Pace Oil & Gas Ltd.: Well-Site Incident in Northwest Alberta

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CALGARY, ALBERTA--(Marketwire - May 23, 2012) - An oil and water leak occurred in a remote area of NW Alberta approximately 20 km SE of Rainbow Lake reports Pace Oil & Gas Ltd. ("Pace" or the "Company") (TSX:PCE). The water injection pipeline and associated water injection well have been isolated. "Equipment and booms were mobilized starting Saturday, May 19th with fluid recovery beginning at 3:00 p.m. on Tuesday, May 22nd" said President and CEO, Fred Woods.

The ERCB (http://ercb.ca) is on-site, the facility has been closed and the clean-up has begun. The ERCB issued a statement that there were no injuries and no direct public impact as a result of the release.

The Facts:
Containment and Clean-up:

Pace Oil & Gas Ltd. 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. Pace's common shares trade under the symbol PCE on the TSX and PACEF on the OTC.

For more information, or to arrange an interview contact Fred Woods.

 
Pace Oil & Gas Ltd.
Fred Woods
President & CEO
fwoods@paceoil.ca