Pace Oil & Gas Ltd.
TSX : PCE

Pace Oil & Gas Ltd.

June 28, 2011 13:37 ET

Pace Oil & Gas Ltd. Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - June 28, 2011) -

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Pace Oil & Gas Ltd. (TSX:PCE) (the "Corporation" or "Pace") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its notice to make a normal course issuer bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 2,380,790 of its 47,615,800 issued and outstanding common shares (as of June 23, 2011) on the open market through the facilities of the TSX which represents 5% of the outstanding common shares. In accordance with the rules of the TSX governing normal course issuer bids, the total number of shares the Corporation is permitted to purchase is subject to a daily purchase limit of 33,123 common shares which represents 25% of the average daily trading volume of Pace common shares on the TSX calculated for the six month period ended May 31, 2011 in accordance with the TSX rules; provided, however, that Pace may make one block purchase per calendar week which exceeds the daily repurchase restriction subject to the maximum annual limit of 5% of the issued and outstanding shares. The price that the Corporation will pay for any common shares acquired under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired by Pace under the Bid will be cancelled.

The Bid will commence on June 30, 2011 and will terminate on June 29, 2012 or such earlier time as the Bid is completed or terminated at the option of the Corporation.

Pace believes that from time to time the market price of the Pace common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation may increase the proportionate interest of, and may be advantageous to all remaining shareholders. During the past twelve months, Pace has not purchased any of its common shares.

Pace is a publicly listed oil and gas exploration and development company based in Calgary, Alberta. Pace's common shares trade on the TSX under the symbol PCE.

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