1. BUILDING A TOP TIER
ENERGY COMPANY,
ADDING MORE OIL,
BUILDING UP VALUE.
GHS100 Conference | June 2012
An Intermediate-Sized
Real Growth Company
Low Risk Oil Development
Robust at Low Prices

2. 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 management's 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 management's 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 (BOE's) 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 | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 2

3. Corporate Overview
 Strong Real Growth
 Top tier growth – increasing oil weighting drives cash flow
 Strong Performance Metrics – “Best in Class”
 Operating results – Increased oil weighting – Op costs reduced
 Execution Efficiency – Low finding costs – Top tier recycle
 Significant Upside
 Portfolio of top tier resource plays – Large OOIP
 Multiple valued-added visible growth opportunities
 Significant upside potential/large scale catalysts
Clear Path to Sustained Visible Oil Growth
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 3

4. Corporate Highlights
Current – March 31, 2012
Basic Shares Outstanding (mm) 47.2
FD Shares Outstanding (mm) 50.7
Bank Debt (mm) $168
Net Debt (mm) $213
Credit Facility (mm) (1) $300
Proved Reserves (mmboe) (2) 44.4
2P Reserves (mmboe) (2) ~50% Oil 69.6
2012
Q1 2012 Outlook
Oil & NGLs (bbls/d) 7,192 7,000 - 7,300
Natural Gas (mmcf/d) 44.2 41 - 44
CapEx 2012 (mm) 41.9 ~ $85
Production Mix ~ 50% Oil 50% - 52% Oil
1. Banking syndicate - CIBC, NBF, BMO, BNS, HSBC, ATB – renewed June 2012
2. Reserves December 31, 2011 evaluated by McDaniels & Associates Consultants Ltd.
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 4

5. Corporate Growth Strategy
Near Term (1-2 years)
 Exploit and develop existing oil assets
Oil Focused – maintain Gas option
 Explore and develop oil resource plays in inventory
 Identify new oil resource plays/concepts
 Maintain/Rank best gas resource opportunities
Focus on Oil – Exploitation and development – Dixonville staged development (acceleration), Southern
Alberta Glauconitic/Mannville, Mississippian and Waterfloods, Red Earth Slave Point
 Engineered oil enhancements – Waterflood/ASP
Mid Term (2-4 years)  Acquire strategic synergetic opportunities
Advance Oil add Gas/Liquids
 Expand resource opportunity base
Focus on Oil/Liquids rich gas – Haro Pekisko, Southern Alberta Mannville, Mississippian and
Waterfloods/ASP – Dixonville acceleration/ASP, New Oil Resource Plays/New EOR Technologies
 Full scale development of resource assets
Long Term (5+ years)
 Apply technology to enhance recovery and production
Balanced Oil & Gas/Liquids
 Monitor and identify the key innovative technologies
EOR potential additions of over 40 mmbbls
Oil resource play potential of 50-250 mmbbls
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 5

6. Oil Growth Drives Production Increase
16,000
Gas (boe/d)
Oil+NGL (bbls/d) 14,262 14,557
14,141 14,205
14,000 13,558
12,403
13,089
 Total production up
12,000 over 48% from Q1
9,808
10,271 2010
10,000
 Oil production up
8,000
over 100% to 7,200
6,000
bbls/d Q1 2012
4,000
 Strong oil growth
6,965 7,192
5,391 5,868 6,077 6,061 (15%+ y/y) drives
4,668
2,000
3,531 3,542 production growth
-
Only 3% NGL in Oil Total
Steady paced oil growth trend
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 6

7. 2011 Reserves Breakdown
Reserves by Product Reserves by Category Net Present Value by Product
(boe@6:1, P+P) ($, NPV 10% Disc) ($, P+P, 10% Disc)
NGL
NGL
23% Gas 2%
2%
Prob 23%
Gas
50% 14% 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 Future Development Capital (“FDC”)$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 69,632 847,454
1) Based on the December 31, 2011 McDaniel NI 51-101 compliant reserves evaluations
2) Columns may not add due to rounding
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 7

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 $17.95 / share (0.71 bbl of oil)
Oil
75%
Total Proved
2011 Net Asset Value - ($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) Oil WTI 2012 - $97.50 & 2013 - $97.50, GAS AECO 2012 – $3.50 & 2013 – $4.20
(2) Internal value estimate
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 8

