Mr. David Wilson reports

KELT ADVISES OF IMPACT OF BRITISH COLUMBIA WILDFIRES

Kelt Exploration Ltd., pursuant to an evacuation order issued as wildfires burn in close proximity to Fort St. John, has safely evacuated all of its personnel in its operating region at Oak, which is approximately 35 kilometres from Fort St. John. As a result, the company has temporarily shut in approximately 5,000 barrels of oil equivalent per day (77 per cent gas) since the evening of May 15, 2023. The company is not aware of any damage or loss to infrastructure. While timing remains uncertain, Kelt is prepared to restart production as soon as it is safe to do so.

Kelt has drilled three of its budgeted five Montney wells at Oak so far in 2023. Drilling operations were currently suspended due to spring breakup and road bans. Kelt expects to drill the remaining two wells in June, 2023.

About Kelt Exploration Ltd.

Kelt is an oil and gas company based in Calgary, Alta., focused on the exploration, development and production of crude oil and natural gas resources in Western Canada. Kelt's business plan is for long-term profitable growth by implementing a full-cycle exploration and development program, with emphasis on low-cost land accumulation with the potential for high rates of return on capital invested. Kelt has an active exploration and development drilling program that, from time to time, may be complemented with opportunistic acquisitions and dispositions that optimize its asset base.

We seek Safe Harbor.