations. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Kallisto at the time of preparation, may prove to be incorrect and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking information contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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]