My new Mistress says she will use pegging as punishment for me. Dosen't pegging make the man orgasm, if this is the case then it would not be a punishment. So then how will she peg me with no orgasm?
Yes, it is possible to have an orgasm it can be more enjoyable than any had as a male. But it can also be used as punishment to a point and also painfully, humiliating...etc,,,,,,CONTEXT!   can read all sorts of adult stories about how a man hates, until he loves being fucked....BUT while that can happen. SHE can also enter and use you for her fun, but stop short of yours. Humiliating of course, who is doing it? anyone else?
An orgasm is not automatically associated with pegging. In fact, when Ms. K. pegs me, I only sometimes orgasm from the act itself. But, when she turns me over, takes me missionary, kisses me, and is looking into my eyes while she is fucking me ... it doesn't take long to have an amazing orgasm.

We have had many a pegging sessions were he does not achieve orgasm.
In my personal experience, for my, is near to impossible for me to be pegged and not having and orgasm.
But that depends. I have a friend that tried just about everything to have a prostate orgasm and simply can't have them.
So, yes, a man be pegged without having an orgasm.
I am a Male, bottom only, heterosexual man, that only orgasms through prostate stimulation.