Kallisto announces intention to complete private placement

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

CALGARY, March 17 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") announces that it has made application to the TSX Venture Exchange for approval to complete a non-brokered private placement of up to 10,000,000 common shares at a price of $0.60 per common share for gross proceeds of up to $6,000,000.

Closing is anticipated to occur on or about March 22, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The Company expects that insiders may participate in the private placement. Proceeds from the private placement will be used to fund the Company's 2010 acquisition and drilling programs and for general corporate purposes. The securities issued pursuant to the private placement will be subject to a four-month hold period. Following successful completion of the private placement, the Company will have an aggregate of up to 26,775,937 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.

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 private placement, the participation of insiders of the Company in the private placement and the use of proceeds received by Kallisto from the private placement. 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.

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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