Celtic Exploration Ltd. (“Celtic or “the Company”) is a growth oriented oil and gas exploration and production company, based in Calgary , Alberta . The Company was incorporated in April 2002 and began active oil and gas operations in September 2002.

Celtic has a dual prong business strategy to increase shareholder value. The Company identifies and acquires oil and gas assets with exploitation upside, and at the same time, implements a full cycle exploration and development program.

The Company aims to achieve profitable growth as a result of its business strategy and its disciplined fiscal approach towards its capital spending program, which is funded by bank debt, share equity offerings and internally generated cash flow from operations.

Celtic has assembled a vast land base in the Kaybob area of west central Alberta where it has identified numerous drilling locations on a liquids rich natural gas prospect targeting the Triassic, Cretaceous and Jurassic formations through horizontal drilling techniques with multi-fracture completions.

At December 31, 2008 , the Company had 53.2 million BOE of reserves and 246,000 net acres of undeveloped lands.

In 2009, the Company expects to incur $150.0 million in capital expenditures. Production for 2009 is expected to average between 13,800 and 14,000 BOE/d and the Company expects to exit 2009 with production of approximately 16,700 BOE/d.

All references to barrel of oil equivalent (BOE) are based on natural gas converted at 6 mcf equals 1 BOE. All references to oil include crude oil and natural gas liquids.

 

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