Kallisto announces final closing of private placement and filing of
Preliminary Short Form Prospectus

CALGARY, June 22 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") announces that it has closed the second and final tranche of its previously announced private placement by issuing 3,511,395 Common Share Special Warrants at a price of $0.825 per warrant for gross proceeds of $2,896,900.88. The Common Share Special Warrants issued represents the exercise of the expanded over-allotment option by the Underwriters. A commission of 6% of the gross proceeds was paid to the Underwriters.

Each Common Share Special Warrant will entitle the holder to acquire one common share without payment of additional consideration at any time on or before October 23, 2010, provided that if Kallisto does not receive a receipt for a prospectus in all filing jurisdictions by July 30, 2010, each Special Warrant will entitle the holder to acquire 1.1 common shares on exercise or deemed exercise thereof.

The aggregate amount raised under the private placement was $13,000,001.48. A total of 15,518,343 Special Warrants were issued, comprised of 13,939,395 Common Share Special Warrants and 1,578,948 Flow-Through Special Warrants.

Kallisto expects to use a significant portion of the net proceeds of the final tranche to purchase petroleum and natural gas rights at its Crossfield, Alberta core area.

The Company also announces that it filed a Preliminary Short Form Prospectus dated June 22, 2010 with the securities regulatory authorities in Alberta, British Columbia and Ontario to qualify for distribution 15,518,343 Common Shares issuable on the exercise of the Special Warrants.

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

This press release contains forward-looking statements relating to the expected use of proceeds from the private placement. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation, loss of market, volatility of oil and gas prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, ability to access sufficient debt and equity capital from internal and external sources, ability to replace and expand oil and gas reserves, ability to generate sufficient cash flow from operations to meet its current and future obligations, risks associated with existing and potential future lawsuits and regulatory actions made against the Company, and risks associated with completing the acquisition of petroleum and natural gas rights on the expected terms or at all; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. The forward-looking statements are based, in part, on the assumption that the Company will receive a receipt for a prospectus in all filing jurisdictions by July 30, 2010. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement and are made as of the date of this news release.

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

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Kallisto Energy Corp.

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