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    Pace Oil and Gas Investor Presentation Pace Oil and Gas Investor Presentation Presentation Transcript

    • “BUILDING A TOP TIER ENERGY COMPANY, BUILDING IN GROWTH, BUILDING UP VALUE.”Investor Update | 2011 Year End | March 2012 An Intermediate-Sized Real Growth Company Oil Growth Drives Cash Flow
    • Forward Looking Statements Forward-Looking Statements: This presentation contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "believes", "expects", "intends", "projects", "plans", "anticipates", “positions”, “potential”, “objective”, “continuous”, “ongoing”, "estimates" or "contains" or similar words or the negative thereof. In particular, this presentation contains forward-looking statements relating to: the estimated production of Pace Oil & Gas Ltd. (“Pace”), the estimated reserves of Pace Oil & Gas Ltd., the estimated pro-forma funds from operation of Pace Oil & Gas Ltd., the expected credit facility available to Pace Oil & Gas Ltd., the anticipated number of wells and completions to be carried out, the anticipated replacement production from our new completions, the expected reserve additions, future plans and expenditures of Pace Oil & Gas Ltd., the forecasted commodity prices. These statements represent managements expectations or beliefs concerning, among other things, future capital expenditures and future operating results and various components thereof or the economic performance of Pace and include, without limitation, statements with respect to the future financial position, business strategy, budgets, projected costs and plans, objectives of or involving Pace or any of its respective affiliates; access to credit facilities; capital taxes; income taxes; commodity prices; administration costs; commodity price risk management activities; expectation of future production rates and components of cash flow and earnings. Actual events or results may differ materially. The projections, estimates and beliefs contained in such forward-looking statements are based on managements estimates, opinions and assumptions at the time the statements were made including assumptions relating to the production performance of Pace’s oil and gas assets, the cost and competition for services throughout the oil and gas industry in 2012 and beyond and the continuation of the current regulatory and tax regime in Canada, and necessarily involve known and unknown risks and uncertainties which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. Pace does not undertake to update any forward-looking information contained in this presentation whether as to new information, future events or otherwise except as required by securities rules and regulations. Barrels of Oil Equivalency: Barrels of oil equivalent (BOEs) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio for natural gas of 6 Mcf:1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 2
    • Corporate Overview  Strong Real Growth  Top tier growth - oil weighted & cash flow per share  Strong Performance Metrics  High quality, long life, oil weighted assets  Significant Upside  Portfolio of top tier resource plays  Multiple valued-added visible growth opportunities  Significant upside potential/large scale catalysts Continued Strong (Real) Growth – Oil Weighted and Cash Flow per share will deliver multiple expansionPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 3
