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CALGARY, ALBERTA -- (Marketwire) -- 02/14/13 -- Peyto Exploration & Development Corp. (TSX: PEY) ("Peyto" or the "Company") is issuing a correction to the reconciliation table previously disclosed in its February 13, 2013 reserves news release.
The highlighted figures (denoted with an asterisk) in the table below were incorrectly reported and are now shown as corrected. This table breaks out the value created by Peyto's capital investments and reconciles the changes in debt adjusted NPV of future net revenues using forecast prices and costs as at December 31, 2012.
---------------------------------------------------------------------------- Proved Producing($millions)Discounted at 0% 5% 10%----------------------------------------------------------------------------Before Tax Net Present Value at Beginning of Year ($millions)Dec. 31, 2011 Evaluation using InSite Jan. 1, 2012 price forecast, less debt $4,344 $2,159 $1,326----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2011 ($/share) $31.40 $15.60 $9.58---------------------------------------------------------------------------- 2012 sales (revenue less royalties and operating costs) ($338) ($338) ($338) Net Change due to price forecasts (using InSite Jan 1, 2013 price forecast) ($864(i)) ($432(i)) ($283(i)) Value Change due to discoveries (additions, extensions, transfers, revisions) $963 $756 $631 --------------------------------------------- ---------------------------------------------Before Tax Net Present Value at End of Year ($millions)Dec. 31, 2012 Evaluation using InSite Jan. 1, 2013 price forecast, less debt $4,105 $2,144 $1,336----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2012 ($/share) $27.61 $14.42 $8.99--------------------------------------------------------------------------------------------------------------------------------------------------------Year over Year Change in Before Tax NPV/share -12% -8% -6%Year over Year Change in Before Tax NPV/share including Dividend ($0.72/share) -10% -3% 1%-------------------------------------------------------------------------------------------------------------------------------------------------------- Total Proved($millions)Discounted at 0% 5% 10%----------------------------------------------------------------------------Before Tax Net Present Value at Beginning of Year ($millions)Dec. 31, 2011 Evaluation using InSite Jan. 1, 2012 price forecast, less debt $7,236 $3,507 $2,030----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2011 ($/share) $52.30 $25.35 $14.67---------------------------------------------------------------------------- 2012 sales (revenue less royalties and operating costs) ($338) ($338) ($338) Net Change due to price forecasts (using InSite Jan 1, 2013 price forecast) ($1,393(i)) ($723(i)) ($478(i)) Value Change due to discoveries (additions, extensions, transfers, revisions) $1,363 $1,058 $845 --------------------------------------------- ---------------------------------------------Before Tax Net Present Value at End of Year ($millions)Dec. 31, 2012 Evaluation using InSite Jan. 1, 2013 price forecast, less debt $6,869 $3,504 $2,060----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2012 ($/share) $46.20 $23.57 $13.86--------------------------------------------------------------------------------------------------------------------------------------------------------Year over Year Change in Before Tax NPV/share -12% -7% -6%Year over Year Change in Before Tax NPV/share including Dividend ($0.72/share) -10% -4% -1%-------------------------------------------------------------------------------------------------------------------------------------------------------- Proved + Probable Additional($millions)Discounted at 0% 5% 10%----------------------------------------------------------------------------Before Tax Net Present Value at Beginning of Year ($millions)Dec. 31, 2011 Evaluation using InSite Jan. 1, 2012 price forecast, less debt $10,790 $5,018 $2,825----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2011 ($/share) $77.99 $36.27 $20.42---------------------------------------------------------------------------- 2012 sales (revenue less royalties and operating costs) ($338) ($338) ($338) Net Change due to price forecasts (using InSite Jan 1, 2013 price forecast) ($2,061(i)) ($1,027(i)) ($657(i)) Value Change due to discoveries (additions, extensions, transfers, revisions) $1,969 $1,416 $1,087 --------------------------------------------- ---------------------------------------------Before Tax Net Present Value at End of Year ($millions)Dec. 31, 2012 Evaluation using InSite Jan. 1, 2013 price forecast, less debt $10,360 $5,070 $2,917(i)----------------------------------------------------------------------------Per Share Outstanding at Dec. 31, 2012 ($/share) $69.69 $34.10 $19.63--------------------------------------------------------------------------------------------------------------------------------------------------------Year over Year Change in Before Tax NPV/share -11% -6% -4%Year over Year Change in Before Tax NPV/share including Dividend ($0.72/share) -10% -4% 0%----------------------------------------------------------------------------
