Kallisto to Buy into Pembina Wells

Kallisto Energy has exercised its option to acquire additional working interests in two of its three producing Pembina, Alberta Cardium horizontal oil wells. These interests are being acquired pursuant to the terms of farm-out agreements whereby the Company farmed-out a portion of its interest in the two wells. The acquisitions to be completed are as follows:

  • An 8.333% working interest in the 16-34-47-3W5, effective as of February 1, 2010. Following the acquisition, Kallisto will have a 25% working interest in this well; and
  • An 8.333% working interest in the 6-33-47-3 W5 well, effective as of February 1, 2009. Following the acquisition, Kallisto will have a 25% working interest in this well.

Closing of the transaction is scheduled for April 27, 2010.

On March 10, 2010, the Board of Directors granted 110,000 stock options to a director and a consultant of the Company. The stock options have an exercise price of $0.72 per share, vest over a two-year period and expire five years from the date of issue. The Company currently has 1,566,500 stock options issued.

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