    • Corporate Highlights Current – December 31, 2011 Basic Shares Outstanding (mm) 47.2 FD Shares Outstanding (mm) 51.0 Bank Debt (mm) $151 Net Debt (mm) $186 Credit Facility (mm) (1) $275 Proved Reserves (mmboe) (2) 44.5 2P Reserves (mmboe) (2) ~50% Oil 69.6 2012 Outlook (3) Est. Production (boe/d) 14,500 - 15,250 Oil & NGLs (bbls/d) 7,200 - 7,500 CapEx 2012 (mm) $90 - 100 Production -Mix BMO, BNS, HSBC, ATB – renewed December50% - 52% Oil 1. Banking syndicate CIBC, NBF, 2011 2. Reserves December 31, 2011 evaluated by McDaniels & Associates Consultants Ltd. 3. $95/bbl WTI, $3.00/mcf AECOPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 4
    • Oil Growth Drives Production Increase16,000 Gas (boe/d) 15,000  Total production up Oil+NGL (bbls/d) 14,141 14,262 14,205 over 53% from Q114,000 13,089 13,558 2010 12,40312,000  Oil production up over10,000 9,808 10,271 104% from Q1 2010 8,000  Oil production increased to 7,200 6,000 8,000 bbls/d YE 2011 exit 4,000  Target exit for 2012 6,965 5,391 5,868 6,077 6,061 8,000 bbls/d 4,668 2,000 3,531 3,542  Strong oil growth - (20%+ y/y) drives production growth Only 3% NGL in Oil Total Steady paced oil growth trend PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 5
    • Decreasing Op Costs & Increasing Op Netback Operating Costs/boe Operating Netbacks/boe $24.11 $24.18 $20.77 $20.40$19.68 $19.55 $17.24 $16.57 $15.21 $15.20 $14.99 $13.81 $13.51 $13.84 $13.20 $13.38Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 1130% op cost reduction while increased oil weighting to 50% Netback increasing in 2012 PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 6
    • Pace Delivered Top Finding Costs 2011 2010 Proved Plus Proved Plus $/boe Proved Proved Probable Probable E&D Capital $ 16.19 $ 15.81 $ 13.10 $ 12.91 Change in future capital (0.02) 1.23 (1.10) 4.29F&D Costs $ 16.17 $ 17.04 $ 12.00 $ 17.20 A&D Capital $ 23.26 $ 7.36 $ 15.25 $ 10.05 A&D FDCs - - 4.79 4.87A&D Costs $ 23.26 $ 7.36 $ 20.03 $ 14.93 Total Capital $ 16.11 $ 16.09 $ 14.65 $ 10.63 Change in future capital (0.02) 1.27 3.16 4.75FD&A Costs $ 16.09 $ 17.36 $ 17.81 $ 15.39% Reserve Adds by Product Oil 75% 53% 62% 52% NGLs 4% 7% 1% 1% Natural Gas 21% 40% 37% 47% 100% 100% 100% 100% Pace replaced 268% of oil & NGLs proven production – Over 2.1x recycle ratio on weighted average netback by product PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 7
    • 2011 Reserves Breakdown Reserves by Product Reserves by Category Net Present Value by Product (boe, P+P) ($, NPV 10% Disc) ($, P+P, 10% Disc) NGL NGL 28% Gas 2% 2% Prob 23% Gas 50% 9% 63% PDNP PDP Oil PUD Oil 48% 75% Working Interest Reserves Oil NGL Natural Gas Total 10% (mboe) (mboe) (mmcf) (mboe) ($mm) Proved Developed Producing 18,456 564 82,169 32,715 530,440 63% Proved Developed Non Producing 2,498 107 18,704 5,722 73,668 Proved Undeveloped 2,593 62 20,022 5,993 49,883 Total Proved FDC of $97mm 23,548 734 120,895 44,430 653,991 77% Probables 10,100 534 87,403 25,201 193,462 Proved + Probables FDC of $191mm 33,647 1,268 208,298 69,632 847,4541) Based on the December 31, 2011 McDaniel NI 51-101 compliant reserves evaluations2) Columns may not add due to roundingPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 8
