Kallisto provides update on Pembina, Alberta field and announces filing of Q2
2010 filings

CALGARY, Aug. 18 /CNW/ - Kallisto Energy Corp. (TSX Venture: KEC) ("Kallisto" or the "Company") is pleased to provide a production update on its Pembina, Alberta Cardium light oil resource play. The Company's fifth well located at 04-34-047-03W5, which came on production July 14, 2010, produced an average of approximately 287 boe per day (gross), including 260 bbls per day of oil, during its first 30 days of production which is better than the combined 30 day average from the first four wells. Total production from all five wells was approximately 475 boe per day (gross) on August 13, 2010, including 412 bbls per day of oil. These wells were drilled horizontally in the Cardium formation and completed with multi-stage fracture stimulations at an average gross cost of less than $2.5 million. Kallisto has a 30% working interest in the five Pembina wells.

Kallisto also announces that it has filed its Q2 2010 consolidated unaudited financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the period ended June 30, 2010. The financial statements and MD&A are available for viewing under Kallisto's profile on SEDAR at www.sedar.com.

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

This press release contains forward-looking statements which include, but are not limited to, production estimates, 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 drilling, production and transportation, loss of market, volatility of oil and gas prices, imprecision of reserve estimates, environmental risks, competition from other producers. 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

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Kallisto Energy Corp.

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