KEC

Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased
to announce it has filed its Condensed Interim Consolidated Financial Statements
for the six months ended June 30, 2012 and the accompanying Management's
Discussion and Analysis on SEDAR. These documents are available for viewing
under Kallisto's profile at www.sedar.com. 


Further to the August 15, 2012 joint press release with Cumberland Oil & Gas
Ltd. ("Cumberland"), Kallisto continues to move towards the closing of the
acquisition of Cumberland. There will be immediate benefits of the transaction,
including:




-  Cumberland's expected cash on hand of $1.5 million at closing;           
                                                                            
   additional cash flow from 75 boe/day of current production, approximately
   50 bbls of which is oil, with no expected additions to overhead; and     
                                                                            
-  the addition of two experienced oil executives to the Kallisto board of  
   directors.                                                               



The combination of the two companies will jointly benefit both shareholder
groups and provide a platform for accretive growth. 


Kallisto is a Calgary-based junior resource company engaged in the 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 the results and benefits of the
proposed acquisition of Cumberland by Kallisto. 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 Annual Information Form dated May 22, 2012 which is filed on SEDAR at
www.sedar.com.


Barrels of oil equivalent (boe) are calculated using the conversion factor of 6
Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil.
Boe may be misleading, particularly if used in isolation. A boe conversion ratio
of 6 Mcf: 1 bbl (barrel) is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. Given that the value ratio based on the current
price of crude oil as compared to natural gas is significantly different from
the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.

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