Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Peyto Exploration & Development Corp., Valuation and Financial Data 9 Peyto Exploration & Development Corp., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Peyto Exploration & Development Corp., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Peyto Exploration & Development Corp., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 11 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 12 Peyto Exploration & Development Corp., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Peyto Exploration & Development Corp., Quarterly Production Trends 14 Peyto Exploration & Development Corp., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 15 Peyto Exploration & Development Corp., Crude Oil Production 16 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 16 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 17 Peyto Exploration & Development Corp., Natural Gas Production 18 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 18 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 19 Peyto Exploration & Development Corp., Valuation and Financial Data, 2011-2015 20 Peyto Exploration & Development Corp., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Peyto Exploration & Development Corp., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Peyto Exploration & Development Corp., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Peyto Exploration & Development Corp., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Peyto Exploration & Development Corp., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Peyto Exploration & Development Corp., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 75 Peyto Exploration & Development Corp. - Recent Developments 75 Aug 10, 2016: Peyto Continues Positive Earnings Track Record With Q2 2016 Results 75 May 10, 2016: Peyto Earns $42 Million In Q1 2016 78 Mar 02, 2016: Peyto Earns $138 Million In 2015 On Capital Investments Of $594 Million 81 Nov 12, 2015: Peyto Reports Q3 2015 Results And Hits 100,000 boe/d Daily Production Level 86 Aug 12, 2015: Peyto Reports Q2 2015 Results And Drives Costs To New Record Lows 91 May 06, 2015: Peyto Reports Q1 2015 Results And Improves Low Cost Advantage 94 Mar 11, 2015: Peyto Celebrates A Record Breaking Year In 2014 98 Feb 18, 2015: Peyto's 2014 Exit Production And Total Reserves Exceed 85,000 boe/d And 530 MMBOE 102 Feb 13, 2015: Peyto Exploration & Development Confirms Dividends for March 13, 2015 108 Jan 15, 2015: Peyto Exploration & Development Announces Management Team Additions And Confirms Dividends For First Quarter 2015 108 Appendix 109 Methodology 109 Coverage 109 Secondary Research 109 Primary Research 109 Data Information Sources 110 Company Source 110 SEC/Other Regulatory Filings 110 Other Sources 110 Expert Panel Validation 110 Data Definition 110 Oil and Gas Reserves 110 Units of Measure 111 About GlobalData 111 Disclosure 111 Disclaimer 111

List of Tables Table 1: Peyto Exploration & Development Corp., Key Facts 8 Table 2: Peyto Exploration & Development Corp., Share Price Performance, Q1, 2015-Q1, 2016 9 Table 3: Peyto Exploration & Development Corp., Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Table 4: Peyto Exploration & Development Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Table 5: Peyto Exploration & Development Corp., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 12 Table 6: Peyto Exploration & Development Corp., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Table 7: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 14 Table 8: Peyto Exploration & Development Corp., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Table 9: Peyto Exploration & Development Corp., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Table 10: Peyto Exploration & Development Corp., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Table 11: Peyto Exploration & Development Corp., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Table 12: Peyto Exploration & Development Corp., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Table 13: Peyto Exploration & Development Corp., Share Price Performance, 2011-2015 20 Table 14: Peyto Exploration & Development Corp., Key Valuation Metrics, 2011-2015 21 Table 15: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Peyto Exploration & Development Corp., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Peyto Exploration & Development Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Peyto Exploration & Development Corp., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Peyto Exploration & Development Corp., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Peyto Exploration & Development Corp., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Peyto Exploration & Development Corp., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Peyto Exploration & Development Corp., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Peyto Exploration & Development Corp., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Peyto Exploration & Development Corp., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Peyto Exploration & Development Corp., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Peyto Exploration & Development Corp., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Peyto Exploration & Development Corp., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Peyto Exploration & Development Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Peyto Exploration & Development Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Peyto Exploration & Development Corp., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Peyto Exploration & Development Corp., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Peyto Exploration & Development Corp., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Peyto Exploration & Development Corp., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Peyto Exploration & Development Corp., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Peyto Exploration & Development Corp., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Peyto Exploration & Development Corp., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Peyto Exploration & Development Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Peyto Exploration & Development Corp., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Peyto Exploration & Development Corp., Producible Oil and Gas Wells, 2011-2015 69 Table 41: Peyto Exploration & Development Corp., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Peyto Exploration & Development Corp., Exploratory and Developed Wells, 2011-2015 74 List of Figures Figure 1: Peyto Exploration & Development Corp., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 9 Figure 2: Peyto Exploration & Development Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 10 Figure 3: Peyto Exploration & Development Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Figure 4: Peyto Exploration & Development Corp., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 13 Figure 5: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 14 Figure 6: Peyto Exploration & Development Corp., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Figure 7: Peyto Exploration & Development Corp., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Figure 8: Peyto Exploration & Development Corp., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Figure 9: Peyto Exploration & Development Corp., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Figure 10: Peyto Exploration & Development Corp., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Figure 11: Peyto Exploration & Development Corp., Share Price Performance, CAD/Share, 2011-2015 20 Figure 12: Peyto Exploration & Development Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Peyto Exploration & Development Corp., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Peyto Exploration & Development Corp., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Peyto Exploration & Development Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Peyto Exploration & Development Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Peyto Exploration & Development Corp., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Peyto Exploration & Development Corp., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Peyto Exploration & Development Corp., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Peyto Exploration & Development Corp., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Peyto Exploration & Development Corp., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Peyto Exploration & Development Corp., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Peyto Exploration & Development Corp., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Peyto Exploration & Development Corp., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Peyto Exploration & Development Corp., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Peyto Exploration & Development Corp., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Peyto Exploration & Development Corp., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Peyto Exploration & Development Corp., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Peyto Exploration & Development Corp., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Peyto Exploration & Development Corp., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Peyto Exploration & Development Corp., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Peyto Exploration & Development Corp., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Peyto Exploration & Development Corp., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Peyto Exploration & Development Corp., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Peyto Exploration & Development Corp., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Peyto Exploration & Development Corp., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Peyto Exploration & Development Corp., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Peyto Exploration & Development Corp., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Peyto Exploration & Development Corp., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Peyto Exploration & Development Corp., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Peyto Exploration & Development Corp., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Peyto Exploration & Development Corp., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Peyto Exploration & Development Corp., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Peyto Exploration & Development Corp., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Peyto Exploration & Development Corp., Production Costs, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Peyto Exploration & Development Corp., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Peyto Exploration & Development Corp., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 54: Peyto Exploration & Development Corp., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 55: Peyto Exploration & Development Corp., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Peyto Exploration & Development Corp., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 57: Peyto Exploration & Development Corp., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Peyto Exploration & Development Corp., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 59: Peyto Exploration & Development Corp., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Peyto Exploration & Development Corp., Oil and Gas Performance Metrics, 2011-2015 64 Figure 61: Peyto Exploration & Development Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 62: Peyto Exploration & Development Corp., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 63: Peyto Exploration & Development Corp., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 64: Peyto Exploration & Development Corp., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 65: Peyto Exploration & Development Corp., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 66: Peyto Exploration & Development Corp., Producible Oil and Gas Wells, 2011-2015 69 Figure 67: Peyto Exploration & Development Corp., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 68: Peyto Exploration & Development Corp., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 69: Peyto Exploration & Development Corp., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 70: Peyto Exploration & Development Corp., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 71: Peyto Exploration & Development Corp., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 72: Peyto Exploration & Development Corp., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 73: Peyto Exploration & Development Corp., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 74: Peyto Exploration & Development Corp., Exploratory and Developed Wells, 2011-2015 74