Date closed: 7/7/2015

Value: C$90 million

On July 7, 2015, Kelt Exploration Ltd. (Kelt or the Company) completed a bought deal short-form prospectus offering with a syndicate of underwriters led by Peters & Co. Limited, and including FirstEnergy Capital Corp., CIBC World Markets Inc., National Bank Financial Inc., RBC Capital Markets, Cormark Securities Inc., Scotia Capital Inc., AltaCorp Capital Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., TD Securities Inc., Credit Suisse Securities (Canada), Inc., Desjardins Securities Inc. and Raymond James Ltd. (collectively the Underwriters), pursuant to which the Company issued 9,775,000 common shares of Kelt (which includes the exercise in full of the over-allotment option to purchase 1,275,000 common shares) at a price of $8.85 per common share for gross proceeds of approximately C$86.5 million.

Kelt also completed a non-brokered private placement offering to certain directors and officers of the Company and their associates, of 400,000 common shares at a price of $8.85 per share for gross proceeds of approximately $3.5 million.

Net proceeds from the short-form prospectus offering and the non-brokered private placement will initially be used to pay down existing credit facilities and thereafter to partially finance Kelt's 2015 expanded capital expenditure programs and for general working capital purposes.

Kelt, headquartered in Calgary, Alberta, is an oil and gas company focused on exploration, development and production of crude oil and natural gas resources, primarily in west central Alberta and northeastern British Columbia.

BLG represented Kelt with a team led by William C. Guinan that included Louise K. Lee, Michael Saliken and Peter Newman.