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
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
SYS-CON Events announced today that Hitrons Solutions will exhibit 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. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom will exhibit 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...