CALGARY, ALBERTA--(Marketwire - Mar 26, 2013) - Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased to provide the results of the independent evaluation of the Company's oil and natural gas reserves effective as of December 31, 2012. The reserve evaluation was completed by McDaniel & Associates Consultants Ltd. ("McDaniel") and includes the properties acquired through the acquisition of Cumberland Oil & Gas Ltd. McDaniel was Cumberland's historic reserve evaluator.
The following is a summary of Kallisto's December 31, 2012 and December 31, 2011 reports:
|Total Company Reserves and Net Present Value as of December 31, 2012 (1)|
Gross Natural Gas Reserves (MMcf)
|Gross Natural Gas Liquids Reserves (Mbbl)||Net Present Value @ 10% ($M, before income tax)||Net Present |
Value @ 15% ($M, before income tax)
|(1)||Using forecast prices and costs as evaluated by McDaniel & Associates Consultants Ltd. on March 7, 2013. Columns may not add due to rounding.|
|Total Company Reserves and Net Present Value as of December 31, 2011 (2)|
Gross Oil Reserves (Mbbl)
Gross Natural Gas Reserves (MMcf)
|Gross Natural Gas Liquids Reserves (Mbbl)||Net Present Value @ 10% ($M, before income tax)||Net Present Value @ 15% ($M, before income tax)|
|(2)||Using forecast prices and costs as evaluated by Sproule Associates Limited on March 16, 2012. Columns may not add due to rounding.|
Kallisto will include its NI 51-101 report in its Annual Information Form, which is expected to be filed in the coming weeks.
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 the estimated value of the Company's oil and natural gas reserves and the expected timing of the filing of its Annual Information Form. 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.