Exercise with insufficient insulin on board will make your BGs go up. And afterwards when you correct, you may need less of a correction to bring you back to normal levels. As DeusXM said, the specifics depend on the person, the type of exercise and, we've found, the time of day. You'll need to experiment!
As an example, my son has enrolled on the Duke of Edinburgh scheme, and we've just started going hiking at weekends to build up to the mileage he'll need to walk on the expedition and to work out how he should manage the D side of things. So far, we've found that if we walk in the morning (5-6 miles atm), he needs to reduce his basal to 50% and test BG hourly, while also eating free carb snacks (unbolused) - approx 80g carb. In the afternoon, the same basal reduction and only 13g of free carb snacks made his BG end up 8mmol higher than when he started, and also left him running higher into the evening and first part of the night! Really frustrating, but we're just going to have to keep practising and logging the results and learning from them. 🙂