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Press release from Newsfile Corp

Nova Bancorp to Vote Against Pace Business Combination

Tuesday, January 29, 2013

Nova Bancorp to Vote Against Pace Business Combination17:48 EST Tuesday, January 29, 2013Vancouver, British Columbia--(Newsfile Corp. - January 29, 2013) - Nova Bancorp Ltd. (“Nova Bancorp”) announced today that an affiliate, that has been a shareholder of Pace Oil & Gas Ltd. (“Pace”) since 2010, plans to vote against the proposed business combination involving Pace, AvenEx Energy Corp. (“Avenex”) and Charger Energy Corp. (“Charger”). The special shareholders’ meeting to consider this transaction is scheduled to be held on February 19, 2013 Yesterday Nova Bancorp received an exemption order from the Alberta Securities Commission (the “Order”) that permits Nova Bancorp to solicit proxies by broadcast, speech or publication without sending an information circular to each Pace shareholder. The Order also permits Nova Bancorp to make non-public solicitations to not more than 15 Pace shareholders. As outlined in the Pace joint information circular dated January 18, 2013 (the “Circular”), Nova Bancorp does not believe that Pace shareholders were well served last October when Pace engaged its financial advisor “with a mandate to, among other things, conduct a non-public, confidential limited party sale process.” Nova Bancorp believes that the results of the sale process speak for themselves. The Circular advises that Pace only “evaluated three non-binding proposals including a proposal from AvenEx and Charger,”Charger being a company with common directors with Pace. The limited sale process does not seem to have been very successful. Nova Bancorp also questions the fairness of the cash payments being made to Pace management. The top five members of the Pace management team will receive total cash payments of $5.3 million as part of the proposal shareholders are being asked to vote on. Nova Bancorp will issue a comprehensive press release that will detail these issues and its other reasons for opposing this transaction. Any solicitation will be made by Nova Bancorp and not by or on behalf of the management of Pace. Except for the non-public solicitations, any solicitation will be made by broadcast, speech or publication. Nova Bancorp will bear all the costs and expenses associated with such solicitation. An affiliate of Nova Bancorp owns 65,200 Pace common shares. Nova Bancorp is a member of Nova Bancorp Group (, a private investment company based in Vancouver. Nova Bancorp has considerable experience with oil & gas investments and with shareholder activist situations. The address of Pace Oil & Gas Ltd. is 1700, 250-2 Street S.W., Calgary, Alberta T2P 0C1. For further information contact: Jack Muir 604-891-8782  or Rick Wlodarczak 604-891-8791