CALGARY, April 21 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) (formerly Arrow Energy Ltd. - AOF) ("Kallisto" or the "Company") today announced that it has closed three transactions whereby it has acquired additional working interests in three of its producing Pembina, Alberta Cardium horizontal wells for total consideration of $2,465,000. The effective date of two of the transactions is February 1, 2010 and the effective date of the third transaction is December 1, 2009. Kallisto now has a 30% working interest in the first three Cardium wells which it drilled in the Pembina area.
Production from the Company's fourth Cardium horizontal oil well in its Pembina area, located at 13-33-047-3 W5, averaged 253 boe per day (76 boe per day net to Kallisto) for the first 30 days of production. Production from the Company's four Pembina Cardium horizontal wells averaged 467 boe per day in March, 2010 (140 boe per day net to Kallisto).
On April 21, 2010, the board of directors granted 726,000 stock options to employees, management and directors of the Company. The options are exercisable at $0.88 per share, have a five year term and vest over two years. Kallisto now has 2,292,500 stock options outstanding.
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 which include, but are not limited to: 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. Results of the Company 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, 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.
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