/C O R R E C T I O N From CNW - Celtic Exploration Ltd./



    In c4811 sent at 8:30e today, the table heading references "Three months
    ended June 30" and not "Three months ended March 31" as previously
    issued. Correct copy follows.

    Celtic Reports Increased Funds from Operations and Production in the
    Second Quarter of 2007

    (Stock Symbol "CLT" - TSX)

    CALGARY, Aug. 8 /CNW/ - Celtic Exploration Ltd. ("Celtic" or the
"Company") has released its financial and operating results for the
three months and six months ended June 30, 2007. Highlights are as follows:

    
    -------------------------------------------------------------------------
                             Three months ended         Six months ended
                                  June 30,                  June 30,
    -------------------------------------------------------------------------
    ($ thousands, unless
    otherwise indicated)   2007     2006   Change     2007     2006   Change
    -------------------------------------------------------------------------
    FINANCIAL
    -------------------------------------------------------------------------
    Revenue, before
     royalties and
     derivatives       $ 34,556 $ 29,308      18% $ 65,354 $ 63,184       3%
    -------------------------------------------------------------------------
    Funds from
     operations        $ 19,244 $ 18,008       7% $ 41,290 $ 38,546       7%
    -------------------------------------------------------------------------
    Funds from
     operations per
     share
    -------------------------------------------------------------------------
      Basic ($/share)  $   0.56 $   0.60      -7% $   1.23 $   1.33      -8%
    -------------------------------------------------------------------------
      Diluted
      ($/share)        $   0.55 $   0.59      -7% $   1.21 $   1.29      -6%
    -------------------------------------------------------------------------
    Net earnings       $  2,957 $  5,481     -46% $    107 $ 12,782     -99%
    -------------------------------------------------------------------------
    Earnings per share
    -------------------------------------------------------------------------
      Basic ($/share)  $   0.09 $   0.18     -50% $   0.00 $   0.44        -
    -------------------------------------------------------------------------
      Diluted
      ($/share)        $   0.09 $   0.18     -50% $   0.00 $   0.43        -
    -------------------------------------------------------------------------
    Capital
     expenditures, net
     of dispositions   $ 66,431 $ 41,704      59% $122,997 $ 84,058      46%
    -------------------------------------------------------------------------
    Total assets                                  $465,151 $308,890      51%
    -------------------------------------------------------------------------
    Debt, net of
     working capital                              $119,367 $ 83,452      43%
    -------------------------------------------------------------------------
    Shareholders'
     equity                                       $271,912 $165,178      65%
    -------------------------------------------------------------------------
    Common shares
     outstanding
     (thousands)
    -------------------------------------------------------------------------
      Basic                                         37,402   31,075      20%
    -------------------------------------------------------------------------
      Diluted                                       40,155   33,476      20%
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    OPERATIONS
    -------------------------------------------------------------------------
    Production
    -------------------------------------------------------------------------
      Oil (bbls/d)        2,947    3,187      -8%    3,046    3,401     -10%
    -------------------------------------------------------------------------
      Natural gas
      (mcf/d)            24,398   13,134      86%   21,702   13,725      58%
    -------------------------------------------------------------------------
      Combined (BOE/d)    7,013    5,376      30%    6,663    5,689      17%
    -------------------------------------------------------------------------
    Production per
     million shares
     (BOE/d)                213      181      18%      199      196       2%
    -------------------------------------------------------------------------
    Realized sales
     prices, after
     financial
     derivatives
    -------------------------------------------------------------------------
      Oil ($/bbl)      $  66.54 $  63.98       4% $  66.14 $  62.99       5%
    -------------------------------------------------------------------------
      Natural gas
      ($/mcf)          $   7.96 $   9.31     -15% $   9.42 $  10.39      -9%
    -------------------------------------------------------------------------
    Operating
     netbacks ($/BOE)
    -------------------------------------------------------------------------
      Oil and gas
       revenue, before
       hedging         $  53.43 $  55.07      -3% $  53.83 $  55.98      -4%
    -------------------------------------------------------------------------
      Increased price
      from physical
      fixed price
      contracts            0.70     4.86     -86%     0.37     5.41     -93%
    -------------------------------------------------------------------------
      Realized gain
       on financial
       derivatives         1.51     0.76      99%     6.72     1.37     391%
    -------------------------------------------------------------------------
      Royalties          (10.36)  (10.47)     -1%   (10.96)  (12.05)     -9%
    -------------------------------------------------------------------------
      Production
       expense           (10.73)   (9.74)     10%   (11.20)   (9.78)     15%
    -------------------------------------------------------------------------
      Transportation
       and selling
       expense            (0.83)   (0.47)     77%    (0.85)   (0.66)     29%
    -------------------------------------------------------------------------
    Operating netback  $  33.72 $  40.01     -16% $  37.90 $  40.27      -6%
    -------------------------------------------------------------------------
    Drilling activity
    -------------------------------------------------------------------------
      Total wells            10       22     -55%       39       54     -28%
    -------------------------------------------------------------------------
      Working interest
       wells                8.3     19.5     -57%     35.4     40.0     -11%
    -------------------------------------------------------------------------
      Success rate on
       working
       interest wells       70%      86%     -19%      79%      79%        -
    -------------------------------------------------------------------------
    Undeveloped land
     (acres)
    -------------------------------------------------------------------------
      Gross                                        304,715  307,942      -1%
    -------------------------------------------------------------------------
      Net                                          234,095  217,555       8%
    -------------------------------------------------------------------------


