Kelt Exploration Ltd. provided production guidance for the fourth quarter and full year ended December 31, 2014 and capital expenditure guidance for the year 2015. For the fourth quarter 2014 average daily production was approximately 15,300 BOE per day and based on field estimates, average daily production for the month of December 2014 exceeded 16,500 BOE per day.

For the year 2014 average daily production was approximately 12,700 BOE per day, compared to previous guidance of 12,600 BOE per day. Capital expenditures in 2014 are estimated to be approximately $426 million, compared to previous guidance of $428 million. Included in the 2014 estimated capital expenditures is a $10.6 million "tuck-in" acquisition of land, facilities and production of approximately 450 BOE per day, completed in late December 2014 in the Company's Inga/Fireweed core area.

For the year 2015, capital expenditures for the period have been reduced to $152 million from the company's previous budget of $215 million. Despite a 29% reduction in forecasted capital expenditures, estimated average daily production for 2015 has been lowered by only 3% to 16,600 BOE per day compared to previous guidance of 17,200 BOE per day. Despite a 29% reduction in forecasted capital expenditures, estimated average daily production for 2015 has been lowered by only 3% to 16,600 BOE per day compared to previous guidance of 17,200 BOE per day. Commodity price forecasts for 2015 have also been reduced: WTI crude oil is estimated to average $59.50 per barrel, down 25% from previous estimate of $79.50 per barrel; AECO natural gas is estimated to average $3.10 per GJ, down 10% from previous estimate of $3.45 per GJ.