Mr. Jean-Paul Lachance reports

PEYTO EXPLORATION & DEVELOPMENT CORP. ANNOUNCES RETIREMENT OF A DIRECTOR AND CONFIRMS MONTHLY DIVIDEND FOR JULY 15, 2025

Michael (Mick) MacBean has retired as a director of Peyto Exploration & Development Corp. The company has confirmed the monthly dividend with respect to June, 2025, of 11 cents per common share is to be paid on July 15, 2025, for shareholders of record on June 30, 2025. Dividends paid by Peyto to Canadian residents are eligible dividends for Canadian income tax purposes.

Mr. MacBean is retiring from the Peyto board, effective June 13, 2025. On behalf of the board, management and shareholders, Peyto would like to thank Mr. MacBean for his 20-plus years of service, including his previous roles as lead independent director, chair of the audit committee and, most recently, as chair of the compensation committee. Mr. MacBean was instrumental in the design and implementation of the new total shareholder return rights plan. Mr. MacBean's contributions to Peyto will be greatly missed and the company wishes him the best in his future endeavours.

We seek Safe Harbor.