Peyto Exploration & Development Corp. ("Peyto" or the "Company") (TSX:PEY) is
pleased to present the results and analysis of the independent reserve report
effective December 31, 2013. The evaluation encompassed 100% of Peyto's reserve
assets and was conducted by InSite Petroleum Consultants ("InSite").
This year marks the company's 15th year of profitable reserves development and
the largest organic capital program in Peyto's history. Reserves per share grew
in all categories with total reserves now exceeding 2.8 Trillion Cubic Feet
equivalent ("TCFe") or 467.8 Million Barrels of Oil equivalent ("MMBOE") at year
end.
Historical
-- Over the past 15 years, Peyto has explored for and discovered 3.5 TCFe
of Alberta Deep Basin natural gas and associated liquids, over 55% of
which has now been developed. Each year the Company invests in the
discovery of new reserves and the efficient and profitable development
of existing reserves into high netback natural gas production.
-- In total, $3.45 billion has been invested in the acquisition and
development of the 2.0 TCFe of developed reserves at an average cost of
$1.76/MCFe, while a weighted average field netback(1) of $4.93/MCFe has
resulted in a cumulative recycle ratio(2) of 2.8 times.
-- Based on the December 31, 2013 evaluation, the debt adjusted, Net
Present Value of the company's remaining Proved plus Probable Additional
reserves ("P+P NPV" - debt adjusted, 5% discount) was $38/share,
comprised of $23/share of developed reserves and $15/share of
undeveloped reserves.
2013 Highlights
-- For the year ended December 31, 2013, Peyto invested $578 million of
capital to build a record 38,400 boe/d of new production(1) at a cost of
$15,100/boe/d. This is the fourth year in a row that Peyto has built new
production for less than $17,600/boe/d, inclusive of land, seismic,
facilities and all well costs.
-- Peyto developed over 246 BCFe (41 MMBOEs) of new Proved Producing ("PP")
reserves at a Finding, Development and Acquisition ("FD&A") cost of
$2.35/MCFe ($14.08/boe) while the average field netback(1) was
$3.65/MCFe ($21.89/boe), resulting in a 1.6 times recycle ratio(2).
Facility investments of $112 million in 2013 represented 19% of the
total capital expenditures, or double that of the previous 3 year
average, which contributed to the 6% year over year increase in PP FD&A.
Excluding the facility capital, the 2013 PP F&D was 3% lower than 2012.
-- Peyto replaced 230% of annual production with new Total Proved ("TP")
reserves at a FD&A cost of $2.23/MCFe ($13.39/boe) and 450% of annual
production with new Proved plus Probable Additional ("P+P") reserves at
a FD&A cost of $1.86/MCFe ($11.16/boe) (including increases in Future
Development Capital ("FDC") of $87.9 million and $508.7 million for the
respective categories). For comparative purposes, FD&A costs before
changes in FDC were $1.94/MCFe ($11.62/boe) and $0.99/MCFe ($5.93/boe),
respectively.
-- Company reserves increased by 12%, 10% and 19% to 1.1 TCFe, 1.8 TCFe and
2.8 TCFe for PP, TP and P+P, respectively. Per share reserves were up
the same for these respective categories.
-- The Reserve Life Index ("RLI") for the PP, TP and P+P reserves decreased
to 7, 12 and 19 years as production grew faster than reserves.
-- At year end, P+P reserves of 468 MMboes (inclusive of 628 future
locations) had been assigned to just 12% of Peyto's total Deep Basin
rights.
2014 Capital Budget
-- Peyto is ahead of its 2014 budgeted volumes with current production of
75,000 boe/d. In total, the company anticipates investing $575 to $625
million, drilling approximately 110-122 gross wells, and adding 32,000
boe/d to 36,000 boe/d of new production by the end of the year.
(1) Capital Expenditure, Field Netback (Revenue less Royalties, Operating costs
and Transportation), and Production are estimated and remain unaudited at this
time.
(2) Recycle Ratio is Field Netback divided by FD&A.