    2007 Second Quarter Highlights

    -   Acquired assets in the Kaybob South area consisting of 4.4 million
        BOE of proved plus probable liquids-rich natural gas reserves and
        1,040 BOE per day of current production for approximately
        $46.0 million;

    -   Generated gross proceeds of $45.9 million by completing a common
        share private placement that resulted in the issuance of 3.2 million
        common shares at a price of $14.35 per share;

    -   Drilled 10 (8.3 net working interest) wells during the quarter
        resulting in 2 (1.3 net) oil wells, 5 (4.6 net) natural gas wells and
        3 (2.4 net) unsuccessful wells, for an overall success rate, based on
        net wells, of 70%;

    -   Reported funds from operations of $19.2 million ($0.55 per share,
        diluted), an increase of 7% from $18.0 million ($0.59 per share,
        diluted) in the same period of the previous year;

    -   Generated an average operating netback of $33.72 per BOE, down 16%
        from $40.01 per BOE in the second quarter of 2006;

    -   Increased average daily production by 30% to 7,013 BOE per day, up
        from 5,376 BOE per day in the three months ended June 30, 2006;
    

    President's Message

    Celtic is pleased to report to shareholders the Company's activities in
the second quarter of 2007. During the second quarter, Celtic drilled 10
(8.3 net) wells with an overall success rate of 70%. Production during the
quarter averaged 7,013 BOE per day, an increase of 30% from the second quarter
of 2006. In the second quarter of 2007, Celtic reported funds from operations
of $19.2 million or $0.55 per share, diluted. Net earnings for the quarter
were $3.0 million or $0.09 per share, diluted.
    In East Central Alberta, Celtic drilled a successful natural gas well
which is expected to come on-stream in the third quarter of 2007. The Company
has a large drilling inventory in this shallow multi-zone producing area.
Celtic expects to drill 10 to 15 wells in this area during 2007.
    Celtic drilled four wells in Southern Alberta. At Newell, an oil test
proved unsuccessful. Three wells drilled in the Drumheller/Michichi area
resulted in two successful natural gas wells which are expected to come
on-stream in the third quarter of 2007. In addition, the Company participated
in the drilling of a successful Bakken light oil well (50% interest) in
Saskatchewan.
    In West Central Alberta, drilling activity was slower than anticipated as
a result of delays caused by consistent wet weather conditions.
    At Willesden Green, the Company re-entered two wells resulting in one
successful light oil discovery well. Celtic expects to drill two additional
wells targeting light oil in this area during the second half of 2007.
    At Kaybob South, Celtic drilled two wells during the quarter. A well on
the Company's block of lands to the east of its main producing pool has been
cased. Celtic's first Montney horizontal well was drilled in the Company's
main liquids-rich natural gas Montney producing block. Celtic is encouraged
with the initial production rates from this horizontal well which tested at
rates double that of a vertical well. The capital cost of the horizontal well
was approximately 50% more than a vertical well. The Company will drill two
additional horizontal wells at Kaybob during the third quarter. In addition,
Celtic commenced compression in the Kaybob South natural gas field during the
second quarter resulting in new wells performing at their productive capacity
without interrupting production from older wells and at the same time
increasing productivity on all wells. During the third quarter of 2007, the
Company expects to install a second compressor at Kaybob South.
    At the end of the second quarter, Celtic completed the acquisition of a
49.88% working interest in the Kaybob South Beaverhill Lake Gas Unit No.2, as
well as certain other non-unit interests in the Kaybob South area. The Company
