Kallisto Announces Spudding of Crossfield Elkton Oil Test

Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased
to announce that it has spudded its 16-26-027-01W5 ("16-26") well. The 16-26
well is being drilled to test for Elkton light oil. 


As announced on July 24, 2013, the Company was issued a well license following a
public hearing held by the Alberta Energy Regulator. The owners of the
Crossfield Gas Storage facility, CrossAlta Gas Storage & Services Ltd.,
TransCanada Pipelines Limited and TransCanada Energy Ltd., had filed an
objection to Kallisto's license application due to a concern over proximity of
the 16-26 well to their gas storage facility. 


The Company has farmed out a portion of its interest in the 16-26 well,
resulting in Kallisto paying 40% of the cost of the well and retaining a 64%
working interest. The farmee has paid Kallisto a prospect fee and equalized with
the Company on certain other expenses. 


Kallisto's Elkton oil development activities are focused on recovering oil from
an interpreted oil leg to a prolific Elkton natural gas reservoir which is now
used as a gas storage facility. The interpreted oil leg is on the same trend as
multiple reservoirs that have similar characteristics. The Company engaged
Sproule Associates Limited to complete an independent review of the oil
potential on section 26. Their report, entitled "Geological Review of the Oil
Potential within the Elkton Formation on Section 26-027-01W5, Crossfield East
Elkton Pool D" ("Elkton Geological Review") estimates oil initially in place to
be 8.462 million barrels. Kallisto's land holdings applicable to the Elkton
Geological Review have been highlighted in yellow on the map found on page 6 of
the Company's Annual Information Form dated April 30, 2013. Management believes
that the 16-26 well location, being at the lowest point in the interpreted oil
leg, is well positioned to exploit the oil initially in place. The Elkton
Geological Review and the Company's Annual Information Form can be viewed on the
Company's website at www.kallistoenergy.com. While the Company's evaluation and
the independent evaluation suggest that there is oil initially in place, there
can be no certainty that any portion of the oil will be discovered. If
discovered, there is no certainty that it will be commercially viable to produce
any portion of the oil. 


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 timing of drilling activities and
potential oil discoveries. 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 and Annual Information Form dated April 30, 2013 which is filed under
the Company's SEDAR profile 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kallisto Energy Corp.
Robyn Lore
President and Chief Executive Officer
[phone]
www.kallistoenergy.com