Kallisto Energy has closed the sale of its Gift property in Alberta for gross proceeds of about $3.7m, subject to purchase price adjustments.

The effective date of the sale for the purpose of calculating the purchase price adjustments is 1 September 2010.

Proceeds from the sale are initially being used to reduce the amount drawn against the company’s operating facility.

Three additional dispositions are expected to close in 2010 for aggregate gross proceeds of approximately $430,000.

In total, these dispositions are expected to reduce the company’s daily production by approximately 55boe per day.

The planned disposition of non-core properties is being undertaken to raise capital to further Kallisto’s development projects at Crossfield and Pembina, Alberta.

Kallisto is a Calgary-based junior resource company engaged in the exploration, development and production of oil and natural gas in Alberta.