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. (the "Corporation") (TSX:PEY) is pleased
to announce that it has closed its previously announced bought deal offering of
common shares. Pursuant to the offering, the Corporation issued 4,720,000 common
shares (including 300,000 common shares issued pursuant to the partial exercise
of the over-allotment option granted to the underwriters) at a price of $34.00
per common share, for total gross proceeds of approximately $160 million. The
syndicate of underwriters was led by BMO Capital Markets and included
FirstEnergy Capital Corp., RBC Dominion Securities Inc., CIBC World Markets
Inc., Peters & Co. Limited, Scotia Capital Inc., TD Securities Inc., Acumen
Capital Finance Partners Limited, Canaccord Genuity Corp. and Haywood Securities
Inc.


Net proceeds from the offering will initially be used to partially repay
outstanding bank indebtedness and subsequently to fund the Corporation's ongoing
capital expenditures and for general corporate purposes. 


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 anticipated use of the net proceeds of the offering. 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 the Corporation 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 the
Corporation's control. Accordingly, no assurance can be given that any of the
events anticipated by the forward-looking statements will transpire or occur.
The Corporation disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise except as required by applicable securities laws.


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

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