    • Pace Underlying Value NGL Gas 2% 23% Proved PV10 $13.85 / share Each common share owns Probable PV10 4.10 / share 1.48 boe of reserves 2P PV10 $17.95 / share (0.71 bbl of oil) Oil 75% Total P 2011 Net Asset Value - ($mm) PDP Oil P+P BT 10% reserve value (1) 530 534 $ 847 Less: net debt (186.1) (186.1) (186.1) Add: undeveloped land value (354,000 acres @ $250/acre) (2) 88.5 88.5 88.5 Add: seismic and other assets 2.9 2.9 2.9 Net asset value $ 752.7 Shares outstanding (mm basic) 47.2 47.2 47.2 10 NAV/Share $9.22 $9.30 $ 15.95 (1) McDaniels & Associates Forecast Price & Costs (12/31/2011) (2) Internal value estimatePACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 9
    • Increased Liquids Increases Netbacks/Cash Flow90%80% % Liquids70%60%50%40%  Steady increase in liquids30%20%10% compared to peers 0% 60 Operating Netback  Operating netbacks 50 40 30 20 increase with more oil 10 production 060% CFPS Growth 11/1040%  Top tier cash flow per20% share growth 0%-20%-40% * All estimates based on FirstEnergy Research March 2, 2012 FE Price Deck $105/bbl WTI, $2.25/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 10
    • Strong Comparative Growth & Strong Balance Sheet1.4x Net Debt 11 Yr End/LOC1.2x1.0x0.8x0.6x0.4x  Financial flexibility within0.2x existing0.0x2.5x 11 Cash Use to Cash Flow2.0x  Spent within means to1.5x1.0x deliver excellent CFPS0.5x growth0.0x7.0x  Strong balance sheet6.0x Yr End 11 Net Debt/11 CF5.0x4.0x with low amount drawn3.0x2.0x on facility1.0x0.0x * All estimates based on FirstEnergy Research March 2, 2012 FE Price Deck $105/bbl WTI, $2.25/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 11
    • Strong Results & Exceptional Value140,000 EV/2012 boe/d120,000100,000 80,000 60,000 40,000  Pace trades at low 20,000 multiple compared to - peer group 14.0x EV/2012 DACF 12.0x 10.0x 8.0x 6.0x  At peer group average, 4.0x Pace shares equate to 2.0x 0.0x $12 – $15 14.0x Price/2012 CF 12.0x 10.0x  Solid oil (real) growth will 8.0x drive multiple expansion 6.0x 4.0x 2.0x 0.0x * All estimates based on FirstEnergy Research March 2, 2012 Pace closing price on March 2, 2012 - $5.67 PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 12
    • Significant Upside & Visible Long Term Growth Areas Key Attributes  High Working Interest  Operational Control Play Type Project Gross Net Wells Capital Operated MM$ WellsSouthern Glauconite $35 – 40 24 18Alberta Lithic Pekisko WaterfloodDixonville Montney C $15 – 20 3 3 WaterfloodRed Earth Slave Point $15 – 20 2 2Northwest Pekisko $10 4 4AlbertaTotal Oil $75 - 90 33 27Deep Basin $5 - -Land, $15 – 25Seismic, G&AotherGrand Total $90 - 100 33 27  CapEx to match Cash Flow  2012 CapEx directed towards oil program PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 13
    • Southern Alberta Lithic Glauconite & Mannville Oil Plays R20W4 R15W4 Key Attributes  Current production: 4,500 boe/d (43% oil) • 2,000 bbls/d oil  Total Acreage • Gross 488,000 - 763 sectionsT15 • Net 302,000 - 472 sections  2011 Program – Successful Oil Drilling • Oil production up 30% from Q4 2010  Large Repeatable Drilling & EOR Potential • Waterfloods (59 mmbbls) DPIIP net • Production enhancements through waterflood potential plus ASPT10 • Infill & delineation potential  2012 Plan ($35-40 mm) • Implement waterflood in NNN/BBB • 24 (18.3 net) horizontal drills • Other pool waterflood optimization • Expand current inventory of 75 wells High working interest with infrastructure PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 14
