Celtic closes $36.4 million equity financing



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES OF AMERICA/
    

    (Stock Symbol "CLT" - TSX)

    CALGARY, April 23 /CNW/ - Celtic Exploration Ltd. ("Celtic" or the
"Company") announces that it has closed its previously announced equity
financing by way of a short form prospectus on a bought deal basis by
completing the sale of 2,750,000 common shares (including 350,000 common
shares issued pursuant to the exercise in full of an over-allotment option) at
a price of $13.25 per share, for gross proceeds of $36.4 million. The offering
was completed through a syndicate of underwriters which was co-led by GMP
Securities L.P and FirstEnergy Capital Corp. and which also included National
Bank Financial Inc., Peters & Co. Limited, BMO Nesbitt Burns Inc., CIBC World
Markets Inc., Genuity Capital Markets, RBC Capital Markets, Thomas Weisel
Partners Canada Inc., Macquarie Capital Markets Canada Ltd and Tristone
Capital Inc. After this offering, Celtic has approximately 44.1 million common
shares issued and outstanding.
    Net proceeds from the offering will initially be used to pay down
outstanding bank debt, and subsequently to fund Celtic's on-going capital
expenditures and for general corporate purposes.
    This news 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 any
applicable exemption from the registration requirements of such Act.

    FORWARD LOOKING STATEMENTS

    The information with respect to Celtic contained herein, contains
forward-looking statements relating to the use of proceeds from the offering.
These forward-looking statements are based on assumptions and are subject to
numerous risks and uncertainties, certain of which are beyond Celtic'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. As a result, Celtic's actual results, performance
or achievement could differ materially from those expressed in, 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. In addition, the reader is cautioned that historical results are not
necessarily indicative of future performance. Celtic does not intend, and does
not assume any obligation, to update or revise these forward-looking
statements except as required pursuant to applicable securities laws.




For further information:

For further information: CELTIC EXPLORATION LTD., Suite 500, 505 - 3rd
Street SW, Calgary, Alberta, Canada, T2P 3E6; David J. Wilson, President and
Chief Executive Officer, (403) 201-5340; or Sadiq H. Lalani, Vice President,
Finance and Chief Financial Officer, (403) 215-5310; or Visit our website at
www.celticex.com

Organization Profile

Celtic Exploration Ltd.

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