2009-05-20-2007-07-01-2007-08-01

Purchased assets in AB, gaining 2.8 MMBOE proved.

Celtic Exploration Ltd., Calgary, (Toronto: CLT) has closed the acquisition of certain assets in Alberta from an undisclosed company for C$52.7 million. The assets are in Celtic's core operating area, consisting of 49.9% working interest in the Kaybob South Beaverhill Lake gas unit No. 2 as well as other assets in the Kaybob South area. Production is approximately 1,100 barrels of oil equivalent per day (63% gas). Proved reserves are 2.8 million barrels equivalent and proved and probable reserves are 4.4 million barrels equivalent. Celtic also acquired an operated interest in gas facilities and in a major pipeline used to transport gas from its Kaybob South Montney Field to the Kaybob South KA gas-processing plant.