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Peyto Exploration & Development Corp. Completes Acquisition of Open Range Energy Corp.

CALGARY, ALBERTA--(Marketwire - Aug. 14, 2012) - Peyto Exploration & Development Corp. (PEY.TO) ("Peyto") and Open Range Energy Corp. (ONR.TO) ("Open Range") jointly announce the completion of Peyto's previously announced acquisition of all of the outstanding Open Range common shares pursuant to an arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Under the Arrangement, which was approved by Open Range shareholders by a 99.3% majority, Open Range shareholders received 0.0723 of a Peyto common share for each Open Range common share resulting in the issuance of approximately 5.4 million Peyto common shares. It is anticipated that the Open Range common shares will be delisted from trading on the TSX on or about August 17, 2012.

Open Range also advises that the unaudited interim financial statements for the six months ended June 30, 2012 and accompanying management's discussion and analysis have been filed on SEDAR.

About Peyto Exploration & Development Corp.

Peyto is a Canadian natural gas exploration and development company focused on long-term growth through an aggressive exploration, development and production program in the Western Canadian Sedimentary Basin.