CALGARY, ALBERTA–(Marketwired – Oct. 10, 2013) – Kallisto Energy Corp. (TSX VENTURE:KEC) (“Kallisto” or the “Company”) is pleased to announce that it has recovered 32° API Elkton crude oil during operations to recover fluids used in the 16-26-027-01W5 (“16-26”) completion. The recovery of crude oil from the 16-26 well is consistent with Kallisto’s geological interpretation that the well would encounter a down-dip Elkton oil leg. The interpreted oil leg is on the same trend as multiple reservoirs that have similar characteristics.
Completion operations included specialized logs, perforation and acid treatments and recording of pressure information, all consistent with industry practices and the conditions of the 16-26 well license. The Company is continuing completion and testing operations on the 16-26 well to determine productivity. Further information will be made available as it is obtained and evaluated.
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 contained herein may constitute forward looking statements within the meaning assigned by National Instrument 51-102 and other relevant securities legislation. It includes, but is not limited to, statements with respect to Kallisto’s evaluation of results from the completion of the 16-26 well, the interpreted Elkton oil leg and the potential of future commercial oil production from the 16-26 well. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “scheduled”, “potential”, or other similar words, or statements that certain events or conditions “may”, “should” or “could” occur. Forward-looking information is based on the Company’s expectations regarding its future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. Such forward-looking information reflects management’s current beliefs and assumptions and is based on information currently available to it. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company 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.
Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information including risks associated with the impact of general economic conditions, industry conditions, governmental regulation, volatility of commodity prices, currency fluctuations, imprecision of reserve and resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the Corporation’s ability to access sufficient capital from internal and external sources. Additional risks and uncertainties are described in the Company’s and Annual Information Form dated April 30, 2013 which is filed under the Company’s SEDAR profile at www.sedar.com.
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.
President and Chief Executive Officer