PEY Peyto Exploration and Development Corp

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES.


Peyto Exploration & Development Corp. ("Peyto" or the "Company") (TSX:PEY) has
today entered into an agreement with a syndicate of underwriters led by BMO
Capital Markets, under which the underwriters have agreed to buy 4,420,000
common shares of the Company ("Common Shares") and sell to the public at a price
of $34.00 per Common Share, representing an aggregate amount of approximately
$150 million. The Company has granted the underwriters an option, exercisable at
any time until 30 days following the closing of the offering, to purchase up to
an additional 15% of the offering to cover over-allotments, if any.


Net proceeds from the offering will initially be used to pay down outstanding
bank debt, and subsequently to fund Peyto's ongoing capital expenditures and for
general corporate purposes. Closing is expected to occur on or about February 5,
2014. The closing is subject to the receipt of all necessary regulatory and
stock exchange approvals.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This news release does not constitute an offer to sell or the
solicitation of any offer to buy nor will there be any sale of these securities
in any province, state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such province, state or jurisdiction.


This press release contains forward-looking statements including statements
concerning the closing date of the offering and the anticipated use of the net
proceeds of the offering. The closing of the offering could be delayed if Peyto
is not able to obtain the necessary stock exchange and other regulatory
approvals on the timelines it has planned and the intended use of the net
proceeds of the offering might change if the board of directors determines that
it would be in the best interests of Peyto to deploy the proceeds for some other
purpose. By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond Peyto's control. Readers are
cautioned that the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward-looking
statements. 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 Toronto Stock
Exchange has neither approved nor disapproved the information contained herein.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Peyto Exploration & Development Corp.
Darren Gee
President & Chief Executive Officer
(403) 237-8911
(403) 451-4100 (FAX)

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