Kallisto announces closing of first tranche of private placement

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

CALGARY, Dec. 23 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") is pleased to announce that it has closed on the first tranche of the previously announced 2,500,000 common share non-brokered private placement by issuing 1,376,510 common shares at $0.42 per common share for gross proceeds of $578,134.20. The common shares issued in connection with the private placement are subject to a hold period under applicable securities laws of four months, expiring on April 24, 2010. Insider participation in the private placement totalled $124,950 or approximately 22%. Kallisto now has 15,012,447 common shares issued and outstanding.

A second closing of this private placement is expected to be held on or about January 5, 2010.

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

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE Kallisto Energy Corp.

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

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Kallisto Energy Corp.

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