UPDATE: Kallisto Hits Year Low As Oil Decline; Provides Pembina Update
Kallisto Energy Corp. (KEC.V) has hit year low 11 cents today after falling more than 4% from yesterday's $0.115 close, as oil reportedly fell--snapping three days of gains on concern that the European Union's debt crisis may not be resolved by the group's summit this week.
Today Kallisto also announced that its eighth Pembina, Alberta horizontal Cardium oil well was placed on production November 25, 2011. It said completion operations on the well included an 18 stage energized water fracture stimulation. Initial production rates are comparable to other wells on Kallisto's Pembina lands and are in line with management's expectations. As is the Company's practice, actual production rates will be released once rates have stabilized.
Kallisto has been advised by the operator that the ninth well on the company's Pembina lands is expected to spud in January 2012.
Kallisto is a Calgary-based junior resource company engaged in the exploration, development and production of oil and natural gas in Alberta.
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