KALLISTO ANNOUNCES CLOSING OF FINANCING

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CALGARY, Feb. 16 /CNW/ - Kallisto Energy Corp. (TSXV: KEC) ("Kallisto" or the "Company") is pleased to announce that today it closed the previously announced financing pursuant to which it issued 5,882,354 flow-through common shares of Kallisto (the "Flow-Through Shares") at a price of $0.85 per Flow-Through Share for aggregate gross proceeds of $5,000,000.90 (the "Offering"). Acumen Capital Finance Partners Limited acted as agent (the "Agent") for the Offering. The Company has also granted to the Agent an over-allotment option for an additional 705,883 Flow-Through Shares on the same terms and conditions, exercisable for a period of thirty days following closing.

In conjunction with closing of the Offering, the Company has made application to the TSX Venture Exchange for final approval of the transaction.

Proceeds of the Offering will be used to fund Canadian exploration expenses ("CEE") which will be renounced in favour of the subscribers of the Flow-through Shares effective on or before December 31, 2011.

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 the possible exercise of the over-allotment option, the use of proceeds of the Offering and incurring and renouncing certain expenditures to investors on a flow-through basis. 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.

SOURCE Kallisto Energy Corp.

For further information:

Robyn Lore, President and CEO, Telephone: (403) 237-9996, Facsimile: (403) 264-0416

Profil de l'entreprise

Kallisto Energy Corp.

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