2013 RESERVES
The following table summarizes Peyto's reserves and the discounted Net Present
Value of future cash flows, before income tax, using variable pricing, at
December 31, 2013.
Before Tax Net Present Value ($thousands)
Discounted at
Gas Oil & NGL BCFe MBOE
Reserve Category (mmcf) (mstb) (6:1) (6:1)
----------------------------------------------------------------------------
Proved Producing 921,408 23,314 1,061,292 176,882
Proved Non-producing 26,944 668 30,954 5,159
Proved Undeveloped 615,222 19,916 734,718 122,453
----------------------------------------------------------------------------
Total Proved 1,563,574 43,898 1,826,964 304,494
Probable Additional 840,368 23,283 980,064 163,344
----------------------------------------------------------------------------
Proved + Probable Additional 2,403,942 67,181 2,807,028 467,838
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Before Tax Net Present Value ($thousands)
Discounted at
Reserve Category 0% 5% 8% 10%
----------------------------------------------------------------------------
Proved Producing $5,100,751 $3,156,464 $2,580,906 $2,309,672
Proved Non-producing $132,173 $72,879 $55,929 $48,230
Proved Undeveloped $2,640,312 $1,314,973 $903,803 $709,340
----------------------------------------------------------------------------
Total Proved $7,873,236 $4,544,316 $3,540,638 $3,067,242
Probable Additional $4,361,816 $2,042,451 $1,422,742 $1,146,143
----------------------------------------------------------------------------
Proved + Probable Additional $12,235,052 $6,586,767 $4,963,380 $4,213,385
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: Based on the InSite report effective December 31, 2013. Tables may not add
due to rounding.
ANALYSIS
Each year Peyto analyzes the reserve evaluation in order to answer three basic
but fundamental questions for shareholders:
1. Base Reserves - How did the "base reserves" that were on production at
the time of the last reserve report perform during the year, and how did
any change in commodity price forecast affect their value?
2. Value Creation - How much value did the 2013 capital investments create,
both in current producing reserves and in undeveloped potential?
3. Growth and Income - Are the projected cash flows capable of funding the
growing number of undeveloped opportunities and a sustainable dividend
stream to shareholders without sacrificing Peyto's financial
flexibility?
Base Reserves
Peyto's existing Proved Producing reserves at the start of 2013 (base reserves)
were evaluated and adjusted for 2013 production as well as any technical
revisions resulting from the additional twelve months of data. As part of
InSite's independent engineering analysis, all 909 producing entities were
evaluated. These producing wells and zones represent a total gross Estimated
Ultimate Recoverable (EUR) volume of 1.8 TCF plus associated liquids. In
aggregate, Peyto is pleased to report that its total base reserves continue to
meet with expectation, which increases the confidence in the prediction of
future recoveries.
For 2014, InSite is forecasting the total base production (all wells on
production at Dec. 31, 2013) to decline to approximately 45,300 boe/d by
December, 2014. This implies a base decline rate of 37% from December 2013. This
forecast decline rate is higher than 2013 as Peyto added more production in late
Q4 2013 than originally planned. The historical base decline rates and capital
programs are shown in the following table:
------
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F
----------------------------------------------------------------------------
Base Decline
(%/yr) 31% 27% 30% 29% 23% 26% 20% 22% 33% 35% 34% 37%
Capital
Expenditure
($MM) $139 $231 $358 $312 $122 $139 $73 $261 $379 $618 $578 $625
----------------------------------------------------------------------------
(i)The base decline represents the aggregate annual decline of all wells on
production at the end of the previous year.
The commodity price forecast used by the independent engineers in this year's
evaluation was less than last year which had the effect of reducing the Net
Present Value of all reserve categories. The debt adjusted NPV, discounted at
5%, of last year's Proved Producing reserves, decreased $145 million, or 7%, due
to the change in commodity price forecasts and with Peyto's realized offset to
posted prices. InSite's price forecast used in the variable dollar economics is
available on their website at www.insitepc.com.