paid approximately $46.0 million for 1,040 BOE per day of current production
and 4.4 million BOE of proved plus probable reserves, resulting in acquisition
metrics of approximately $44,200 per daily flowing BOE and $10.46 per BOE of
reserves. Concurrently, Celtic issued 3.2 million common shares at a price of
$14.35 per share, resulting in gross proceeds of $45.9 million. During
September 2007, for approximately three to four weeks, the unit production
acquired will be shut-in, allowing the Company to complete upgrades to the
pipeline and related facilities. These upgrades will ensure a more stable
production and transportation profile in the future. Production and cash flow
from the acquired assets will be reported by Celtic commencing July 1, 2007.
    At June 30, 2007, Celtic's undeveloped land holdings increased by 8%
compared to the corresponding period of the previous year, to over 234,000 net
acres. In addition to the increase in its undeveloped land position, the
Company continues to add significantly to its drilling inventory as a result
of successful exploration and development activity.
    Based on field estimates, Celtic's average production for the week ending
July 21, 2007 was approximately 9,000 BOE per day.

    Production

    Oil and gas production in the second quarter of 2007 increased 30% to
average 7,013 BOE per day compared to 5,376 BOE per day in the second quarter
of 2006. Production per million shares outstanding in the second quarter of
2007 averaged 213 BOE per day, up 18% from 181 BOE per day in the same period
of 2006.
    Celtic was able to show strong growth in production during the second
quarter of 2007, even though the Company experienced production down-time
during this period. At Kaybob South, approximately 440 BOE/d (average for the
quarter) was curtailed due to mechanical disruptions encountered by the
operator of the facility and the pipeline through which Celtic's production
from its Kaybob South Montney pool is transported. As a result of its
acquisition at Kaybob South, Celtic now has ownership and operates the
pipeline and facility mentioned above. In addition, completion and pipeline
construction operations were delayed during the quarter as a result of
consistently wet weather conditions in west central Alberta.
    For the six months ended June 30, 2007, production averaged 6,663 BOE/d
(46% oil and 54% gas), resulting in a 17% increase from 5,689 BOE/d average
production for the same period in 2006. Production per million shares
outstanding in the first half of 2007 averaged 199 BOE per day, up 2% from
196 BOE per day in the same period of 2006.
    With the recent acquisition, new production recently brought on-stream
and with additional behind pipe volumes currently being tied-in, Celtic
expects to show significant production growth in the third quarter of 2007.

    Revenue and Royalties

    Revenue, before royalties and financial derivatives, for the three months
ended June 30, 2007 was $34.6 million, an increase of 18% compared to
$29.3 million in the same period of the previous year. Royalties in the second
quarter of 2007 averaged 19.1% of sales (excluding financial derivatives)
compared to 17.5% in the corresponding period of 2006. Revenue for the six
months ended June 30, 2007 was $65.4 million, an increase of 3% compared to
$63.2 million in the same period of the previous year. Royalties in the first
half of 2007 averaged 20.2% of sales compared to 19.6% in the corresponding
period of 2006.
    The combined average product price received for oil and gas sales, before
financial derivative contracts, for the quarter ended June 30, 2007 was $54.13
($55.64 after realized financial derivatives) per BOE, a decrease of 10%
compared to the second quarter of the previous year. The combined average
product price received for oil and gas sales, before financial derivative
contracts, for the six months ended June 30, 2007 was $54.20 ($60.92 after
realized financial derivatives) per BOE, a decrease of 12% compared to the
first half of the previous year.

