Kallisto Increases Reserves by 27%, Announces Retirement of Executive and 2013 Annual SEDAR Filings

Kallisto Energy Corp. (TSX VENTURE:KEC) ("Kallisto" or the "Company") is pleased
to announce it has increased proved & probable reserves by approximately 27%
over the previous year. The additions are the result of a new discovery, reserve
revisions and the Company's acquisition at Minnehik - Buck Lake. Details of the
reserves changes are:




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                                                          Company Share of  
                                                          Net Present Value 
December 31, 2013            Company Share of            (Before Income Tax)
                           Reserves (Gross) (1)                  (1)        
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                        Oil Natural Gas     NGL    Total     @ 10%     @ 15%
                     (Mbbl)      (MMcf)  (Mbbl)   (MBOE)      ($M)      ($M)
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Proved developed                                                            
 producing            351.3     1,162.7    20.9    565.9  15,117.1  12,870.5
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Total proved          527.8     1,550.8    38.2    824.4  17,864.2  14,857.4
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Total proved &                                                              
 probable             989.3     2,255.5    58.7  1,423.9  26,133.7  20,613.1
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December 31, 2012                                                           
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Proved developed                                                            
 producing            404.1       991.4    12.2    581.5  15,569.4  13,232.9
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Total proved          487.2     1,283.8    26.7    727.8  16,523.4  13,887.4
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Total proved &                                                              
 probable             787.1     1,776.0    38.9  1,121.9  22,261.1  18,019.9
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(1)  McDaniel & Associates Consultants Ltd., Evaluation of Oil and Gas      
     Reserves Based on Forecast Prices and Costs as of December 31, 2013    



Kallisto has a diversified asset base with abundant near term drilling
opportunities, including:




--  Cardium light oil at Minnehik - Buck Lake, Alberta; 
--  Elkton light oil and Basal Quartz liquids-rich gas at Crossfield,
    Alberta; 
--  Shaunavon crude oil at Chambery, Saskatchewan; and 
--  Doe Creek light oil at Valhalla, Alberta.



Kallisto is targeting to spend $6,000,000 - $8,000,000 on these drilling
opportunities in 2014. To complete the drilling program, Kallisto will use
internally generated cash flow but will also require additional sources of
capital. Such additional capital may come through: joint venture or farm-out
agreements; disposition of non-core infrastructure assets; additional equity
financing; or corporate transactions. Management is in discussions with various
parties on all these options and will finalize its 2014 drilling program and
capital budget and report back to shareholders when additional capital sources
have been secured.


The Company is rationalizing certain of its non-core assets in an effort to
partially fund its 2014 drilling program:




--  Negotiations are in the final stages on the sale of an infrastructure
    asset in the Crossfield, Alberta area. The sale is expected to be
    completed by June 30, 2014; 
--  In January 2014, the Company engaged Sayer Energy Advisors to assist in
    the disposition of its Dawson oil transportation pipeline; and 
--  On March 3, 2014, the Company sold minor producing properties in the
    Crossfield, Alberta area for $350,000.



Kallisto regrets to announce that Mr. Ross Clark, Executive Vice-President of
the Company, is retiring effective March 28, 2014. Ross joined Kallisto in 2008
and was instrumental in the turnaround of the Company, including the development
of its Pembina, Alberta property. The board, management and staff wish to
express their appreciation to Ross for his work and dedication to the Company
and wish him well.


Kallisto also announces that it has filed its Consolidated Financial Statements
for the year ended December 31, 2013 and the accompanying Management's
Discussion and Analysis. These documents are available for viewing under
Kallisto's profile at www.sedar.com.


Kallisto is a Calgary-based junior resource company engaged in the acquisition,
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: future drilling opportunities on
Company lands; the Company's 2014 drilling program; the potential sources of
capital to fund the 2014 drilling program; the potential sale of non-core
assets; and the volume and net present value of Company proved & probable
reserves. 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 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.


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