Value Creation/Reconciliation
During 2013, Peyto invested a total of $578 million to drill 99 gross (93.4 net)
horizontal gas wells. In keeping with Peyto's strategy of maximizing shareholder
returns, an evaluation of the economic results of this capital investment is
necessary in order to determine, on a go-forward basis, the best use of
shareholders' capital. Not only does this look back analysis give shareholders a
report card on the capital that was invested, it also helps illustrate the
potential returns that can be generated from similar future undeveloped
opportunities.
Exploration and Development Activity
Of the total capital invested in exploration and development activities, 2% was
spent on acquiring lands and seismic, 19% on facilities, and the remaining 79%
was spent drilling, completing and connecting existing and new reserves. Of the
99 gross (93.4 net) wells drilled, 70% or 69 gross wells were previously
identified as undeveloped reserves in last year's reserve report (48 Proved, 21
Probable Additional). The remaining 30 wells were not recognized in last year's
report. As is the case in most years, a portion of the drilling program was
drawn from the company's total internal drilling inventory which is larger and
more comprehensive than that identified in the InSite report.
The undeveloped reserves booked to the 69 locations at year end 2012 totaled 206
BCFe (3.0 BCFe/well) of Proved Undeveloped plus Probable Additional reserves for
a forecast capital investment of $332 million ($1.61/Mcfe). In actuality, $310
million of capital ($1.42/Mcfe) was spent on these 69 wells during 2013,
yielding Proved Producing plus Probable Additional reserves of 218 BCFe (3.2
BCFe/well).
With less capital yielding even more reserves, the development of these 69
booked locations produced an even better result than was originally projected.
This analysis helps to validate the accuracy of the reserve and capital
assignments of past undeveloped locations and provides confidence in the quality
of the estimates for future undeveloped locations.
Value Reconciliation
In order to measure the success of all of the capital invested in 2013, it is
necessary to quantify the total amount of value added during the year and
compare that to the total amount of capital invested. The independent engineers
have run last year's reserve evaluation with this year's price forecast to
remove the change in value attributable to both commodity prices and changing
royalties. This approach isolates the value created by the Peyto team from the
value created (or lost) by those changes outside of their control (ie. commodity
prices). Since the capital investments in 2013 were funded from a combination of
cash flow, debt and equity, it is necessary to know the change in debt and the
change in shares outstanding to see if the change in value is truly accretive to
shareholders.
At year end 2013, Peyto's estimated net debt had increased by $284.1 million to
$946.5 million while the number of shares outstanding had increased by 0.276
million shares to 148.949 million shares. The change in debt includes all of the
capital expenditures, as well as any acquisitions, and the total fixed and
performance based compensation paid out for the year. Although these estimates
are believed to be accurate, they remain unaudited at this time and are subject
to change.
Based on this reconciliation of changes in BT NPV, the Peyto team was able to
create $867 million of Proved Producing, $1.129 billion of Total Proven, and
$2.307 billion of Proved plus Probable Additional undiscounted reserve value,
with $578 million of capital investment. The ratio of capital expenditures to
value creation is what Peyto refers to as the NPV recycle ratio, which is simply
the undiscounted value addition, resulting from the capital program, divided by
the capital investment. For 2013, the Proved Producing NPV recycle ratio is 1.5.
The historic NPV recycle ratios are presented in the following table.
----------------------------------------------------------------------------
Value Creation 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
----------------------------------------------------------------------------
NPV0 Recycle Ratio
Proved Producing 2.9 4.7 2.1 5.4
Total Proved 2.9 5.5 2.5 18.9
Proved + Probable
Additional 3.8 3.8 2.2 27.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Value Creation 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13
----------------------------------------------------------------------------
NPV0 Recycle Ratio
Proved Producing 3.5 2.4 1.6 1.5
Total Proved 6.1 4.7 2.2 2.0
Proved + Probable
Additional 10.3 6.6 3.2 4.0
----------------------------------------------------------------------------
(i)NPV0 (net present value) recycle ratio is calculated by dividing the
undiscounted NPV of reserves added in the year by the total capital cost for the
period (eg. Proved Producing ($867/$578) = 1.5).