    Expenses

    For the three month period ended June 30, 2007, production expenses were
$6.8 million ($10.73 per BOE), transportation and selling expense was
$0.5 million ($0.83 per BOE), general and administrative expenses were $0.7
million ($1.12 per BOE), interest expense was $1.6 million, and depletion,
depreciation and amortization expenses were $13.7 million ($21.44 per BOE). In
the previous year, for the three month period ended June 30, 2006, production
expenses were $4.8 million ($9.74 per BOE), transportation and selling expense
was $0.2 million ($0.47 per BOE), general and administrative expenses were
$0.4 million ($0.81 per BOE), interest expense was $1.0 million, and
depletion, depreciation and amortization expenses were $9.1 million
($18.65 per BOE).
    For the six months ended June 30, 2007, production expenses were
$13.5 million ($11.20 per BOE), transportation and selling expense was $1.0
million ($0.85 per BOE), general and administrative expenses were $1.6 million
($1.33 per BOE), interest expense was $2.8 million, and depletion,
depreciation and amortization expenses were $26.6 million ($22.10 per BOE). In
the previous year, for the six months ended June 30, 2006, production expenses
were $10.1 million ($9.78 per BOE), transportation and selling expense was
$0.7 million ($0.66 per BOE), general and administrative expenses were $1.0
million ($1.01 per BOE), interest expense was $1.7 million, and depletion,
depreciation and amortization expenses were $19.0 million ($18.41 per BOE).

    Taxes

    For the three months ended June 30, 2007, Celtic provided for a provision
of future income taxes in the amount of $1.3 million, compared to a provision
of $2.9 million in the same period of 2006. For the six month period ended
June 30, 2007, the Company recorded a provision for future income taxes in the
amount of $46,000, compared to a provision of $6.1 million in the six month
period ended June 30, 2006.
    As at June 30, 2007, Celtic had sufficient tax deductions available,
allowing the Company to not record any current income tax expense. Estimated
unused income tax deductions available as at June 30, 2007 were approximately
$295.8 million.

    Net Earnings and Funds from Operations

    Net earnings for the three months ended June 30, 2007 was $3.0 million
($0.09 per share, basic and diluted), a decrease of 46% from $5.5 million
($0.18 per share, basic and diluted) in the same period of the previous year.
For the six months ended June 30, 2007, the Company recorded net earnings of
$0.1 million (nil per share, basic and diluted), compared to $12.8 million
($0.44 per share, basic and $0.43 per share, diluted) recorded for the six
months ended June 30, 2006.
    Funds from operations were $19.2 million ($0.56 per share, basic and
$0.55 per share, diluted) in the second quarter of 2007, an increase of 7%
compared to $18.0 million ($0.60 per share, basic and $0.59 per share,
diluted) in the second quarter of 2006. For the six months ended June 30,
2007, funds from operations were $41.3 million ($1.23 per share, basic and
$1.21 per share, diluted), up 7% from $38.5 million ($1.33 per share, basic
and $1.29 per share, diluted) in the same period of 2006.

    Capital Expenditures

    Capital expenditures in the second quarter of 2007 were $66.4 million
($20.6 million excluding acquisitions), up 59% from $41.7 million spent in the
second quarter of 2006. During the six month period ended June 30, 2007,
capital expenditures, including acquisitions were $123.0 million, an increase
of 46% compared to the same period of the previous year. Drilling and
completion operations accounted for $53.2 million, equipment and facility
expenditures were $19.8 million, $4.2 million was spent on land and seismic
and $45.8 million was incurred on property acquisitions. The Company continues
to invest in land and seismic in order to build on its inventory of prospects
for future drilling.

