Mr. David Wilson, investor, reports

DAVID J. WILSON ANNOUNCES FILING OF EARLY WARNING REPORT IN RESPECT OF KELT EXPLORATION LTD.

David J. Wilson has acquired an aggregate of five million common shares of Kelt Exploration Ltd. through the facilities of the Toronto Stock Exchange at a price of $1.47 per share for an aggregate purchase price of $7.35-million. The shares were purchased on Sept. 16, 2020.

Prior to the acquisition of shares, Mr. Wilson held, directly or indirectly, 18,782,992 shares, representing 9.97 per cent of the outstanding shares. After giving effect to the acquisition of shares, Mr. Wilson held, directly or indirectly, 23,782,992 shares, representing 12.62 per cent of the outstanding shares. In addition, Mr. Wilson currently holds 809,000 stock options, 70,000 restricted share units and $8,679,500 in convertible debentures. Assuming the conversion of such options and restricted share units, he would hold 13.03 per cent of the outstanding shares.

The shares were acquired for investment purposes. In the future, Mr. Wilson or any of his joint actors may, subject to applicable law, acquire or dispose of securities of Kelt, depending upon a number of factors, including, but not limited to, general market and economic conditions and other available investment opportunities.

A copy of the early warning report is available under Kelt Exploration's SEDAR profile. For more information, please contact Mr. Wilson at 403-294-0154.