CALGARY, Oct. 30 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") is pleased to announce the completion of its previously announced name change and share consolidation. Effective at the opening of markets on Monday, November 2, 2009, the common shares of Kallisto will trade on the TSX Venture Exchange and the common shares of Arrow Energy Ltd. will be delisted. Each of the former shares of Arrow has been consolidated on the basis of one (1) new share of Kallisto for every four (4) existing shares. Letters of transmittal will be mailed to all registered shareholders shortly. In order to obtain their new Kallisto share certificates, each shareholder must complete and send the letter of transmittal along with their old Arrow share certificates to the transfer agent, as explained in detail in the letter of transmittal.
In addition, Kallisto is pleased to announce the completion of the previously announced asset acquisition from a company controlled by Robyn Lore, President of Kallisto. The Company has acquired a 50% interest in a wellbore located in southern Alberta for consideration of 1,460,000 common shares of Arrow (or 365,000 common shares of Kallisto on a consolidated basis). Kallisto currently has 9,885,932 common shares on a post-consolidated basis.
Kallisto expects the first well 6-4-49-3 W5M, of the Pembina drilling program to begin regular production sometime within the next week. Pressures and tests to date have met with managements expectations and Kallisto will be reporting production rates after a period of regular production has occurred and rates appear to have stabilized. Completion operations on the 16-34-48-3 W5M will resume the first week of November and completion of the 6-33-48-3 W5M well is expected to start the second week of November. If completion operations are successful, management expects the 16-34-48-3 W5M and 6-33-48-3 W5M wells to be on stream by mid December.
Kallisto is a Calgary-based junior resource company engaged in the exploration, development and production of natural gas and oil primarily in Alberta.
This press release contains forward-looking statements which include, but are not limited to: the private placement, the use of proceeds received from the private placement, operations plans and outlook, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. 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. Risks associated with the completion of the private placement include the ability to obtain necessary approvals, the risk that any applicable conditions of the private placement may not be satisfied and fluctuations in market conditions. Results of the Company may be affected by a variety of variables and risks associated with oil and gas exploration, production and transportation, such as 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, and risks associated with existing and potential future lawsuits and regulatory actions made against the Company; as a consequence, actual results could differ materially from those anticipated or implied in the forward-looking statements. 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. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, event, results or circumstances or otherwise.
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SOURCE Kallisto Energy Corp.
For further information: For further information: Robyn Lore, President, Telephone: (403) 237-9996, Facsimile: (403) 264-0416