Peyto Energy Trust announces unitholder approval of trust unit split

TSX Symbol: PEY.UN

CALGARY, May 17 /CNW/ - Further to the news release of March 14, 2005
Peyto Energy Trust ("Peyto") announces that the unitholders of Peyto have
approved a trust unit split on a two for one basis at the annual and special
meeting of unitholders held earlier today.
The trust unit split will be accomplished by issuing additional trust
unit certificates, representing one additional trust unit for each trust unit
currently held by each unitholder of record at the close of business on
May 31, 2005. It is anticipated that the trust units will commence trading on
a post-split basis at the opening of trading on May 27, 2005. Peyto
anticipates that delivery of the additional trust unit certificates will occur
on or around June 7, 2005.
To reflect this 2:1 trust unit split, Peyto will adjust its monthly cash
distribution to $0.12 per trust unit effective for the May, 2005 production
month, with such payment being made on June 15, 2005.
Unitholders should note that client month end brokerage account
statements will normally reflect the post split trust unit price, but may not
reflect the post-split number of trust units. Peyto understands from some
brokerage firms that the situation will be addressed in unitholder brokerage
statements for the following month.

Peyto is a natural gas weighted energy trust. Peyto is committed to
maintaining its emphasis on building value through the exploration and
development of high quality gas properties.

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.

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

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