Kallisto Provides Pembina Update
05 Giugno 2012 - 2:00PM
PR Newswire (Canada)
CALGARY, June 5, 2012 /CNW/ - Kallisto Energy Corp. ("Kallisto" or
the "Company") announces that it is reviewing a proposal from the
operator of its Pembina, Alberta Cardium oil field to establish a
water-flood scheme on one of the three sections it has a working
interest. The proposal contemplates drilling five additional
horizontal oil wells in the section, two in 2012 and three in 2013,
bringing the total number of wells in the section to seven. The new
wells are expected to be produced through the 5% royalty period for
horizontal oil wells (the earlier of two years or 60,000 bbls). It
is anticipated that three of the seven wells in the section will
then be converted to water injection wells; one in 2012 and two in
2014/2015. Kallisto's share of the project costs is expected to be
approximately $4.2 million; $1.6 million in 2012, $2.3 million in
2013 and $0.3 million in 2014/2015. The development of its Pembina
lands over the last few years has added significant reserve value
and cash flow to the Company. Current total gross production from
the Company's ten Pembina area wells is approximately 444 boe per
day, including 335 bbls of oil per day. Kallisto has a 30% interest
in the Pembina wells. Since the beginning of production operations,
the ten Pembina area wells have produced approximately 398,000 boe,
including 342,000 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). This value does not include any potential impact of a
water-flood scheme. 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 drilling
and completion and the conversion to water-flood 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 Annual Information Form dated May 22,
2012 which is 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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