    • Southern Alberta - Economics R19W4 R17W4 Play Type Curve 500T14 400 Type Curve 300 BOE/D 200 100 0 0 12 24 Months D,C, Equip $1.9 mmT12 Production, boe/d (IP 30 day) 130 Reserves (mboe) 125 NPV 10%($mm/well) $2.0 Profit to Investment 1.05  Successful 2011 drilling program drives oil growth Rate of Return 56%  2012 Plan ($30 mm+/-) Reserve Cost ($/boe) $15.25 • 24 (18.3 net) horizontal drills Netback (1st year) ($/boe) $54.40 • Expand current inventory of 75 wells $97/bbl WTI, $3.50/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 15
    • NNN & BBB Production Forecast R18W4 R17W4 1000 5000 Retlaw Unit WF Forecast Cal Day Oil 4000 800 Water Inj, bwpd 3000T13 600 2000 400 1000 200 0T12 0 -1000 2012 Plan ($5 mm net capital)  Implement waterflood in NNN/BBB • 400 bbl/d production adds forecasted • 52% IRR, 1.5 mmbbls PDP additions  Infill horizontals possible once pressures restored  Other pool waterflood optimization  Additional ASP potential PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 16
    • Peace River Arch - Dixonville Key Attributes  Current production: 3,600 boe/d (88% oil) R1W6 R25W5 • Netback over $43/boe*  Total AcreageT87 • Gross 62,700 - 98 sections • Net 58,500 - 91 sections  Montney “C” Oil Pool with expanding waterflood • OOIP increased by 25% to 188 mmbbls – 30 API oil • 100% Pace working interest • Incremental 20,000 bbls/d fluid capacityT86 • Tertiary potential – ASP in 2014  2011 Program – Continued successful waterflood • Oil Production up 36% from Dec. 2010  Large Reserve Upside • 2P remaining reserves 23 mmboe (15% recovery) • 2011 TP reserve adds 3.6 mmboe Strong waterflood response  2012 Plan ($15-20 mm) continues • Expand waterflood on remaining 1/3 of pool to drive increased oil production • 16 injector conversions • Continue well pump upsizes *$97/bbl WTI, $3.50/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 17
    • Dixonville: Montney C Reservoir Simulation 3,200 bbls/d DIXONVILLE: MONTNEY C REMAINING RECOVERABLE OIL (MMBBL) 70 35% 0.40 ULTIMATE RECOVERY OF OOIP (%) 60 0.35 0.30 50 Tertiary, 28.2 20% 0.25 40 15% Upside, 9.4 Upside, 9.4 0.20 30 2P, 7.0 2P, 7.0 2P, 7.0 0.15 20 0.10 1P, 16.2 1P, 16.2 1P, 16.2 10 0.05 Prod, 5.7 Prod, 5.7 Prod, 5.7 0 - Base Case Waterflood EUR (SP) Optimization Prod 1P 2P Upside Total OOIP Rec.Waterflood response exceeds base case (booked reserves) and current model PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 18
    • Peace River Arch - Red Earth Area Key Attributes R9W5 R7W5  Current Production: 590 bbls/d (oil)  Total Acreage • Gross 72,800 - 114 sections SouthernT88 Alberta • Net 51,800 – 81 sections  Top Quality light oil property • Netback > $60/boe*  Slave Point Resource Play • High industry activity • Gross 42,800 (32,200 net) acresT86  2012 Plan ($15-20 mm) • Drill 2 Hz wells & test 4 wells • Create Slave Point program for Q4 2012 • Current inventory of 50 wells & growing *$97/bbl WTI, $3.50/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 19