    Drilling Activity

    During the three months ended June 30, 2007, Celtic drilled 10 (8.3 net)
wells compared to 22 (19.5 net) wells in the second quarter of the previous
year, with an overall success rate of 70% on net wells drilled. The split
between development drilling and exploratory drilling was 90% and 10%,
respectively. The average vertical depth of net wells drilled was
1,850 metres, 10% shallower than the average drilling depth of 2,057 metres in
the second quarter of 2006. For the six months ended June 30, 2007, the
Company drilled 39 (35.4 net) wells resulting in 5 (3.8 net) oil wells, 25
(24.3 net) natural gas wells and 9 (7.3 net) unsuccessful wells, resulting in
an overall success rate of 79% based on net wells drilled.

    Source of Funds

    Investment funding for capital expenditures incurred in the first
six months of 2007 was provided by funds from operations, proceeds from equity
offerings and working capital.
    In February 2007, the Company issued 1.5 million common shares on a 
flow-through basis by way of private placement, at a price of $16.65 per
share. The equity offering resulted in gross proceeds of $25.0 million. In
June 2007, Celtic issued 3.2 million common shares by way of private
placement, at a price of $14.35 per share, resulting in gross proceeds of
$45.9 million.
    The Company has in place a committed term credit facility with Canadian
financial institutions. The maximum amount available to be drawn under this
facility is currently $155.0 million, up from $135.0 million available at
March 31, 2007. At June 30, 2007, Celtic had drawn $125.4 million, leaving
sufficient unused credit lines available to fund on-going capital
expenditures. Repayments of principal are not required provided that the
borrowings under the facility do not exceed the authorized borrowing amount
and the Company is in compliance with all covenants, representations and
warranties.

    Working Capital

    The capital intensive nature of Celtic's activities may create a working
capital deficiency position during periods with high levels of capital
investment. However, during such periods, the Company maintains sufficient
unused bank credit lines to satisfy such working capital deficiencies. At June
30, 2007, the working capital surplus plus outstanding bank debt represented
77% of the Company's maximum authorized bank borrowing credit limit.

    Common Share Information

    As at June 30, 2007, there were 37.4 million common shares outstanding.
In addition, directors, employees and consultants have been granted options to
purchase 2.8 million common shares of the Company at an average exercise price
of $9.82 per share. Detailed information regarding the Company's stock options
outstanding is contained in the notes to the financial statements. The
Company's common shares trade on the Toronto Stock Exchange under the symbol
"CLT".

    Advisory Regarding Forward-Looking Statements

    Certain information with respect to Celtic contained herein, including
management's assessment of future plans and operations, contains
forward-looking statements. 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.

    2007 Forecast

    Celtic continues to be optimistic about its future prospects. The Company
was successful in establishing a production base during the early months since
commencing operations that provides a cash flow stream that can be re-invested
in Celtic's ongoing exploration and development activity. Celtic is
opportunity driven and is confident that it can continue to grow the Company's
production base by building on its current inventory of development prospects
and by adding new exploration prospects. Celtic will endeavour to maintain a
high quality product stream that on a historical basis receives a superior
price with reasonable production costs. In addition, the Company takes
advantage of royalty incentive programs in order to further increase netbacks.
Celtic will continue to focus its exploration efforts in areas of multi-zone
potential for light gravity crude oil and liquids-rich natural gas.
    Celtic's Board of Directors has approved a capital expenditure budget in
the amount of $186 million for 2007. This capital spending will be financed by
funds from operations, bank credit lines and equity offerings completed in the
first half of 2007.
    After forecasting risked production discoveries, timing of production
on-stream dates resulting from the Company's planned capital expenditures for
2007 and estimated decline rates on existing volumes, Celtic expects
production in 2007 to average between 8,200 and 8,500 BOE/d (40% oil and 60%
gas). This represents a 38% to 43% increase from average production of
5,963 BOE/d in 2006.
    The Company's commodity price assumptions for 2007 are US$67.75 per
barrel for WTI oil, US$7.10 per mmbtu for NYMEX natural gas and a US/Canadian
exchange rate of US$0.916. These prices compare to 2006 average prices of
US$66.22 per barrel for WTI oil, US$7.26 per mmbtu for NYMEX natural gas and a
US/Canadian exchange rate of US$0.882.
    After giving effect to the aforementioned production and commodity price
assumptions and taking into effect commodity risk price management contracts
in place (as outlined in detail in the notes to the financial statements),
funds from operations for 2007 is forecasted to be approximately $90.0 million
or $2.54 per share ($2.50 per share, diluted) and net earnings is forecasted
to be approximately $5.5 million or $0.16 per share ($0.15 per share,
diluted). Changes in forecasted commodity prices and variances in production
estimates can have a significant impact to estimated funds from operations and
net earnings. Please refer to the advisory regarding forward-looking
statements shown above.
    Bank debt, net of working capital, is estimated to reach $133.0 million
by the end of 2007 or approximately 86% of the Company's existing credit
facility.
    Celtic's capital expenditure budget for 2007 will see the Company
participate at high working interests in the drilling of approximately 70 to
80 wells during the year. Celtic continues to pursue property acquisitions
that would complement its existing asset base and completion of such
acquisitions would be over and above the Company's planned capital expenditure
budget.
    Celtic is excited about the growth prospects being generated in the
Company and remains optimistic about the Company's ability to deliver
continued per share growth in production, funds from operations and earnings.
Given the Company's strong inventory of drilling locations, we look forward to
continued growth in 2007 and beyond.

