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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. The evaluations are conducted using all available geological and engineering data. Employees of 5i Research involved in the research process cannot trade in Canadian traded stocks. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. During Peyto’s 21-year history, the Company has found and developed 3.8 TCFe of total natural gas and associated liquids which resides in 348 of these net sections. The reserves committee has reviewed the reserves information and approved the reserve report. Q: I would like to comment that I think your service is best in class! The independent reserve evaluators have forecast development activity for the next six years as shown in the following table of future development capital. 5i Recent Questions. Thanks, In addition, these Deep Basin sandstone reservoirs do not contain mobile water nor are they supported by active aquifers. The pace of inventory generation has historically exceeded the pace of drilling activity at a ratio of 2:1, resulting in a growing number of future drilling locations recognized in Peyto’s reserve report. These can be used for comparative purposes, but it is cautioned that on their own they do not measure investment success. This includes a provision for all abandonment liability for wells, sites and facilities for which Peyto has ownership and responsibility. Base Reserves - How did the “base reserves” that were on production at the time of the last reserve report perform during the year, and how did any change in commodity price forecast affect their value? As at December 31, 2019, Peyto had 881 net sections of Alberta Deep Basin lands. Such information was approved by the Board of Directors of Peyto on December 12, 2019, and such information is included herein to provide readers with an understanding of the Company's anticipated capital expenditures for 2020. The capital requirement for this work is estimated at $1.5 million. For example, the debt adjusted NPV, discounted at 5%, of last year’s Proved Developed Producing reserves, decreased $460 million, or -24%, due to the difference in commodity price forecasts and Peyto’s realized historical offsets to posted prices. *Capex represents only well related capital for drilling, completion, equipping and tie-in. Peyto has protected funding for the capital program with revenue that is diversified between marketed natural gas liquids and pre-sold natural gas production. The net reserves associated with the undeveloped locations (not including existing uphole zones) totals 2.9 TCFe (484 mmboes, consisting of 2.44 TCF of gas and 78 mmbbls of NGLs) while the total capital required to develop them is estimated at $3.5 billion or $1.21/Mcfe. In many of these sections, mineral rights are held in a number of stacked prospective horizons expanding this land base by almost four-fold to a total of 3,247 net sections of rights over Duvernay, Montney and seven Cretaceous horizons. Peyto has already sold 150 MMcf/d of natural gas and 563 bbl/d of condensate for the year at an average of $1.94/mcf and $59.62/bbl. The following table highlights the Company’s historical RLI Index. This news release contains certain forward–looking information and statements within the meaning of applicable securities laws. Copyright © 2020 MarketWatch, Inc. All rights reserved. Become a Member. The following table illustrates the history of Peyto’s Cardium drilling and booked P+P inventory since 2009. For the year ended December 31, 2019, Peyto invested $206 million of total capital. All quotes are in local exchange time. Read our Twitter News Feed. In almost all cases, the volumetric capacity of these sandstone reservoirs can be determined using traditional geological and reservoir engineering techniques, which, when complimented by production performance data, increases the certainty of the reserve estimates. Thirty-nine of the 61 gross wells drilled, or 64%, were previously identified as undeveloped reserves in last year’s reserve report (34 Proved, 5 Probable Additional). Intraday Data provided by FACTSET and subject to terms of use. Also, the Company’s total internal drilling inventory is larger and more comprehensive than that identified in the InSite report. As part of InSite’s independent engineering analysis, all 1,493 producing entities (zones/wells) were evaluated. It is noted that horizontal multi-stage fracture technology began to be widely used after 2010 which changed the nature of the drilling inventory. Approximately 98% of Peyto’s asset base has been organically developed by Peyto and contains very few abandonment liabilities.

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