Growth and Income
As a dividend paying growth corporation, Peyto's objective is to profitably grow
the resources which generate sustainable income (dividends) for shareholders. In
order for income to be more sustainable and grow, Peyto must profitably find and
develop more reserves. Simply increasing production from the existing reserves
will not make that income more sustainable. Reserve Life Index (RLI), or a
reserve to production ratio, provides a measure of this long term
sustainability.
During 2013, the Company was successful in replacing 190% of annual production
with new Proved Producing reserves, which resulted in a 12% increase in total PP
reserves. Fourth quarter production, however, increased 35%, from 49,754 boe/d
to 67,296 boe/d, which had the effect of reducing the Proved Producing reserve
life index 17% from 8.7 years to 7.2 years. This year over year reduction in
reserve life was amplified by a facility outage that reduced Q4 2012 production,
while Q4 2013 production was higher than originally planned due to the delayed
timing of new well additions. Despite these fourth quarter production variances,
reserve life index in all categories has declined since the adoption of
horizontal multi-stage fracture well designs due to the large initial production
rates combined with steep initial declines.
For comparative purposes, the Total Proved and P+P reserve life index was 12 and
19 years, respectively, similarly affected by the fourth quarter production
variances described above. Management believes, however, that the most
meaningful method to evaluate the current reserve life is by dividing the Proved
Producing reserves by the actual fourth quarter annualized production. This way
production is being compared to producing reserves as opposed to producing plus
non-producing reserves.
The following table highlights the Company's historical Reserve Life Index.
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
----------------------------------------------------------------------------
Proved Producing 10 9 11 12 13 14 14 11 9 9 7
Total Proved 13 12 14 14 16 17 21 17 16 15 12
Proved + Probable
Additional 19 17 19 20 21 23 29 25 22 22 19
----------------------------------------------------------------------------
Future Undeveloped Opportunities
With the continued expansion of Peyto's exploration and development activity to
$625 million in 2014, the Company has been able to increase the pace that
undeveloped opportunities are both recognized and developed. As a result, the
number of future drilling locations in the reserve report has increased 24% to
628 gross (505 net) locations from 507 gross (401 net) locations last year. Of
these future locations, 59% are categorized by the independent reserve
evaluators as Proven Undeveloped with the remaining 41% as Probable Undeveloped.
The net reserves associated with the undeveloped locations total 1.53 TCFe
(255.4 mmboes) while the total capital required to develop them is estimated at
$2.55 billion or $1.67/MCFe, This is forecast to create Net Present Value of
$2.7 billion (5% discount rate, post capital recovery) or $17.81 per share. The
development schedule for the undeveloped reserves is shown in the following
table of forecasted capital.
Future Development Capital
Proved Reserves Proved+ Probable Additional Reserves
Year Undisc., ($Millions) Undisc., ($Millions)
----------------------------------------------------------------------------
2014 $314.3 $599.2
2015 $407.1 $602.1
2016 $306.0 $497.6
2017 $209.1 $487.4
2018 $166.4 $336.7
----------------------------------------------------------------------------
Thereafter $3.4 $26.7
----------------------------------------------------------------------------
Total $1,406.3 $2,549.7
----------------------------------------------------------------------------
The forecast for Net Operating Income for the Total Proved and P+P reserves over
the first 5 years totals $3.0 billion and $4.3 billion, respectively, more than
sufficient to fund the future development capital shown above, ensuring those
reserve additions are accretive to shareholders.
PERFORMANCE RATIOS
The following table highlights annual performance ratios both before and after
the implementation of horizontal wells in late 2009. These can be used for
comparative purposes, but it is cautioned that on their own they do not measure
investment success.
