Mr. Jean-Paul Lachance reports

PEYTO EXPLORATION & DEVELOPMENT CORP. ANNOUNCES RESULTS OF DIRECTORS VOTE

Peyto Exploration & Development Corp.'s nominees listed in the information circular/proxy statement dated March 28, 2023, were elected as directors of Peyto at Peyto's annual meeting of shareholders held today, June 13, 2023. The detailed results of the vote for the election of directors held at the meeting are set out herein.

Election of directors

On a vote by ballot, each of the eight nominees proposed by management was elected as a director of Peyto.

                 VOTING RESULTS FOR ELECTION OF DIRECTORS

Nominee               Outcome of vote          Votes for       Votes withheld

Donald Gray                   Elected         47,729,123           46,599,621
Michael MacBean               Elected         74,156,222           20,172,522
Brian Davis                   Elected         87,312,482            7,016,262
Darren Gee                    Elected         88,414,884            5,913,860
Jean-Paul Lachance            Elected         92,395,011            1,933,733
Jocelyn McMinn                Elected         91,258,108            3,070,636
John W. Rossall               Elected         85,468,174            8,860,570
Debra Gerlach                 Elected         92,727,012            1,601,732

Gregory Fletcher and Kathy Turgeon did not stand for re-election as directors at the meeting. Peyto wishes to thank each of Mr. Fletcher and Ms. Turgeon for their service as directors of Peyto. Ms. Turgeon continues to serve as the vice-president and chief financial officer of Peyto.