Peyto Exploration & Development Investor Presentation — August 2022

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Exploration & Development Corp.

Non-GAAP measures and ratios donot have any standardized meaning under IFRS and therefore may not becomparable tosimilar measures presented byother entities. Refer tothe

section entitled "Non -GAAP and Other Financial Measures" and "Non -GAAP and Other Financial Ratios" contained within thefourth quarter 2021 MD&A foranexplanation ofcomposition .

8/10/2022New To Peyto?

N5thLargest Canadian Gas Producer ∼635 MMcfe /d

N10thLargest Canadian Gas Processor 970 MMcf/d capacity

NPure Play Alberta Deep Basin Multizone stacked resource, 5.4 TCFe 2P reserves

NLong Reserve Life Asset 9yr PDP, 25yr 2P, sweet gas, no mobile water risk

NReturns Focused Strategy Avg ROCE 14%, ROE 26% over last 23yrs

NLowest Cost Producer $1.25/mcfe ($7.49/boe ) 2021 total cash costs*

NOwn and Control Operate 99% of production, Own/operate 12 gas plants

Monthly Dividend: $0.05/share ( November 2021 onwards )

Shares O/S: 170 million (3% insider ownership)

Q2/22 Net Debt: $415 million (senior secured notes, 3.7- 4.9%CND)

$576 million ($0.95B secured bank facility)

$991MM ($1.365B total capacity)

Enterprise Value: $3.6 billion ($15.00/share)

Full Time Employees: 56

*Cash costs are royalties, operating costs, transportation, G&A and interest

Reserve Life based on Q4 2021 production rate of 98,400 boe/d

BOE factor –6 mcf = 1 bbl of oil equivalent

Exploration & Development Corp.

Non-GAAP measures and ratios donot have any standardized meaning under IFRS and therefore may not becomparable tosimilar measures presented byother entities. Refer tothe