    • Peace River Arch - Red Earth Area - Economics R10W5 R6W5 Play Type CurveT89 100/1-9-88-8W5/0 Type Curve 1st Generation Wells 2011 Wells Southern Alberta Oil Rate (bbl/d) 100/8-1-88-12W5/0T87 0 1 2 3 Years D,C, Equip $3.0 mmT85 Production, boe/d (IP 30 day) 125 - 150 Reserves (mboe) 150 NPV 10%($mm/well) $2.1 Profit to Investment 0.7 Rate of Return 50% Reserve Cost ($/boe) $20.00 Netback (1st year) ($/boe) $73.00 $97/bbl WTI, $3.50/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 20
    • Northern Alberta: Rainbow/Haro – Resource play R10W6 R6W6 R2W6 Key AttributesT110  Current production: 3,800 boe/d (27% oil)  Total Acreage • Gross 376,000 - 587 sections • Net 328,000 - 513 sections  Stable, long term production • Large low decline (5-7%/yr) Bluesky gas • 925 bbl/d Muskeg & Keg River sweet crudeT105  Haro – early stage oil resource play • 1.16 B bbls DPIIP, Net 71,000 acres – 111 sections • 22º API with cold production • Potential 4-8 wells per section • 500 m depth – low capital cost per well  2012 Plan ($10 mm)T100 • 4 Pekisko oil horizontals with smaller fracs • Establish non-stimulation base line • Hold land 5 years • ARC has licensed 4 Pekisko wells to be drilled this winter (1) Discovered petroleum initially-in-place PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 21
    • Haro Pekisko Encouragement Unrisked 300 to 600 locations R6W6 R3W6 200 2-36-101-5W6 175 Oil Rate (bbl/d) 150 125 100T102 75 50 25 0T100 0 12 Months 24 36 Type Curve 00/02-36 D,C, Equip $2.1 – 2.5 mmT98 Production, boe/d (IP 30 day) 100 - 125 Reserves (mboe) 100 - 150 NPV 10%($mm/well) $2.0 – 2.4 Profit to Investment 0.8 – 1.1 Rate of Return 35 - 75% Reserve Cost ($/boe) $14 - 25 Netback (1st year) ($/boe) $55 - 60 $97/bbl WTI, $3.50/mcf AECO PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 22
    • Large Repeatable Gas Deep Basin Land Farrell Creek, BC Area Gross Acres Net Acres  Working interest: 75%-100% Elmworth 5,800 3,500 (operated) Chinook Ridge 27,000 16,300  Net acreage: 19,300 acres (30.2 Red Rock 20,100 19,000 sections) Bilbo 19,200 6,600 Total 72,100 45,400 Current Production: ~ 7.6 mmcf/dPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 23
    • Oil Focused Capital Budget 2012 Play Type Project Gross Net Wells 2012 Exit Adds Capital MM$ Operated boe/d Wells Southern Alberta Glauconite $35 – 40 24 18 1,100 – 1,200 Lithic Pekisko Waterflood Dixonville Montney C $15 – 20 3 3 600 – 800 Waterflood Red Earth * Slave Point $15 – 20 2 2 300 – 500 Northwest Alberta Pekisko $10 4 4 200Total Oil $75 - 90 33 27 2,400 – 2,700 Deep Basin $5 - - 300 Land, Seismic, G&A $15 – 25 otherGrand Total $90 - 100 33 27 2,700 – 3,000* Red Earth – Drill 2 new wells, Complete & Equip 4 wells  Targeting budget of $90 - $100 mm – Potential to Expand – staying inside cash flow  2012 budget will be focused on high netback oil prospects PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 24
    • Pace Oil Enhanced Recovery Cum to Date Pace WI Reserves Pace Estimated Gross Ultimate Recovery Total Gross EUR Gross as of Dec. 31/2011 as of Dec. 31, 2011 Incr. Recovery OOIP Production Recovery Total Proved Proved + Probable Upside Potential (2P + Upside) Pace WI TP 2P Upside Area / Pool Mechanism (mmbbls) (mmbbls) (% OOIP) (% OOIP) (mmbbls) (% OOIP) (mmbbls) (% OOIP) (mmbbls) (mmbbls) (% OOIP) (%) (mmbbls) (mmbbls) (mmbbls) Dixonville Montney C Waterflood 188.0 5.7 3.0% 11.7% 21.9 15.4% 28.9 5.0% 9.4 38.3 20.4% 100% 16.2 23.2 9.4 Polymer - SP 15.0% 28.2 66.5 35.4% 28.2 Retlaw Mannville BBB Primary/Waterflood 15.1 0.9 5.9% 14.7% 2.2 