Welcome!

News Feed Item

Kallisto Increases Reserves by 27%, Announces Retirement of Executive and 2013 Annual SEDAR Filings

CALGARY, ALBERTA -- (Marketwired) -- 03/20/14 -- Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased to announce it has increased proved & probable reserves by approximately 27% over the previous year. The additions are the result of a new discovery, reserve revisions and the Company's acquisition at Minnehik - Buck Lake. Details of the reserves changes are:


----------------------------------------------------------------------------
                                                          Company Share of  
                                                          Net Present Value 
December 31, 2013            Company Share of            (Before Income Tax)
                           Reserves (Gross) (1)                  (1)        
----------------------------------------------------------------------------
                        Oil Natural Gas     NGL    Total     @ 10%     @ 15%
                     (Mbbl)      (MMcf)  (Mbbl)   (MBOE)      ($M)      ($M)
----------------------------------------------------------------------------
Proved developed                                                            
 producing            351.3     1,162.7    20.9    565.9  15,117.1  12,870.5
----------------------------------------------------------------------------
Total proved          527.8     1,550.8    38.2    824.4  17,864.2  14,857.4
----------------------------------------------------------------------------
Total proved &                                                              
 probable             989.3     2,255.5    58.7  1,423.9  26,133.7  20,613.1
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
December 31, 2012                                                           
----------------------------------------------------------------------------
Proved developed                                                            
 producing            404.1       991.4    12.2    581.5  15,569.4  13,232.9
----------------------------------------------------------------------------
Total proved          487.2     1,283.8    26.7    727.8  16,523.4  13,887.4
----------------------------------------------------------------------------
Total proved &                                                              
 probable             787.1     1,776.0    38.9  1,121.9  22,261.1  18,019.9
----------------------------------------------------------------------------
                                                                            
(1)  McDaniel & Associates Consultants Ltd., Evaluation of Oil and Gas      
     Reserves Based on Forecast Prices and Costs as of December 31, 2013    

Kallisto has a diversified asset base with abundant near term drilling opportunities, including:


--  Cardium light oil at Minnehik - Buck Lake, Alberta; 
--  Elkton light oil and Basal Quartz liquids-rich gas at Crossfield,
    Alberta; 
--  Shaunavon crude oil at Chambery, Saskatchewan; and 
--  Doe Creek light oil at Valhalla, Alberta.

Kallisto is targeting to spend $6,000,000 - $8,000,000 on these drilling opportunities in 2014. To complete the drilling program, Kallisto will use internally generated cash flow but will also require additional sources of capital. Such additional capital may come through: joint venture or farm-out agreements; disposition of non-core infrastructure assets; additional equity financing; or corporate transactions. Management is in discussions with various parties on all these options and will finalize its 2014 drilling program and capital budget and report back to shareholders when additional capital sources have been secured.

The Company is rationalizing certain of its non-core assets in an effort to partially fund its 2014 drilling program:


--  Negotiations are in the final stages on the sale of an infrastructure
    asset in the Crossfield, Alberta area. The sale is expected to be
    completed by June 30, 2014; 
--  In January 2014, the Company engaged Sayer Energy Advisors to assist in
    the disposition of its Dawson oil transportation pipeline; and 
--  On March 3, 2014, the Company sold minor producing properties in the
    Crossfield, Alberta area for $350,000.

Kallisto regrets to announce that Mr. Ross Clark, Executive Vice-President of the Company, is retiring effective March 28, 2014. Ross joined Kallisto in 2008 and was instrumental in the turnaround of the Company, including the development of its Pembina, Alberta property. The board, management and staff wish to express their appreciation to Ross for his work and dedication to the Company and wish him well.

Kallisto also announces that it has filed its Consolidated Financial Statements for the year ended December 31, 2013 and the accompanying Management's Discussion and Analysis. These documents are available for viewing under Kallisto's profile at www.sedar.com.

Kallisto is a Calgary-based junior resource company engaged in the acquisition, 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: future drilling opportunities on Company lands; the Company's 2014 drilling program; the potential sources of capital to fund the 2014 drilling program; the potential sale of non-core assets; and the volume and net present value of Company proved & probable reserves. 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 THE 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.

Contacts:
Kallisto Energy Corp.
Robyn Lore
President and Chief Executive Officer
(403) 237-9996

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...