Kelt Completes Acquisition of Strategic Montney Assets in Its Core Area Near Grande Prairie

Kelt Exploration Ltd. ("Kelt" or the "Company") (TSX:KEL) is pleased to announce
the successful completion of its previously announced acquisition of a private
Canadian oil and gas company ("PrivateCo") with crude oil and natural gas assets
located at Valhalla/La Glace, adjacent to the Company's core producing areas at
Pouce Coupe and Spirit River in west central Alberta (the "Acquisition"), all as
previously disclosed in the news release of Kelt dated June 16, 2014 and
available under the Company's SEDAR profile at www.sedar.com. 


Pursuant to the terms of the Acquisition, the consideration paid by Kelt, before
adjustments, was $165.0 million, consisting of $107.0 million in cash (including
proceeds to shareholders of PrivateCo, as well as repayment of all outstanding
debt of PrivateCo) and the issuance of 4,270,956 common shares of Kelt ("Kelt
Shares") with an aggregate value of $58.0 million, based on the five day volume
weighted average price of Kelt shares that traded on the Toronto Stock Exchange
from June 9th to 13th of $13.58.


Immediately following closing of the Acquisition, all of the property, assets
and liabilities of PrivateCo were assigned to Kelt and PrivateCo was
subsequently dissolved.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Kelt Exploration Ltd.
David J. Wilson
President and Chief Executive Officer
[phone]


Kelt Exploration Ltd.
Sadiq H. Lalani
Vice President, Finance and Chief Financial Officer
[phone]
www.keltexploration.com