Have a look at
http://www.Runsweet.co.UK and
http://www.diabetesnet.com The former is dedicated to sport & has a section on starting exercise. The latter is a US site which has a very good section on carb replacement, insulin reduction & the carb usage of various activities.
In general, short Sharp intense activity (sprinting) will make you BG rise, where as moderate exercise will make it start to drop fairly quickly after about 20 mins.
Test before starting and aim for a BG between 6 & 10. If below 6 eat fast acting carbs, if above 12 don't exercise until your BG has come down as you may not have enough insulin in your body to metabolise the glucose released by your muscles so your BG will only rise further.
Test every 20-30 mins during exercise (not that mine ever lasts that long!)
I certainly find that I don't need any extra carb for 20 mins x-training & I go full pelt.
If you exercise less than 2 hours after eating consider reducing your meal time insulin some (up to half, but you'll heed to see what works for you) instead of taking extra carbs.
Remember that the effects of exercise last for to to 48 hours, so you should test before bed & during the night & maybe reduce your long acting insulin by up to 20% the night after exercise.
Of course, I'm assuming you're on insulin! If you aren't, the websites will still help you with how exercise affects a person.
Good luck.