Directors Peyto Exploration & Development Corp.

Stephen J. Chetner

Director, Corporate Secretary

Mr. Chetner is a partner at the law firm of Burnet, Duckworth & Palmer LLP. Mr. Chetner started building his base of corporate securities legal experience in 1994. Mr. Chetner has been the Corporate Secretary to Peyto Energy Trust since 2000. Mr. Chetner has an LLB from the University of Western Ontario and an LLM from the University of London (U.K.).

Brian Davis

Director, Peyto Exploration & Development

Mr. Davis is the Chairman of the Reserves Committee of Peyto Energy Administration Corp. Mr. Davis is primarily engaged as the Managing Partner of Oil and Gas Evaluations and Consulting, an independent oil and gas engineering consultancy firm based in Houston, Texas, since July 1994. Mr. Davis has acquired significant experience and exposure to accounting and financial issues. Mr. Davis holds a BSC in petroleum engineering from College Station, Texas, USA.

Greg Fletcher

Director, Peyto Exploration & Development

Mr. Fletcher is the Chairman of the Compensation and Nominating Committee of Peyto Exploration & Development Corp. Mr. Fletcher is primarily engaged as the President of Sierra Energy Inc., a private oil and gas production company that he founded in 1997. Mr. Fletcher is also a director of Calfrac Well Services Ltd., a public oilfield service company, Total Energy Services Inc ., a public oilfield service company and Whitecap Resources Inc., a public oil and gas exploration and production company. Mr. Fletcher holds a BSC in Geology from the University of Calgary. In January 2009, Mr. Fletcher graduated from the Directors' Education Program sponsored by the Institute of Corporate Directors and Haskayne School of Business at the University of Calgary.

Don Gray

Chairman, Peyto Exploration & Development Corporation

Mr. Gray is a co-founder and former President and Chief Executive Officer. Mr. Gray is primarily engaged as President of Gray Capital Partners Inc., a private capital management company, since May 2007. Mr Gray is also Executive Chairman of Gear Energy. Mr. Gray holds a BSC in petroleum engineering from Texas A&M University and has worked in the Canadian oil and gas business in various capacities since 1988. Mr. Gray co-founded Peyto in 1998 and efficiently grew production from zero to greater than 20,000 boe/day.

Michael MacBean

Director, Peyto Exploration & Development

Mr. MacBean is the Lead Independent Director of Peyto Exploration and Development, and Chairman of its Audit Committee. Mr. MacBean is primarily engaged as as Managing Director of TriWest Capital Partners. Mr. MacBean is also a director of Diamond Energy Services LP. From 1995 through 1998, Mr. MacBean served as Controller and subsequently Senior Investment Analyst for ARC Financial Corporation. During this time Mr. MacBean also served as Vice-President, Finance for ARC Energy Trust. Prior to 1995, Mr. MacBean was the Manager of Financial Reporting and Taxation for Mannville Oil & Gas. Mr. MacBean received his Bachelor of Commerce Degree from the University of Saskatchewan in 1990. In 1993 Mr. MacBean received his C.A. designation from the Institute of Chartered Accountants of Alberta. In February 2007 Mr. MacBean received his Chartered Directors (C. Dir) designation from McMaster University and the Gil Bennett Award for the outstanding graduating director at the annual governance awards.