Pace Oil & Gas Ltd.: Containment and Recovery Update- Rainbow Lake Crude Emulsion Leak

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CALGARY, ALBERTA--(Marketwire - May 29, 2012) - On May 19th, an oil and water leak occurred in a remote area of N.W. Alberta approximately 20 km S.E. of Rainbow Lake, Alberta. The site well is used for water injection from the Bluesky Banff Gas Pool.

Upon leak identification, the well was immediately shut-in and clean-up efforts implemented.

The spill covers an approximate surface area of 4.3 hectares (10.6 acres) and an estimated volume of 3,500 m3. The fluid spill composition is an emulsion of oil and water.

The spill perimeter has been trenched and booms have been put in place to contain the spill. Site cleanup and remediation has commenced.

In addition to Pace staff and on-site reclamation expertise, the industry's oil spill cooperative has mobilized additional resources and one of North America's leading emergency spill response specialists, SWAT Consulting Inc., has been engaged and is on the incident site.

A cell tower booster has been installed to increase connectivity to the area.

Update:

The Facts:

Pace Oil & Gas Ltd. (TSX:PCE) is a Calgary, Alberta based intermediate sized oil-weighted company with a large portfolio of near term oil resource opportunities in the Western Canadian Sedimentary Basin. TSX SYMBOL: PCE

 
Pace Oil & Gas Ltd.
Colin Merrick
Communications & Stakeholder Relations
(403) 461-9740
cmerrick@paceoil.ca