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Press release from Marketwire

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

Wednesday, May 23, 2012

Pace Oil & Gas Ltd.: Well-Site Incident in Northwest Alberta18:59 EDT Wednesday, May 23, 2012CALGARY, 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:The size of the leak covers an area approximately 500 m long by 200 m wide. The leak was detected during a flyover on May 19th. The root cause is under investigation.Containment and Clean-up: Remaining water injection lines in the area have been shut down until the surface piping can be inspected. Any suspect piping will be replaced before going back into operation. A local Wildlife Management firm, based out of Rainbow Lake is on location and ensuring wildlife does not migrate into the affected area. To date wildlife has not been discovered within the affected area. All government regulatory agencies have been notified of the line leak with representatives from of Alberta Environment having assessed the area with our local field operations staff. A remediation plan is being constructed and executed by an Environmental Engineering firm as well as the Pace Oil & Gas Ltd. Operations team in collaboration with and under the approval of Alberta Environment.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.FOR FURTHER INFORMATION PLEASE CONTACT: Fred WoodsPace Oil & Gas Ltd.President & CEOfwoods@paceoil.ca