Kallisto Announces Closing of Third Tranche of Private Placement

CALGARY, Jan. 27 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") is pleased to announce that on January 26, 2010 it closed the third and final tranche of the previously announced 2,500,000 common share non-brokered private placement by issuing 303,490 common shares at $0.42 per common share for gross proceeds of $127,465.80. The common shares issued in connection with this tranche are subject to a hold period under applicable securities laws of four months, expiring on May 27, 2010.

The total amount raised in the private placement was $1,050,000. Insider participation totalled $236,455.80, or approximately 22.5%. Kallisto now has 16,135,947 common shares issued and outstanding.

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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