Kallisto Purchases Pembina Interests

Kallisto has closed three transactions whereby it has acquired additional working interests in three of its producing Pembina, Alberta Cardium horizontal wells for total consideration of $2,465,000. The effective date of two of the transactions is February 1, 2010 and the effective date of the third transaction is December 1, 2009. Kallisto now has a 30% working interest in the first three Cardium wells which it drilled in the Pembina area.

Production from the Company's fourth Cardium horizontal oil well in its Pembina area, located at 13-33-047-3 W5, averaged 253 boe per day (76 boe per day net to Kallisto) for the first 30 days of production. Production from the Company's four Pembina Cardium horizontal wells averaged 467 boe per day in March, 2010 (140 boe per day net to Kallisto).

 

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