Press release from Marketwire
Kallisto Announces Q1 2013 SEDAR Filings, Signing of Minnehik Farmout Agreement and Updated Corporate Presentation
Thursday, May 30, 2013
Kallisto Announces Q1 2013 SEDAR Filings, Signing of Minnehik Farmout Agreement and Updated Corporate Presentation16:44 EDT Thursday, May 30, 2013
CALGARY, ALBERTA--(Marketwired - May 30, 2013) - 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 three months ended March 31, 2013 and the accompanying Management's Discussion and Analysis on SEDAR. These documents are available for viewing under Kallisto's profile at www.sedar.com.
MINNEHIK FARMOUT AND SETTLEMENT AGREEMENT
The Company also announces that it has entered into a Farmout and Settlement Agreement (the "Agreement") with a company with which it holds secured loan facilities ("Loanco") pursuant to which the Company will participate in the drilling of up to two wells targeting Cardium light oil on certain lands in the Minnehik - Buck Lake area of Alberta by paying 62.5% of the costs to drill, complete and equip or abandon the wells, thereby earning a 75% working interest in up to two sections of land. The combination of Kallisto's capital and working interest participation and other considerations contained in the Agreement will result in full satisfaction of Loanco's outstanding obligations under its loan facilities. This transaction is subject to the approval of the TSX Venture Exchange.
Kallisto expects to spud the first well at Minnehik by July 1, 2013.
Kallisto also announces that an updated corporate presentation has been placed on the Company's website at www.kallistoenergy.com/presentations. The updated presentation contains details on Kallisto's asset base and the Company's multiple near term drilling opportunities, including:
- Elkton light oil at Crossfield;
- Cardium light oil at Minnehik;
- Shaunavon medium oil at Chambery, Saskatchewan; and
- Doe Creek light oil at Valhalla.
Kallisto is a Calgary-based junior resource company engaged in the acquisition, exploration, development, exploitation 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 earning a working interest on certain Minnehik, Alberta lands and the Company's future drilling opportunities. 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 April 30, 2013 which is filed on SEDAR at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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.Contact Information:
Kallisto Energy Corp.
Chief Financial Officer