Peyto Provides Update Regarding Alberta Wildfires
CALGARY, Alberta, May 08, 2023 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (“Peyto” or the “Company”) provides an update on operations impacted by the wildfires in Alberta.
Peyto’s assets are proximal to a few of the fires burning in Alberta but fortunately the Company’s gas processing facilities have not been directly impacted. Peyto’s operations team and their families safely evacuated the affected areas and have now returned home to Edson.
On May 5th, Peyto shutdown two plants in the Brazeau area as a precautionary measure. No major infrastructure was damaged by the fires and the Company is in the process of restoring production as access reopens and services become available. Peyto currently expects production curtailments to be short term and should not have a material impact on the Company’s second quarter financial results.
Peyto’s owned and operated plants and pipeline gathering systems in the Brazeau and Sundance core areas are fully integrated to allow production to be re-routed to partially mitigate losses during emergency situations and unplanned outages.
The wildfire situation continues to evolve and updates will be provided as more details are available.
President and Chief Executive Officer
Phone: (403) 261-6081
Fax: (403) 45 1-4100
Certain information set forth in this document, including the production curtailments and management’s assessment of impacts on second quarter financial results, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties’ control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. 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.