    Non-GAAP Financial Measurements

    This document contains the terms "funds from operations" and "operating
netbacks" which do not have a standardized meaning prescribed by Canadian GAAP
and therefore may not be comparable with the calculation of similar measures
by other companies. Funds from operations and operating netbacks are used by
Celtic as key measures of performance. Funds from operations and operating
netbacks are not intended to represent operating profits nor should they be
viewed as an alternative to cash flow provided by operating activities, net
earnings or other measures of financial performance calculated in accordance
with GAAP. The reconciliation between net earnings and funds from operations
can be found in the statement of cash flows included in the financial
statements. Operating netbacks are determined by deducting royalties,
production expenses and transportation and selling expenses from oil and gas
sales revenue. The Company calculates funds from operations per share using
the same method and shares outstanding which are used in the determination of
earnings per share.

    Other Measurements

    All dollar amounts are referenced in Canadian dollars, except when noted
otherwise. Where amounts are expressed on a barrel of oil equivalent ("BOE")
basis, natural gas volumes have been converted to oil equivalence at six
thousand cubic feet per barrel. The term BOE may be misleading, particularly
if used in isolation. A BOE conversion ratio of six thousand cubic feet per
barrel is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. References to oil in this discussion include crude oil and natural
gas liquids ("NGLs"). NGLs include condensate, propane, butane and ethane.

    Critical Accounting Estimates

    Management is required to make judgments, assumptions and estimates in
the application of generally accepted accounting principles that have a
significant impact on the financial results of the Company.
    Capitalized costs relating to the exploration and development of oil and
gas reserves, along with estimated future capital expenditures required in
order to develop proved reserves, are depleted and depreciated on a
unit-of-production basis using estimated proved reserves.
    The carrying value of property, plant and equipment is reviewed at least
annually for impairment. Impairment occurs when the carrying value of the
assets is not recoverable by the future undiscounted cash flows. The cost
recovery ceiling test is based on estimates of proved reserves, production
rates, oil and gas prices, future costs and other relevant assumptions. By
their nature, these estimates are subject to measurement uncertainty and the
impact on the financial statements could be material.
    Liability recognition for asset retirement obligations associated with
oil and gas well sites and facilities are determined using estimated costs
discounted based on the estimated life of the asset. These capitalized costs
are amortized on a unit-of-production basis, consistent with depletion and
depreciation. Over time, the liability is accreted up to the actual expected
cash outlay to perform the abandonment and reclamation.
    In order to recognize stock based compensation expense, the Company
estimates the fair value of stock options granted using assumptions related to
interest rates, expected life of the option, volatility of the underlying
security and expected dividend yields. These assumptions may vary over time.
    The determination of the Company's income and other tax liabilities
requires interpretation of complex laws and regulations often involving
multiple jurisdictions. All tax filings are subject to audit and potential
reassessment after the lapse of considerable time. Accordingly, the actual
income tax liability may differ significantly from that estimated and recorded
on Celtic's financial statements.





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 site
at www.celticex.com

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Celtic Exploration Ltd.

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