Mr. Jean-Paul Lachance reports

PEYTO ANNOUNCES ADJOURNMENT OF ANNUAL MEETING AND CHANGE IN VENUE

Peyto Exploration & Development Corp.'s annual general meeting of shareholders was convened and adjourned yesterday, as planned and previously announced, without any business being conducted. The meeting has been adjourned to June 13, 2023, at 3 p.m. Calgary time in order to give shareholders additional time to cast their votes at the meeting and the rescheduled meeting will be held at the Sheraton Suites Calgary Eau Claire, Wildrose Ballroom, 255 Barclay Parade SW, Calgary, Alta., T2P 5C2.

The company may use Broadridge Financial Solutions Inc.'s QuickVote service to assist beneficial Peyto shareholders with voting. The company's proxy solicitation agent, Laurel Hill, may contact certain beneficial Peyto shareholders who have not objected to the company knowing who they are (non-objecting beneficial owners, or NOBOs) to conveniently obtain a vote directly over the telephone. Shareholders who have already voted do not need to recast their votes unless they wish to change their vote. Shareholders who have not already voted or wish to change their vote are strongly encouraged to do so promptly using the instructions provided in the company's information circular and in the form of proxy or voting instruction form or by contacting Laurel Hill toll-free within North America at 1-877-452-7184 (1-416-304-0211 outside North America), or by e-mail at assistance@laurelhill.com.

How to vote

Shareholders of record of the company's common shares at the close of business on March 28, 2023 may vote at the meeting, vote by proxy by internet, over the telephone or by mail.

To vote through the Internet, go on-line (for registered shareholders and for beneficial shareholders) to complete an electronic proxy card. You will be asked to provide the control number from the proxy card.

To vote over the telephone, dial toll-free 1-866-732-8683 using a Touch-Tone phone and follow the recorded instructions. You will be asked to provide the company number and control number from the proxy card.

To vote by mail, use the proxy card, simply complete, sign and date the proxy card delivered to you and return it promptly in the envelope provided. A shareholder's proxy or voting instructions must be received no later than no later than 48 hours (excluding Saturdays, Sundays, and holidays) before the adjourned meeting on June 13, 2023.

Shareholders and interested investors are encouraged to visit the Peyto website to learn more about what makes Peyto one of North America's most exciting energy companies. The website also includes a monthly report, which discusses various topics chosen by the president and chief executive officer and includes estimates of monthly capital expenditures and production.

We seek Safe Harbor.