9. Pace Delivers Low Finding Costs – Year / Year
2011 2010
Proved Proved Proved Proved
Plus Plus
$boe Probable Probable
F&D Costs $ 16.17 $ 17.04 $ 12.00 $ 17.20
A&D Costs $ 23.26 $ 7.36 $ 20.03 $ 14.93
FD&A Costs (including $ 16.09 $ 17.36 $ 17.81 $ 15.39
changes in FDC)
%Adds by Product
Oil 79% 60% 140% 132%
Natural Gas 21% 40% (40%) (32%)
100% 100% 100% 100%
Pace consistently delivers low cost, high value Oil adds
Over 2.1 recycle ratio on weighted average netback by product
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 9

10. Low Finding Costs with Strong Oil Additions
90 90
2011 2010
WFE 80 LEG
80
70 70
BNE 60
60
CKE LEG
TP F&D ($/boe)
TP F&D ($/boe)
50 TT 50
POU
PBN CPG
40 CPG 40
NVA PXX WFE
POU PBN
30 BTE 30
NGL PGF
CQE CLT NVA PGF BNE
TOU ARX CLT TET PXX
20 PRQ PCE 20 TT ARX NGL BXE CKE
BTE PCE
BIR
AAV
BXE AAV PRQ TET
BIR TOU
10 10
0 0
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
% TP Oil & NGL Additions % TP Oil & NGL Additions
Below line = high recycle ratios
Oil weighted adds delivered “Best in Class” recycle ratios
* Data from Canoils
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 10

11. Increased Liquids Increases Netbacks/Cash Flow
90%
80%
2012e % Liquids  Steady growth in liquids
70% weighting compared to
60%
peers
50%
40%
30%
20%
 Increased operating
10%
0%
efficiencies & oil growth
deliver higher netbacks
60% CFPS Growth 11/10
40%
20%
 Top tier cash flow per
0% share growth
-20%
-40%
* All estimates based on FirstEnergy Research June 14, 2012
FE Price Deck $105/bbl WTI, $2.25/mcf AECO
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 11

12. Top Quality Reserves – Oil Weighted
30
PDP Oil & NGLs
25
20
 Large and growing oil
mmbbls
15
reserves are low risk
10
Proved Developed
5
Producing
-
100%
90%
Value Oil % of TP
80%
70%
60%
50%
40%
 Large Proved Developed
30% Producing is increasingly
20%
10%
oil weighted
0%
* Data from Canoils
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 12

13. 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 $14.99 $15.20
$13.81 $13.51 $13.84
$13.20 $13.38
Q1 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 11
30% op cost reduction while increased oil weighting to 50%
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 13

14. Operating Cost Reduction &
Solid Oil Weighted Reserves with Low Decline
50%
% change in Opex 2010 to 2011
40%
 17% operating cost
30%
20%
10%
reduction while
0%
increasing oil
-10%
production
-20%
45%
Base Decline %
 Large legacy oil
40% pools - existing
35%
30% waterflood & EOR
25% potential are platform
20%
15% for low base decline
10% now and future
5%
0%
* Data from XIT
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 14

15. Significant Upside & Visible Long Term Growth Areas
Key Attributes
 High Working Interest
 Operational Control
Play Type Project Gross Net Wells
Capital Operated
MM$ Wells
Southern Glauconite $45 20 18.4
Alberta Lithic
Pekisko
Waterflood
Dixonville Montney C $10
Waterflood
Red Earth Slave Point $5
Northwest Pekisko $15 4 4
Alberta
Total Oil $75 24 22.4
Deep Basin $5 - -
Land, $10
Seismic, G&A
other
Grand Total $85 24 22.4
 CapEx to match Cash Flow
 2012 CapEx directed towards oil program
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 15

16. Southern Alberta
Glauconite & Mannville Oil Plays
R20W4 R15W4 Key Attributes
 Current production: 4,800 boe/d (44% oil)
• 2,100 bbls/d oil
 Total Acreage
• Net 312,000 - 488 sections
T15
 2011 Program – Successful Oil Drilling
• Oil production up 30% from Q4 2010
 Repeatable Drilling & EOR Potential
• 75 well inventory and growing
• Execution efficiency gains drive lower D,C & E costs
• 90 MMbbls DPIIP and growing
• Waterflood and ASP/tertiary potential
T10
 2012 Plan (~ $45 mm)
• Implement waterflood in NNN/BBB – commenced
Q1 2012
• 20 (18.4 net) oil drills – 6 (5.4 net) drilled in Q1 2012
• Other pool waterflood optimization
High working interest with infrastructure
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 16

17. Southern Alberta – Drill Economics
R19W4 R17W4
Play Type Curve
500
T14
450 Type Curve
400
Average
350
300
BOE/D
250
200
150
100
50
0
0 12 24
Months
D,C, Equip $1.9 mm
T12 Production, boe/d (IP 30 day) 130
Reserves (mboe) 125
NPV 10%($mm/well) $2.0
Profit to Investment 1.05
 Successful 2011 drilling program drives oil growth
Rate of Return 56%
 2012 Plan ($40 mm+/-)
Reserve Cost ($/boe) $15.25
• 20 (18.4 net) horizontal drills
• Expand current inventory of 75 wells Netback (1st year) ($/boe) $54.40
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 17

