Click here to close now.

SYS-CON MEDIA Authors: Liz McMillan, Pat Romanski, Elizabeth White, Kevin Jackson, Peter Silva

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
As enterprises move to all-IP networks and cloud-based applications, communications service providers (CSPs) – facing increased competition from over-the-top providers delivering content via the Internet and independently of CSPs – must be able to offer seamless cloud-based communication and collaboration solutions that can scale for small, midsize, and large enterprises, as well as public sector organizations, in order to keep and grow market share. The latest version of Oracle Communications U...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...
BroadSoft on Tuesday announced that it is a recipient of the 2014 Frost & Sullivan Market Leadership Award in the Hosted/Cloud Internet Protocol (IP) Telephony market for Latin America. According to Frost & Sullivan market research, the Latin America (LATAM) hosted/cloud Internet Protocol (IP) telephony market, including integrated unified communications and collaboration (UC&C) applications, is currently experiencing a rapid growth trajectory and is expected to exhibit a tenfold rise in annual...
Modern Systems announced completion of a successful project with its new Rapid Program Modernization (eavRPMa"c) software. The eavRPMa"c technology architecturally transforms legacy applications, enabling faster feature development and reducing time-to-market for critical software updates. Working with Modern Systems, the University of California at Santa Barbara (UCSB) leveraged eavRPMa"c to transform its Student Information System from Software AG's Natural syntax to a modern application lev...
In 2015, 4.9 billion connected "things" will be in use. By 2020, Gartner forecasts this amount to be 25 billion, a 410 percent increase in just five years. How will businesses handle this rapid growth of data? Hadoop will continue to improve its technology to meet business demands, by enabling businesses to access/analyze data in real time, when and where they need it. Cloudera's Chief Technologist, Eli Collins, will discuss how Big Data is keeping up with today's data demands and how in t...
The best mobile applications are augmented by dedicated servers, the Internet and Cloud services. Mobile developers should focus on one thing: writing the next socially disruptive viral app. Thanks to the cloud, they can focus on the overall solution, not the underlying plumbing. From iOS to Android and Windows, developers can leverage cloud services to create a common cross-platform backend to persist user settings, app data, broadcast notifications, run jobs, etc. This session provide...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists will discuss how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations m...
Participants will reach the final if their IoT solution is liked. A community vote will determine the best solutions submitted in each country, after which an expert jury will select the national winners and the best international IoT solution. Each country's best solution can win a national marketing campaign worth up to €30,000 and become a partner in Deutsche Telekom's participating markets. The winning international solution can become partner of Deutsche Telekom Group across all eight coun...
ProfitBricks has launched its new DevOps Central and REST API, along with support for three multi-cloud libraries and a Python SDK. This, combined with its already existing SOAP API and its new RESTful API, moves ProfitBricks into a position to better serve the DevOps community and provide the ability to automate cloud infrastructure in a multi-cloud world. Following this momentum, ProfitBricks has also introduced several libraries that enable developers to use their favorite language to code ...
Health care systems across the globe are under enormous strain, as facilities reach capacity and costs continue to rise. M2M and the Internet of Things have the potential to transform the industry through connected health solutions that can make care more efficient while reducing costs. In fact, Vodafone's annual M2M Barometer Report forecasts M2M applications rising to 57 percent in health care and life sciences by 2016. Lively is one of Vodafone's health care partners, whose solutions enable o...
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements...
Dave will share his insights on how Internet of Things for Enterprises are transforming and making more productive and efficient operations and maintenance (O&M) procedures in the cleantech industry and beyond. Speaker Bio: Dave Landa is chief operating officer of Cybozu Corp (kintone US). Based in the San Francisco Bay Area, Dave has been on the forefront of the Cloud revolution driving strategic business development on the executive teams of multiple leading Software as a Services (SaaS) ap...