KEL Kelt Exploration Ltd

Kelt Exploration Ltd. (TSX:KEL) ("Kelt" or the "Company") is pleased to announce
that it has completed a bought deal private placement offering (the "Brokered
Offering") with a syndicate of underwriters led by Peters & Co. Limited and
including FirstEnergy Capital Corp., RBC Capital Markets, National Bank
Financial Inc., CIBC World Markets Inc., GMP Securities L.P., Scotia Capital
Inc., AltaCorp Capital Inc., Dundee Securities Ltd., Cormark Securities Inc. and
Macquarie Capital Markets Canada Ltd. (collectively, the "Underwriters")
pursuant to which the Company issued 9,775,000 common shares of Kelt ("Common
Shares") (which includes the exercise in full of the over-allotment option to
purchase 1,275,000 Common Shares) at a price of $11.60 per Common Share for
gross proceeds of $113,390,000 and 1,530,000 Common Shares issued on a
"flow-through" basis pursuant to the Income Tax Act (Canada) ("Flow-Through
Shares") at a price of $12.75 per Flow-Through Share for gross proceeds of
$19,507,500.


Kelt is also pleased to announce the completion of its previously announced
non-brokered private placement offering (the "Non-Brokered Offering"), to
certain directors, officers and employees of the Company, of 1,105,000
Flow-Through Shares at a price of $12.75 per Flow- Through Share for gross
proceeds of $14,088,750.


Net proceeds from the Brokered Offering and the Non-Brokered Offering
(collectively, the "Offerings") will be used to partially finance Kelt's
increased 2014 capital expenditure programs and for general working capital
purposes.


Kelt shall, pursuant to the provisions in the Income Tax Act (Canada), incur
eligible Canadian development expenses, (the "Qualifying Expenditures") after
the closing of the Offerings and prior to December 31, 2014 in the aggregate
amount of $33,596,250 raised from the issue of Flow-Through Shares. Kelt shall
renounce the Qualifying Expenditures so incurred to the purchasers of the
Flow-Through Shares on or prior to December 31, 2014.


The Common Shares and Flow-Through Shares issued pursuant to the Offerings are
subject to a statutory hold period under applicable securities legislation until
July 26, 2014.


This press release does not constitute an offer to sell or a solicitation of any
offer to buy the Common Shares or Flow-Through Shares in the United States. The
Common Shares and Flow- Through 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.


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 on Forward-Looking Statements and Information

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking information or
statements. In particular, this press release contains forward-looking
statements concerning the use of proceeds from the Offerings and the timing
during which Qualifying Expenditures are expected to be incurred.


The forward-looking statements contained in this press release are based on
certain key expectations and assumptions made by Kelt. Although Kelt believes
that the expectations and assumptions on which the forward-looking statements
are based are reasonable, undue reliance should not be placed on the
forward-looking statements because Kelt cannot give any assurance that they will
prove to be correct.


Since forward-looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, risks associated with the oil
and gas industry in general (e.g., operational risks in development, exploration
and production; delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to production,
costs and expenses; health, safety and environmental risks; commodity price and
exchange rate fluctuations; and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development projects or capital
expenditures).


The forward-looking statements contained in this document are made as of the
date hereof and Kelt does not undertake any obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. Please refer to Kelt's Annual Information Form dated March 28,
2013 for additional risk factors relating to Kelt which is available for viewing
on www.sedar.com.


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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