Kallisto Spuds First Crossfield Well

Kallisto has spudded its first Crossfield, Alberta well. The well is a planned horizontal well targeting the Viking formation and is expected to be completed with multi-stage fracture stimulations. This well is offsetting a vertical well which was completed in the Viking zone and produced approximately 13,700 barrels of light sweet oil with very low gas and water production. Kallisto has a 50% interest in the well, the first of a planned 5 well Crossfield Viking drilling program in which the Company will participate during 2010.

The Company has also acquired an additional 20% working interest in approximately six sections, the original acquisition of which was announced July 26, 2010, bringing its interest in the block to 65%. These lands are on the same trend as lands previously acquired by the Company at Crossfield and which are considered to be prospective for development of Viking oil wells utilizing horizontal drilling and multi-stage fracture stimulation completions. Following this acquisition, Kallisto owns approximately 24.8 net sections at Crossfield that are considered prospective for Viking oil development.

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