These are the general rules often given for t1 exercise and why.
If levels below 5.6mmol(100mg/dl) This might be a bit low and you may go hypo quickly.
You perhaps need some carbs before exercise. Fruit is often a good option
If your level is between 5.6 and 13.9 (100-250mg/dl) then you should be OK to exercise.
If your levels are above 13.9mmol(250mg/dl) you should check for ketones. Ketones are produced when the body is breaking down fat for fuel and indicate that you haven't got enough circulating insulin. In this case if you exercise and increase your demand for fuel the body will continue to break down fat and the ketones may increase, this can lead to DKA. If ketones are present then they and the glucose level need treating before exercise.
If ketones are not present then you can exercise with care (ie test during to see whats happening.... though you should be doing this anyway)
If your level is above 16.7mmol ( 300mg/dl) then you shouldn't exercise at all. In this case there is almost certainly not enough insulin in your system and you need to treat the level before attempting exercise.