Peyto Exploration & Development Investor Presentation — May 2021

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Exploration & Development Corp.

Regarding Forward- Looking Statements

Exploration & Development Corp.PEY.TO

Quarterly Dividend: $0.01/share ( CTD YE20 $19.34/share )

Shares O/S: 164.9 million (3% insider ownership)

Q1/21 Net Debt: $415 million (senior secured notes, 3.7 -4.9%CND)

$754 million ($0.95B secured bank facility)

$1.169B ($1.365B total capacity)

Enterprise Value: $2.2 billion ($6.00/share)

Full Time Employees: 53

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

Reserve Life based on Q4 2020 production rate of 83,461 boe/d

BOE factor -6 mcf = 1 bbl of oil equivalent

NPure Play Alberta Deep Basin - ∼465 mmcf/d Gas, 12,500 bbl/d NGLs

NReturns Focused Strategy -Avg ROCE 15%, ROE 26% over last 22 yrs, among

highest in the industry

NLong Reserve Life Asset -YE 2020: 9 yrsPDP, 27 yrs2P, sweet gas, no mobile

NLowest Cost Producer - $1.01/mcfe ($6.09/boe ) 2020 total cash costs*

NOwn and Control –Operate 99% of production, Own/operate 10 gas plants with

875 mmcf/d processing capacity

Exploration & Development Corp.

20 Year Growth Per Share

Historical Per Share (or unit) and Shares (units) Outstanding numbers have been adjusted to reflect the May 27, 2005 2:1 stoc k split

BOE factor -6 mcf = 1 bbl of oil equivalentPEYTO

Exploration & Development Corp.

5/11/2021 BOE factor -6 mcf = 1 bbl of oil equivalent

Total Shareholder Return ModelPEYTO