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Celtic Updates Resthaven Ops

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Celtic Exploration Ltd. released an operations update.

RESTHAVEN

Celtic provided an update on activities at Resthaven. To date, the Company has drilled 20 horizontal Montney wells over a fairway that extends more than 43 miles (70 kilometers). Celtic has built a facility located at 02-10-060-01W6 (the Resthaven facility) including compression and dehydration equipment with a capacity of 55.0 MMCF per day of raw natural gas production. The Company has tied-in nine horizontal wells to date and is currently producing approximately 30.0 MMCF per day of raw natural gas through the Resthaven facility. The gas is shipped through a 12-inch pipeline from the Resthaven facility to the Keyera Simonette Gas Plant where
the gas is processed and liquids are extracted. The Simonette Gas Plant is currently operating at -30° C and the operator is working to bring the configuration to -35° C, increasing the liquids recovery ratio. In addition, the operator is currently working on an expansion with deep-cut capability that will further enhance liquids recovery. The completion for deep-cut capability at the Simonette Gas Plant is expected to be December 2013. In addition, Celtic has built a water injection facility which is tied into the Resthaven facility, to further reduce production expenses.

Celtic recently completed the pipeline extension north-west to Jayar and has brought the horizontal well located at 04-34-061-03W6 (100% WI) on production. A second horizontal well at Jayar located at 01-15-061-03W6 (100% WI) has been drilled and is currently being completed. A third well located at 02-26-061-03W6 (100% WI) is currently drilling.

Celtic recently completed a horizontal well in the Montney formation at Resthaven located at 02-30-060-02W6 (100% WI). The well was drilled to a measured depth of 16,985 feet (5,177 meters) and was completed with a 16-stage foam fracture technique. After 304 hours of frac clean-up and flow, at the end of the test, the well was producing natural gas at a rate of 10.1 MMCF per day and field condensate at 118 barrels per day, at a flowing wellhead pressure of 5,578 kPa (809 psi). This well is now on production and additional liquids will be recovered from the gas at the gas plant.

The Company currently has six additional horizontal wells at Resthaven that have been drilled and are awaiting tie-in. The majority of these wells are expected to be brought on production in April and May 2012.

KAYBOB DUVERNAY

Celtic has continued to be active drilling the Duvernay shale play at Kaybob. The horizontal well located at 13-36-060-20W5 (33.3% WI) was completed and brought on-stream in February. The well will be produced at high back pressure, similar to the methodology used in the Eagle Ford shale play in Texas, USA. The horizontal well located at 13-22-062-21W5 (50% WI) was completed using a plug and perf technique with 40 perf clusters fractured in 10 stages. During clean-up, the well flowed at rates of up to 6.8 MMCF per day up 7” casing after which the well was shut-in to run tubing. The well was then tested at various gas rates between 6.0 to 7.7 MMCF per day at flowing tubing pressures of 10 to 15 mPa (1,450 to 2,174 psig). At the end of the 11 day flow period, in addition to the natural gas production, the well was producing field condensate at a rate of 658 barrels per day (109 barrels per MMCF of raw gas). This well is expected to be put on production this summer. Another horizontal well located at 04-11-060-19W5 (33.3% WI) has been drilled and is expected to be completed prior to spring break-up. Two additional horizontal wells will be spud prior to break-up.

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