----------------------------------------------------------------------------
2013 2012 2011 2010 2009 2008 2007
----------------------------------------------------------------------------
Proved Producing
FD&A ($/mcfe) $2.35 $2.22 $2.12 $2.10 $2.26 $2.88 $2.11
RLI (yrs) 7 9 9 11 14 14 13
Recycle Ratio 1.6 1.6 1.9 2.0 1.8 2.3 2.8
Reserve 190% 284% 230% 239% 79% 110% 127%
Replacement
----------------------------------------------------------------------------
Total Proved
FD&A ($/mcfe) $2.23 $2.04 $2.13 $2.35 $1.73 $3.17 $1.57
RLI (yrs) 12 15 16 17 21 17 16
Recycle Ratio 1.6 1.7 1.9 1.8 2.3 2.1 3.7
Reserve 230% 414% 452% 456% 422% 139% 175%
Replacement
Future Development $1,406 $1,318 $1,111 $741 $446 $222 $169
Capital ($
millions)
----------------------------------------------------------------------------
Proved plus Probable
Additional
FD&A ($/mcfe) $1.86 $1.68 $1.90 $2.19 $1.47 $3.88 $1.56
RLI (yrs) 19 22 22 25 29 23 21
Recycle Ratio 2.0 2.1 2.1 1.9 2.8 1.7 3.7
Reserve 450% 527% 585% 790% 597% 122% 117%
Replacement
Future Development $2,550 $2,041 $1,794 $1,310 $672 $390 $321
Capital
($millions)
----------------------------------------------------------------------------
-- FD&A (finding, development and acquisition) costs are used as a measure
of capital efficiency and are calculated by dividing the capital costs
for the period, including the change in undiscounted future development
capital ("FDC"), by the change in the reserves, incorporating revisions
and production, for the same period (eg. Total Proved
($578.0+$87.9)/(304.494-276.419+21.649) = $2.23/mcfe or $13.39/boe).
-- The reserve life index (RLI) is calculated by dividing the reserves (in
boes) in each category by the annualized average production rate in
boe/year (eg. Proved Producing 176,882/(67.296x365) = 7.2). Peyto
believes that the most accurate way to evaluate the current reserve life
is by dividing the proved developed producing reserves by the actual
fourth quarter average production. In Peyto's opinion, for comparative
purposes, the proved developed producing reserve life provides the best
measure of sustainability.
-- The Recycle Ratio is calculated by dividing the field netback per MCFe,
before hedging, by the FD&A costs for the period (eg. Proved Producing
(($21.89)/$14.08=1.6). The recycle ratio is comparing the netback from
existing reserves to the cost of finding new reserves and may not
accurately indicate investment success unless the replacement reserves
are of equivalent quality as the produced reserves.
-- The reserve replacement ratio is determined by dividing the yearly
change in reserves before production by the actual annual production for
the year (eg. Total Proved ((176.882-157.491+21.649)/21.649) = 190%).
RESERVES COMMITTEE
Peyto has a reserves committee, comprised of independent board members, that
reviews the qualifications and appointment of the independent reserve
evaluators. The committee also reviews the procedures for providing information
to the evaluators. All booked reserves are based upon annual evaluations by the
independent qualified reserve evaluators conducted in accordance with the COGE
(Canadian Oil and Gas Evaluation) Handbook and National Instrument 51-101. The
evaluations are conducted using all available geological and engineering data.
The reserves committee has reviewed the reserves information and approved the
reserve report.
2014 UPDATE
The winter weather of 2013/2014 has surprised forecasters and resulted in record
consumption of natural gas. This in turn has depleted storage reservoirs faster
than predicted and caused short term natural gas prices to become extremely
volatile. Futures prices for natural gas beyond next year remain at
significantly lower levels than current day prices due to the belief that low
costs supplies are still available in the many North American shale gas plays.
While this short term price volatility is unpredictable, Peyto remains a long
term price taker with its industry leading low cost structure and a proven track
record of profitable development of production and reserves.
The capital program for 2014 remains on track with 9 drilling rigs actively
developing reserves and production in Peyto's many core areas in the Alberta
Deep Basin. Four facility expansion projects, totaling 105 mmcf/d of new
processing capacity, are planned for 2014 in order to accommodate the
anticipated production growth.
In the Wildhay area, a 27 km, 8" gathering line was installed in January 2014
that connected two new wells and 19.5 sections of land to Peyto's gas plant.
Success in this new expansion area will be followed up with more drilling, a
sales line loop and a plant expansion in the fall of 2014 which will increase
the Wildhay plant capacity from 70 mmcf/d to 90 mmcf/d.
