(TSX:KEL) - Kelt Exploration Ltd. ("Kelt" or the "Company") is pleased to
provide 2014 Guidance. On November 6, 2013, the Company announced that it had
entered into an agreement with a Canadian oil and gas company to acquire certain
crude oil and natural gas assets located at Pouce Coupe/Spirit River, Alberta
for cash consideration of $192.0 million, before closing adjustments. The
acquisition has an effective date of October 1, 2013 and closing is expected to
occur on or around December 20, 2013. In addition, the Company also announced a
brokered and non-brokered equity financing for gross aggregate proceeds of
$101.1 million. The equity financings are expected to close on or around
December 3, 2013.


The 2014 Guidance is provided for Kelt stand alone and pro forma after giving
effect to the acquisition and equity financings. 


Certain information set out herein may be considered as "financial outlook"
within the meaning of applicable securities laws. The purpose of this financial
outlook is to provide readers with disclosure regarding Kelt's reasonable
expectations as to the anticipated results of its proposed business activities
for the periods indicated. Readers are cautioned that the financial outlook may
not be appropriate for other purposes.


This press release does not constitute an offer to sell or a solicitation of any
offer to buy the common shares in the United States. The common shares have not
been and will not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of such Act.


2014 Guidance



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                                              Pro forma Kelt                
                                                after Equity                
                                                  Financings                
                                         Kelt            and        Percent 
                                  Stand Alone    Acquisition         Change 
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Average Production                                                          
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  Oil (bbls/d)                            770          2,330            203%
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  NGLs (bbls/d)                           540            830             54%
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  Gas (mmcf/d)                          27.24          44.04             62%
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  Combined (BOE/d)                      5,850         10,500             79%
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Oil/NGLs/Gas Weighting              13%/9%/78%     22%/8%/70%               
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Forecasted Average Commodity                                                
 Prices                                                                     
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  WTI oil price (US$/bbl)               87.50          87.50                
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  NYMEX natural gas price                                                   
   (US$/MMBTU)                           3.95           3.95                
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  AECO natural gas price ($/GJ)          3.50           3.50                
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  Exchange rate (US$/CA$)              0.9524         0.9524                
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Funds from operations ($MM)              39.2           78.0             99%
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  Per share, diluted                     0.39           0.69             77%
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Capital Expenditures ($MM)                                                  
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  Drilling & Completions                 63.0          100.0             59%
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  Facilities, Pipelines &                                                   
   Workovers                             17.0           22.0             29%
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  Land & Seismic                         20.0           28.0             40%
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  Total Capital Expenditures            100.0          150.0             50%
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Bank debt (cash), net of                                                    
 working capital, at year-end                                               
 ($MM)                                  (30.5)          72.5              - 
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Debt/Funds from operations                                                  
 ratio                                    N/A          0.9 x                
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Common shares issued and                                                    
 outstanding (MM)                        97.6          110.0             13%
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About Kelt

Kelt is a Calgary, Alberta, Canada-based oil and gas company focused on
exploration, development and production of crude oil and natural gas resources,
primarily in west central Alberta and northeastern British Columbia.


Cautionary Statement and Advisory Regarding Forward-Looking Statements and
Information 


Certain information with respect to the Company contained herein, including
expectations, beliefs, plans, goals, objectives, assumptions, information and
statements about future events, conditions, results of operations, performance,
Kelt's planned capital expenditure program, or management's assessment of future
potential, contain forward-looking statements. In particular, forward-looking
statements contained in this press release include, but are not limited to: the
expected closing of the equity financings, the expected closing of the Pouce
Coupe/Spirit River acquisition, the resultant combined operations, the impact on
production and the impact on financial results. These forward-looking statements
are based on assumptions and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including the impact of
general economic conditions, industry conditions, volatility of commodity
prices, currency exchange rate fluctuations, imprecision of reserve estimates,
environmental risks, competition from other explorers, stock market volatility,
and ability to access sufficient capital. We caution that the foregoing list of
risks and uncertainties is not exhaustive.


Kelt's actual results, performance or achievement could differ materially from
those expressed or implied by these forward-looking statements and, accordingly,
no assurance can be given that any events anticipated by the forward-looking
statements will transpire or occur. As a result, undue reliance should not be
placed on forward-looking statements.


In addition, the reader is cautioned that historical results are not necessarily
indicative of future performance. The forward-looking statements contained
herein are made as of the date hereof and the Company does not intend, and does
not assume any obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise unless
expressly required by applicable securities laws.


Non-GAAP Measures 

This press release contains certain financial measures, as described below,
which do not have standardized meanings prescribed by GAAP. As these measures
are commonly used in the oil and gas industry, the Company believes that their
inclusion is useful to readers. The reader is cautioned that these amounts may
not be directly comparable to measures for other companies where similar
terminology is used. "Funds from operations" is calculated by adding back
settlement of decommissioning obligations and change in non-cash operating
working capital to cash provided by operating activities. Funds from operations
per common share is calculated on a consistent basis with profit (loss) per
common share, using basic and diluted weighted average common shares as
determined in accordance with GAAP. Funds from operations is used by Kelt as key
measures of performance and are not intended to represent operating profits nor
should it be viewed as an alternative to cash provided by operating activities,
profit or other measures of financial performance calculated in accordance with
GAAP.


Measurements and Abbreviations

All dollar amounts are referenced in thousands of Canadian dollars, except when
noted otherwise. Where amounts are expressed on a barrel of oil equivalent
("BOE") basis, natural gas volumes have been converted to oil equivalence at six
thousand cubic feet per barrel and sulphur volumes have been converted to oil
equivalence at 0.6 long tons per barrel. The term BOE may be misleading,
particularly if used in isolation. A BOE conversion ratio of six thousand cubic
feet per barrel is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. References to oil in this press release include crude oil and field
condensate. References to natural gas liquids ("NGLs") include pentane, butane,
propane, and ethane. References to gas in this press release include natural gas
and sulphur.




MM      million                                                             
bbls    barrels                                                             
bbls/d  barrels per day                                                     
mmcf    million cubic feet                                                  
mmcf/d  million cubic feet per day                                          
MMBTU   million British Thermal Units                                       
GJ      Gigajoules                                                          
AECO-C  Alberta Energy Company "C" Meter Station of the Nova Pipeline System
WTI     West Texas Intermediate                                             
NYMEX   New York Mercantile Exchange                                        



FOR FURTHER INFORMATION PLEASE CONTACT: 
Kelt Exploration Ltd.
David J. Wilson
President and Chief Executive Officer
(403) 201-5340


Kelt Exploration Ltd.
Sadiq H. Lalani
Vice President, Finance and Chief Financial Officer
(403) 215-5310

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