Pace Oil & Gas Ltd.: Rainbow Lake Update, June 6, 2012: Estimate of Volume Leaked Significantly Lowered to Less Than 800m3

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CALGARY, ALBERTA--(Marketwire - June 6, 2012) - The initial estimate of the volume leaked from the Company's water injection site in NW Alberta has been reduced by approximately 75%, to less than 800 m3 from the 3,500 m3 earlier estimated. Additional analysis and information from our work on the recovery provides for a more accurate estimate. In addition no indication of contaminated groundwater has been found as evidenced by chloride levels that continue to test well within acceptable levels. The site is located in a remote area of N.W. Alberta approximately 20 km S.E. of Rainbow Lake.

To ensure technical and mechanical capacity as well as personnel on-site to clean-up and reclaim the area, the Company immediately focused its efforts to address the larger initial volume estimate. Pace implemented a large scale clean up that could be tailored to the situation as the various stages were worked through.

"We are committed to making this right for the local community, Albertans, our shareholders and our industry" said Fred Woods, Pace President and CEO.

Reclamation efforts continue and remain a priority for Pace. At this stage a completion date for reclamation has not been determined.

Updates and 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.

FORWARD-LOOKING STATEMENTS

Certain statements contained within this press release constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "targeting", "continue", "until", "forecast", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

Although Pace believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pace can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release or as of the date specified in the documents incorporated by reference into this press release, as the case may be. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to:

Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this document speak only as of the date of this document and Pace does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.

Updates to the Rainbow Lake Spill Incident will be posted on Pace's website at www.paceoil.ca.

 
Pace Oil & Gas Ltd.
Communications & Stakeholder Relations
Colin Merrick
(403) 930-3519
www.paceoil.ca