CALGARY, Jan. 31 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") announces its first Kallisto operated Crossfield, Alberta Viking
horizontal well, located at 15-07-028-01 W5, has successfully finished
drilling and the rig has been released. A 1,200 meter liner was
installed in the horizontal Viking section of the well and the Company
is planning to complete the well with up to 15 multi-stage fracture
stimulations utilizing GASFRAC Energy Services Inc's. proprietary Liquefied Petroleum Gas
Fracturing Process. This is the same completion process that has been
successfully used in other Viking horizontal wells in the Crossfield
area. Kallisto has a 65% working interest in the 15-7 well. Kallisto
has participated in two previously announced non-operated Viking wells
in the area; one of these is also awaiting completion.
The Company's seventh Pembina, Alberta Cardium horizontal oil well,
04-34-047-03 W5M, has been drilled, cased and is expected to be
completed early in February. The Company's sixth Pembina horizontal oil
well, 12-33-047-03 W5, continues to produce approximately 250 boe per
day, including approximately 200 bbls of oil. Unlike earlier wells,
production from the 12-33 well is purposely limited by pump capacity.
Kallisto has a 30% working interest in its Pembina wells.
The Company's liquids-rich Ellerslie gas well at 10-34-027-01 W5M has
been perforated and a gas analysis has been obtained which indicates a
liquids content of approximately 60 bbls/mmscf of C3+. The well has
been shut-in for pressure build up. Fracture stimulation and production
testing are expected to commence in February. Kallisto has a 50%
working interest in this well which has net pay of approximately twelve
meters of 12% porosity.
Pipeline construction to tie-in the Company's multi-zone Cretaceous well
at Ferrier, Alberta is completed. The Company is waiting for
third-party pipeline work to be completed prior to the well being
placed on production. The Company has a 45% interest in the well, which
is expected to produce liquids-rich gas.
Kallisto's current production is approximately 300 boe per day,
including approximately 145 bbls of oil. In addition, the Company has
50 boe per day of shut-in gas production.
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 current oil and gas production volumes, potential completion
schedules, production results from drilling and completion operations
and encountering commercial quantities of oil, natural gas and natural
gas liquids. 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:
President and Chief Executive Officer
Telephone: (403) 237-9996
Facsimile: (403) 264-0416