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
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps 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. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
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...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...