Celtic growth strategy is dual-pronged. The
Company seeks to acquire assets with exploitation
potential and, at the same time, implements its
full-cycle exploration program.

This strategy has proved successful to date as is
evidenced by Celtic’s rapid growth since
commencing active oil and gas operations in
September 2002.

To complement this strategy, the Company has
assembled a team of experienced and qualified
personnel and is well positioned financially to act
quickly on new opportunities.

Celtic believes that its growth strategy will continue to increase funds from operations per share, net asset value per share and production per share.