Peyto Energy Trust confirms cash distributions for January 15, 2008



    SYMBOL: PEY.UN - TSX

    CALGARY, Dec. 14 /CNW/ - Peyto Energy Trust ("Peyto" or the "Trust")
today confirms the cash distributions for January 2008 and announces a special
distribution pursuant to the proposed internal reorganization.

    Confirmation of January 15, 2008 Distributions

    Peyto confirms that the monthly distribution with respect to
December 2007 of $0.14 per trust unit is to be paid on January 15, 2008, for
Unitholders of record on December 31, 2007. The ex-distribution date is
December 27, 2007. This distribution represents the 23rd consecutive month
since February 2006 that distributions have been sustained at this level.

    Special Distribution

    The previously announced internal reorganization was approved by Peyto's
unitholders ("Unitholders") at a special meeting held on December 14, 2007 and
is expected to be completed on January 1, 2008. Pursuant to the
reorganization, all Unitholders will receive a special distribution in kind
and Canadian Unitholders will also receive a special cash distribution that
will be equivalent to the withholding tax that is being remitted to the
Receiver General on behalf of each non-resident Unitholder. This special cash
distribution, which equates to approximately $0.0035 per trust unit, will be
paid concurrently with the January 15, 2008 distribution and classified as a
return of capital for tax purposes. Unitholders will be required to reduce the
adjusted cost base of the Unitholder's units by the fair market value of the
special cash distributions.
    Pursuant to the Reorganization, the Trust's business operations are being
simplified and consolidated, such that all assets and all exploration and
development activities will be conducted entirely through a new limited
partnership, indirectly held by the Trust. Previously, Peyto's business
operations were being conducted partially in Peyto Exploration & Development
Corp. and partially in Peyto Operating Trust. The purpose of the
reorganization is to maximize value and cash distributable to Unitholders and
to increase the value of the business by providing for a simplified operating
structure.

    Peyto is a natural gas weighted energy trust. Peyto currently has
105.7 million trust units outstanding and is committed to maintaining its
emphasis on building value through the exploration and development of high
quality gas properties.
    Peyto trust units trade on the TSX under the symbol PEY.UN.
    We encourage you to actively visit Peyto's website located at
www.peyto.com.

    Certain information set forth in this document, including management's
assessment of Peyto's future plans and operations, 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. Peyto disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. Unitholders or potential Unitholders should
consult their own legal or tax advisors as to their particular tax
consequences.

    The Toronto Stock Exchange has neither approved nor disapproved the
    information contained herein.

    %SEDAR: 00019597E




For further information:

For further information: Darren Gee, President and CEO, Phone: (403)
237-8911, Fax: (403) 451-4100

Organization Profile

PEYTO ENERGY TRUST

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