In a mixer combine water, oil, eggs and peanut butter. Mix until well combined. In a separate bowl, combine dry ingredients. Mix dry ingredients into wet ingredients and mix until well combined.
On a lightly floured surface, roll out dough to about 1/8" thick. Using cookie cutters, cut dough into shapes. Place shapes on a baking sheet that has been lined with a silicone baking mat or parchment paper.
Bake for 10 minutes, remove from oven, turn treats over and return to oven to bake for another 10 minutes. Turn the oven off and leave treats in the oven for another 20 minutes. Remove from oven and allow to cool completely prior to serving to your dogs.
A cookie cutter about 2" in diameter yields approximately 18 dog treats.