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Peyto looks to take advantage of low gas prices

Peyto Exploration says it's turning the steep drop in natural gas prices into an opportunity.  The nat gas company, which calls itself one of the lowest cost producers in North America, says it's looking to take advantage of cheaper service rates and less competition for land sales.

Chief executive Darren Gee tells BNN Peyto is better positioned to survive decade low gas prices than other producers.

What Peyto makes from producing natural gas liquids covers its cash costs, says Gee. And it has 40 percent of its gas hedged this year.

“Really I only have to worry about the little piece in the middle, which is the spot gas production and our capital program. How aggressive can we be in this environment?," asks Gee.

Peyto plans to also drill more wells if drilling companies offer better deals for their services, due to less gas companies fracking this summer.

“If we can get services cheaper and build it cheaper, then we’d like to take advantage of that if we can,” Gee says. CTV Two CTV News CTV News Channel BNN - Business News Network CP24