Kallisto announces intention to complete private placement

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

CALGARY, Dec. 16 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") announces that it has received conditional approval from the TSX Venture Exchange to complete a non-brokered private placement of up to 2,500,000 common shares at a price of $0.42 per common share for gross proceeds of $1,050,000.

The Company expects that insiders will participate in the private placement. Proceeds from the financing will be used to fund the next well of the Company's successful Pembina drilling program and for general corporate purposes. The private placement is expected to close on or about December 23, 2009. The securities issued pursuant to the private placement will be subject to a four-month hold period. Following completion of the private placement, the Company will have an aggregate of up to 16,135,937 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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