KALLISTO TO COMPLETE ELLERSLIE GAS WELL

CALGARY, Dec. 20 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") announces that the 10-34-027-01W5 well has been drilled, cased and is awaiting completion. Logs from the well, which spudded November 26, indicate approximately twelve meters of crossover at 12 percent porosity within twenty-two meters of gross pay in the Ellerslie formation which is expected to contain liquids rich natural gas. Completion operations are anticipated to commence in January 2011. Kallisto has a 50% working interest in the well.

Kallisto holds P&NG rights in 1,520 net acres adjacent to the 10-34 well that the Company believes are prospective for Ellerslie development. These lands are included within the area of the Company's Viking horizontal oil resource play.

During drilling operations, Kallisto recovered eighteen meters of core from the Viking formation as part of its continuing analysis of its Crossfield area Viking oil resource play.

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 completion 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]