Kallisto provides Crossfield and Pembina Operations Update
24 Abril 2012 - 1:47PM
PR Newswire (Canada)
CALGARY, April 27, 2012 /CNW/ - Kallisto Energy Corp. ("Kallisto"
or the "Company") is pleased to announce that pressure data
recorded at its Crossfield 11-26-027-01 W5M well confirms the
discovery of a virgin pool in the Lower Mannville formation. The
data, recorded during a 16 day buildup, indicates a reservoir
pressure of approximately 21.7 MPa or approximately 3,150 psi.
Kallisto previously confirmed commercial capability of the Lower
Mannville formation with the drilling of a well located at
10-34-027-1 W5M. Buildup pressures taken from the 10-34 well in
conjunction with completion operations indicated reservoir pressure
to be approximately 20.9 MPa or approximately 3,030 psi. The
independent reserve evaluation completed for the Company (as of
December 31, 2011) placed the value of the 10-34 reserves at
$2,873,000 (2P, NPV 10% BT). Completion operations on the 11-26
well are expected to commence as soon as local road bans are
lifted. The initial log and core analysis completed on the 11-26
well indicate a sandstone reservoir containing hydrocarbons, very
similar to the 10-34 well. Pembina Kallisto also announces that the
ninth and tenth wells of its Pembina drilling program have been
placed on production. The 12-34-047-03 W5 well was placed on
production February 26, 2012. The first 30 days gross production
for the 12-34 well averaged approximately 275 boe per day,
including 240 bbls of oil per day. Current production from the well
is approximately 246 boe per day, including 204 bbl of oil per day.
The tenth well of the program, located at 13-04-048-03 W5, was
placed on production on March 27, 2012. Gross production for the
first 26 days averaged 186 boe per day, including 176 bbls of oil
per day. Current gross production from the 13-04 well is
approximately 207 boe per day, including 195 bbls of oil per day.
Current total gross production from the Company's ten Pembina area
wells is approximately 690 boe per day, including 575 bbls of oil
per day. Kallisto has a 30% interest in its Pembina wells. Since
the beginning of production operations, the ten wells drilled on
Kallisto Pembina lands have produced approximately 376,000 boe,
including 325,000 bbls of oil. The independent reserve evaluation
completed for the Company (as of December 31, 2011) placed the
value of Kallisto's Pembina reserves at $15,998,000 (2P, NPV 10%
BT). Kallisto is a Calgary-based junior resource company engaged in
the exploration, development and production of oil and natural gas
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 well
production and performance, timing of well completions and
operations. 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 Short Form Prospectus dated February 7,
2011 and Annual Information Form which are filed on SEDAR at
www.sedar.com. Neither 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. Kallisto Energy Corp. CONTACT: Robyn
LorePresident and Chief Executive OfficerTelephone: (403) 237-9996
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