Mr. David Wilson reports

KELT PROVIDES UPDATE ON START-UP OF THIRD-PARTY GAS PLANT AT WEMBLEY

Kelt Exploration Ltd. is providing an update on the start-up for the newly constructed Albright gas plant near the company's lands at Wembley/Pipestone, Alta. Albright is owned and operated by a third party mid-stream company, CSV Midstream Solutions Corp. CSV is an Alberta-based company headquartered in Calgary with assets located in the Grande Prairie and Grande Cache areas of Northern Alberta.

CSV has informed Kelt that it has finalized commissioning and has now commenced operations at Albright. Kelt has initiated deliveries of gas to the plant and expects to gradually increase deliveries as the plant works through its start-up operations.

Kelt will monitor the rate at which it can increase deliveries to Albright over the coming days and expects to provide updated 2025 production guidance when the company releases its third quarter results on Nov. 13, 2025. The lower end of the company's forecasted average daily production for 2025 was expected to be 42,000 BOE per day. However, with the delay in start-up of Albright, as well as gas that Kelt shut-in due to low to negative AECO prices, the company expects its annual average guidance to be reduced by 3 per cent to 5 per cent from the low end of its previous guidance. Kelt had shut-in approximately 60 MMcf (million cubic feet) per day of relatively dry gas production for approximately 15 days. This production has been brought back on-stream since AECO prices have made a strong recovery with the November, 2025, contract currently trading near $2.45/GJ and the December, 2025, contract currently trading near $3.25/GJ (gigajoule).

During the seven months ended July 31, 2025, Kelt's average production in its Wembley/Pipestone division was approximately 14,300 BOE per day (55 per cent oil and NGLs (natural gas liquids) and 45 per cent gas). With the successful start-up of Albright, the company expects to increase its production at Wembley/Pipestone to within a range of 23,000 to 25,000 BOE per day.

We seek Safe Harbor.