17.6% 2.7 5.0% 0.8 3.4 22.6% 62% 0.8 1.1 0.5 ASP 15.0% 2.3 5.7 37.6% 1.4 Retlaw Manville NNN Primary/Waterflood 8.7 1.0 10.9% 16.4% 1.4 18.4% 1.6 5.0% 0.4 2.0 23.4% 62% 0.3 0.4 0.3 ASP 15.0% 1.3 3.3 38.4% 0.8Retlaw Mannville J8J Waterflood 8.8 0.5 5.4% 5.6% 0.5 5.7% 0.5 4.3% 0.4 0.9 10.0% 100% 0.0 0.0 0.4Retlaw Mannville V Waterflood 12.1 3.5 28.8% 31.7% 3.8 32.9% 4.0 7.1% 0.9 4.8 40.0% 87% 0.3 0.4 0.7Long Coulee Sunburst P Waterflood 17.7 2.2 12.4% 12.9% 2.3 13.1% 2.3 10.0% 1.8 4.1 23.1% 89% 0.1 0.1 1.6Badger Glauc. Unit #1 Waterflood 5.2 2.5 47.7% 50.5% 2.6 51.0% 2.7 5.0% 0.3 2.9 56.0% 100% 0.1 0.2 0.3Enchant Arcs Unit #3 Waterflood 23.1 4.0 17.4% 24.7% 5.7 27.3% 6.3 7.7% 1.8 8.1 35.0% 19% 0.3 0.4 0.3 Subtotal SAB Waterflood 90.6 14.5 16.0% 20.5% 18.6 22.1% 20 6.9% 6.2 26.2 29.0% 2.0 2.7 4.0Total Waterflood 278.6 20.2 7.3% 14.5% 40.5 17.6% 48.9 5.6% 15.6 64.6 23.2% 18.2 25.9 13.4Total Surfactant-Polymer 211.8 15.0% 31.8 75.6 35.7% 30.4Total Conventional 278.6 20.2 7.3% 14.5% 40.5 17.6% 48.9 17.0% 47.4 140.1 50.3% 18.2 25.9 43.9Haro Pekislo Resource Primary 1,160 5.0% 58.0 58.0 5.0% 100% 58.0 Solvent/Thermal Stimulation 15.0% 174.0 174.0 15.0% 100% 174.0Total - Haro Resource 1,160 20.0% 232.0 232.0 20.0% 232.0Total Pace Upside 275.9 Potential to add significant barrels through enhanced recoveries PACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 25
    • Key Investment Highlights  Strong Real Growth • Production up, oil weighting up and growing • Cash flow up and top tier per share growth  Excellent results and continued oil focused growth  Solid Value • Solid reserves, low decline, low risk  Low cost reserves and very attractive trading multiple  Significant Upside • Identified portfolio of visible long term, low risk, oil growth opportunities  Oil weighted upside with large scale gas resource optionality Oil Weighted Growth, Excellent Value, Proven Team, Proven ResultsPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 26
    • Pace Corporate Information Management Directors Fred Woods Fred Woods Tom Simons President & CEO Tom Buchanan Jeff Smith Judy Stripling Peter Harrison Jay Squiers Executive Vice President & CFO Mike Shaikh David Tuer Todd Brown Vice President & COO Banking Syndicate Volker Braun CIBC Vice President, Exploration National Bank Chad Kalmakoff Bank of Montreal Vice President, Finance Bank of Nova Scotia Colin Merrick Alberta Treasury Branches Vice President, HR, IR & Administration HSBC Bank of Canada Darrell Osinchuk Auditors Vice President, Exploitation PriceWaterhouse Coopers LLP Martin Saizew Vice President, Engineering Legal Counsel Heenan Blaikie LLP George Swerdan Vice President, Production & Operations Evaluation Engineers Andrew Weldon McDaniels & Associates Consultants Ltd. Vice President, Business Development Registrar & Transfer Agent Address Computershare Trust Company of Canada Livingston Place, West Tower Suite 1700, 250 – 2nd Avenue SW TSX Listing Symbol OTC Pinks Symbol Calgary, Alberta, Canada T2P 0C1 PCE PACEF Ph: 403-303-8500 Investor Relations Email: ir@paceoil.ca Website: www.paceoil.caPACE OIL & GAS | Q4 & YE UPDATE | MARCH 2012 27
    • For Information ContactFred Woods President & CEOJudy Stripling Executive VP & CFOChad Kalmakoff VP, Finance Main: 403-303-8500 Investor Relations Email: ir@paceoil.ca Website: www.paceoil.ca TSX: PCE OTC: PACEF