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Press release from Marketwire

Kallisto Completes Fracture Stimulation of Its Crossfield 11-26 Well

Wednesday, August 29, 2012

Kallisto Completes Fracture Stimulation of Its Crossfield 11-26 Well18:44 EDT Wednesday, August 29, 2012CALGARY, ALBERTA--(Marketwire - Aug. 29, 2012) - Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased to announce that it has successfully completed its Lower Mannville well in 11-26-027-01 W5M. The completion program utilized a hydraulic fracture stimulation using an oil-based fluid and involved pumping approximately 35 tonnes of sand into the formation. The completion equipment is being removed from the well and flow-back well cleanup will commence immediately.Following flow-back procedures, the well will be shut in to obtain pressure buildup data, satisfying the final drilling license condition set by the ERCB and to determine the extent of the reservoir. The Company will then carry out production testing of the well.Kallisto previously confirmed commercial capability of the Lower Mannville formation with the drilling of its 10-34-027-01 W5M well.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 InformationThe 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 of well completion and testing operations, the timing of future operations and the conditions upon which such operations may occur. 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 FURTHER INFORMATION PLEASE CONTACT: Robyn LoreKallisto Energy Corp.President and Chief Executive Officer(403) 237-9996NEITHER 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.