At Oldman North, ongoing development of the Upper and Middle Falher is expected
to drive production growth that will require the recently commissioned Oldman
North Plant to be expanded from 30 mmcf/d to 80 mmcf/d. This is also expected to
happen in the fall of 2014.
Successful Wilrich development in the Ansell area is requiring additional
processing capacity at Peyto's Swanson gas plant. An additional compressor, to
be installed before breakup, will increase processing capacity from 50 mmcf/d to
65 mmcf/d at this facility which should be further supported by recent Bluesky
drilling.
Finally, continued exploration and development in Peyto's Brazeau River area is
yielding encouraging results. A planned plant expansion from 20 mmcf/d to 40
mmcf/d before spring breakup is expected to accommodate ongoing drilling
results.
By the end of 2014, Peyto expects to be operating over 630 mmcf/d of total
processing capacity in the Alberta Deep Basin capable of handling up to 115,000
boe/d of total NGL and natural gas production.
Peyto continues to believe in the future of natural gas as the most abundant,
affordable, and cleanest burning energy source available. Peyto also believes
that financial success for both the company and its shareholders will continue
to come from being the lowest cost, most efficient and most profitable Explorer
and Producer in the industry.
GENERAL
For more in depth discussion of the 2013 reserve report, an interview with the
management will be available on Peyto's website by the end of February 2014. A
complete filing of the Statement of Reserves (form 51-101F1), Report on Reserves
(form 51-101F2), and Report of Management and Directors on Oil and Gas
Disclosure (form 51-101F3) will be available in the Annual Information Form to
be filed by the end of March 2014. Shareholders are encouraged to actively visit
Peyto's website located at www.peyto.com.
This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. In particular, but without
limiting the foregoing, this news release contains forward-looking information
and statements pertaining to the following: management's assessment of Peyto's
future plans and operations, capital expenditures, the volumes and estimated
value of Peyto's reserves, the life of Peyto's reserves, production estimates,
the ability to enhance value of reserves for shareholders and ensure the
reserves generate the maximum possible return. Forward-looking statements or
information are based on a number of material factors, expectations or
assumptions of Peyto which have been used to develop such statements and
information but which may prove to be incorrect.
Although Peyto believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed on
forward-looking statements because Peyto can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, the impact of increasing competition, the timely receipt of any
required regulatory approvals, the ability of Peyto to obtain qualified staff,
equipment and services in a timely and cost efficient manner, drilling results,
field production rates and decline rates, the ability to replace and expand
reserves through development and exploration, future commodity prices, currency,
exchange and interest rates, regulatory framework regarding royalties, taxes and
environmental matters and the ability of Peyto to successfully market its oil
and natural gas products. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are beyond these
parties' control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital from internal
and external sources. Peyto's actual results, performance or achievement could
differ materially from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or occur, or if any
of them do so, what benefits that Peyto will derive therefrom. The
forward-looking information and statements contained in this news release speak
only as of the date of this news release, and Peyto does not assume any
obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.
This news release contains information, including in respect of Peyto's 2014
capital program, which may constitute future oriented financial information or a
financial outlook. Such information was approved by management of Peyto on
November 12, 2013, and such information is included herein to provide readers
with an understanding of the Company's anticipated capital expenditures for
2014. Readers are cautioned that the information may not be appropriate for
other purposes.
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
Some values set forth in the tables above may not add due to rounding. It should
not be assumed that the estimates of future net revenues presented in the tables
above represent the fair market value of the reserves. There is no assurance
that the forecast prices and costs assumptions will be attained and variances
could be material. The aggregate of the exploration and development costs
incurred in the most recent financial year and the change during that year in
estimated future development costs generally will not reflect total finding and
development costs related to reserves additions for that year.
The Toronto Stock Exchange has neither approved nor disapproved the information
contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Peyto Exploration & Development Corp.
Darren Gee
President and Chief Executive Officer
(403) 237-8911
Peyto Exploration & Development Corp.
Jim Grant
Investor Awareness
(403) 451-4102
www.peyto.com
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