balancing exercise calories and carbs

Your body needs carbohydrates in order to function properly especially if you are exercising. I would say you
should be able to eat your exercise calories as long as you don't go past the calorie limit set for your weight level (loss
goal). Avoid refined sugars (in food and drinks) and starchy foods (like potatoes and white rice) that tend to spike your
blood sugar and trigger fat storage. You should be able to reach a normal blood sugar profile by creating a sufficient
calorie deficit for your current weight. Once you reach a BMI of <= 24 simply calculate your BMR+ acitivity level and maintain
your weight with the calculated number of calories required. Watch your weight and consult with your doctor.

Not all carbs are equal, either. Glycemic load can vary fairly significantly. That said, nuts or peanut butter (no added sugar), are a decent way to eat back exercise calories because they're fairly dense in terms of calories.

Awesome Mike!

I was just about to say... carbs are OK (I try to eat a low carb diet because it's quite good for the weight loss IF combined with exercise).

I would definately try to go for LOW GI carbs....remember that if you combine HIGH GI foods with LOW GI foods you get MEDIUM GI foods. . ..
it would be well worth it to find a list of GI values of foods somewhere and try to eat only from the LOW GI list (or combine MEDIUM with LOW or with some fat - which also slows down the rate at which the glucose is released to the bloodstream) ...
people might be surprised to learn that
sugar = medium GI
honey = LOW GI
sweet potato = medium
potato = VERY HIGH (probably one of the highest)

So GI is not always what you might think