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Peyto Issues Correction to News Release of February 13, 2013

Peyto Issues Correction to News Release of February 13, 2013 
CALGARY, ALBERTA -- (Marketwire) -- 02/14/13 -- Peyto Exploration &
Development Corp. (TSX:PEY) ("Peyto" or the "Company") is issuing a
correction to the reconciliation table previously disclosed in its
February 13, 2013 reserves news release. 
The highlighted figures (denoted with an asterisk) in the table below
were incorrectly reported and are now shown as corrected. This table
breaks out the value created by Peyto's capital investments and
reconciles the changes in debt adjusted NPV of future net revenues
using forecast prices and costs as at December 31, 2012. 


 
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                                             Proved Producing               
($millions)Discounted at                    0%             5%            10%
----------------------------------------------------------------------------
Before Tax Net Present Value at                                             
 Beginning of Year ($millions)                                              
Dec. 31, 2011 Evaluation using                                              
 InSite Jan. 1, 2012 price                                                  
 forecast, less debt                   $4,344         $2,159         $1,326 
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Per Share Outstanding at Dec.                                               
 31, 2011 ($/share)                    $31.40         $15.60          $9.58 
----------------------------------------------------------------------------
                                                                            
 2012 sales (revenue less                                                   
  royalties and operating                                                   
  costs)                                ($338)         ($338)         ($338)
 Net Change due to price                                                    
  forecasts (using InSite Jan                                               
  1, 2013 price forecast)            ($864(i))      ($432(i))      ($283(i))
 Value Change due to                                                        
  discoveries (additions,                                                   
  extensions, transfers,                                                    
  revisions)                             $963           $756           $631 
                               ---------------------------------------------
                               ---------------------------------------------
Before Tax Net Present Value at                                             
 End of Year ($millions)                                                    
Dec. 31, 2012 Evaluation using                                              
 InSite Jan. 1, 2013 price                                                  
 forecast, less debt                   $4,105         $2,144         $1,336 
----------------------------------------------------------------------------
Per Share Outstanding at Dec.                                               
 31, 2012 ($/share)                    $27.61         $14.42          $8.99 
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Year over Year Change in Before                                             
 Tax NPV/share                            -12%            -8%            -6%
Year over Year Change in Before                                             
 Tax NPV/share including                                                    
 Dividend ($0.72/share)                   -10%            -3%             1%
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                                               Total Proved                 
($millions)Discounted at                    0%             5%            10%
----------------------------------------------------------------------------
Before Tax Net Present Value at                                             
 Beginning of Year ($millions)                                              
Dec. 31, 2011 Evaluation using                                              
 InSite Jan. 1, 2012 price                                                  
 forecast, less debt                   $7,236         $3,507         $2,030 
----------------------------------------------------------------------------
Per Share Outstanding at Dec.                                               
 31, 2011 ($/share)                    $52.30         $25.35         $14.67 
----------------------------------------------------------------------------
                                                                            
 2012 sales (revenue less                                                   
  royalties and operating                                                   
  costs)                                ($338)         ($338)         ($338)
 Net Change due to price                                                    
  forecasts (using InSite Jan                                               
  1, 2013 price forecast)          ($1,393(i))      ($723(i))      ($478(i))
 Value Change due to                                                        
  discoveries (additions,                                                   
  extensions, transfers,                                                    
  revisions)                           $1,363         $1,058           $845 
                               ---------------------------------------------
                               ---------------------------------------------
Before Tax Net Present Value at                                             
 End of Year ($millions)                                                    
Dec. 31, 2012 Evaluation using                                              
 InSite Jan. 1, 2013 price                                                  
 forecast, less debt                   $6,869         $3,504         $2,060 
----------------------------------------------------------------------------
Per Share Outstanding at Dec.                                               
 31, 2012 ($/share)                    $46.20         $23.57         $13.86 
----------------------------------------------------------------------------
                                                                            
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Year over Year Change in Before                                             
 Tax NPV/share                            -12%            -7%            -6%
Year over Year Change in Before                                             
 Tax NPV/share including                                                    
 Dividend ($0.72/share)                   -10%            -4%            -1%
----------------------------------------------------------------------------
                                                                            
 
----------------------------------------------------------------------------
                                       Proved + Probable Additional         
($millions)Discounted at                    0%             5%            10%
----------------------------------------------------------------------------
Before Tax Net Present Value at                                             
 Beginning of Year ($millions)                                              
Dec. 31, 2011 Evaluation using                                              
 InSite Jan. 1, 2012 price                                                  
 forecast, less debt                  $10,790         $5,018         $2,825 
----------------------------------------------------------------------------
Per Share Outstanding at Dec.                                               
 31, 2011 ($/share)                    $77.99         $36.27         $20.42 
----------------------------------------------------------------------------
                                                                            
 2012 sales (revenue less                                                   
  royalties and operating                                                   
  costs)                                ($338)         ($338)         ($338)
 Net Change due to price                                                    
  forecasts (using InSite Jan                                               
  1, 2013 price forecast)          ($2,061(i))    ($1,027(i))      ($657(i))
 Value Change due to                                                        
  discoveries (additions,                                                   
  extensions, transfers,                                                    
  revisions)                           $1,969         $1,416         $1,087 
                               ---------------------------------------------
                               ---------------------------------------------
Before Tax Net Present Value at                                             
 End of Year ($millions)                                                    
Dec. 31, 2012 Evaluation using                                              
 InSite Jan. 1, 2013 price                                                  
 forecast, less debt                  $10,360         $5,070      $2,917(i) 
----------------------------------------------------------------------------
Per Share Outstanding at Dec.                                               
 31, 2012 ($/share)                    $69.69         $34.10         $19.63 
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Year over Year Change in Before                                             
 Tax NPV/share                            -11%            -6%            -4%
Year over Year Change in Before                                             
 Tax NPV/share including                                                    
 Dividend ($0.72/share)                   -10%            -4%             0%
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(i)figures have been changed from the press release dated February
13, 2013. 
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 2013 capital program, which may constitute future oriented
financial information or a financial outlook. Such information was
approved by management of Peyto on November 6, 2012, and such
information is included herein to provide readers with an
understanding of the Company's anticipated capital expenditures for
2013. 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 m
arket
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. 
Contacts:
Peyto Exploration & Development Corp.
Jim Grant
Investor Awareness
(403) 451-4102 
Peyto Exploration & Development Corp.
Darren Gee
President and Chief Executive Officer
(403) 237-8911
 
 
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