18. Southern Alberta Cost Drivers - Pads
1.4 Drilling Costs Initiatives Completion Cost Initiatives
$1,000
1.2
0.10
$900
- Remove frac strings
1.0 0.14 - Remove frac port drill outs
$800 - Minimize testing
0.10
0.10 $700
0.8
Completion Cost ($K)
$600
0.6 1.20
$500
0.4 0.76 $400
2011
Q3 - 2012
$300 Rig & Testing: $200k
- Slickwater fracs
0.2 Water: $50-75k
- Water recycling
Frac: $175-225K
$200 Drillout ports: $0-75k - Project frac execution
Well Equip.: $75k - Less than $400 K/well
0.0 $100 Total $525-$650k
$0
0 5 10 15 20 25
Target D,C,& E well cost from $1.9 MM/well to $1.2 - $1.4 MM/well
Q1 2012 average 1.8 MM/well
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 18

19. Price/Capital Sensitivity – Southern Alberta
SAB - Capital Sensitivity
140  Costs expectations of
120 $1.2 to $1.4 MM/well
100
80
by 2013
IRR,%
95%
60  Returns above 60%
40
20  Higher returns
0 compounded with
1000 1200 1400 1600 1800 2000 2200
Capital $K/Well capital reduction
Price Sensitivity (Oil)
90
80
70
 Break even price of
150 Mboe
60 $45/bbl at current
125 Mboe
IRR,%
50 capital cost
100 Mboe
40
30
 Break even of
20 <$30/bbl with target
10 cost reductions
-
40 50 60 70 80 90 100
Hardisty Bow River 25API (AB) - $20/bbl offset Wellhead Price, $/bbl
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 19

20. Waterflood Management Opportunities
R18W4 R17W4 1000 5000
Retlaw Unit WF Forecast
Cal Day Oil
4000
800 Water Inj, bwpd
3000
T13 600
2000
400
1000
200
0
T12
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 | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 20

21. Taber South Full Life Example
A
B C
(A) Strong early waterflood response
(B) Low mid life declines
(C) significant ASP uplift
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 21

22. Peace River Arch - Dixonville
Key Attributes
 Current production: 3,600 boe/d (88% oil)
R1W6 R25W5 • Netback over ~ $35/boe*
 Total Acreage
T87
• 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 capacity
T86
• 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 ($10 mm)
continues
• Expand waterflood on remaining 1/3 of pool
to drive increased oil production • 17 injector conversions
• Continue well pump upsizes
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 22

23. 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 | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 23

24. Peace River Arch - Red Earth Area
Key Attributes
R9W5 R7W5
 Current Production: 550 bbls/d (oil)
 Total Acreage
T88 • Net 50,250 – 78 sections Southern
Alberta
 Top Quality light oil property
• Netback > $60/boe*
 Slave Point Resource Play
• High industry activity
• Gross 42,800 (32,200 net) acres
 2013 Plan ($15-20 mm)
• Create Slave Point program for 2013
T86 • Current inventory of 50 wells & growing
• Monitor industry activity/performance
• No material near term expiries
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 24

25. Peace River Arch - Red Earth Area - Economics
R10W5 R6W5 Play Type Curve
T89
100/1-9-88-8W5/0 Type Curve
1st Generation Wells
2011 Wells
Southern
Alberta
Oil Rate (bbl/d)
100/8-1-88-12W5/0
T87
0 1 2 3
Years
D,C, Equip $3.0 mm
T85
Production, boe/d (IP 30 day) 125 - 150
Reserves (mboe) 150
NPV 10%($mm/well) $2.1
Profit to Investment 0.7
Rate of Return 50%
Reserve Cost ($/boe) $20.00
Netback (1st year) ($/boe) $73.00
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 25

26. Northern Alberta: Rainbow/Haro – Resource play
R10W6 R6W6 R2W6
Key Attributes
T110  Current production: 3,700 boe/d (25% oil)
 Total Acreage
• Gross 366,000 - 572 sections
• Net 319,000 - 498 sections
 Production Optimization
• 925 bbl/d Muskeg & Keg River sweet crude
• Oil production up 40% from Dec 2010
T105 • Large low decline (5-7%/yr) Bluesky gas
 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
T100  2012 Plan (~ $15 mm)
• Drilled 4 & completed 3 horizontal wells
• Pace activity continues land for 5 years
• ARC drilled 4 Pekisko wells this winter
(1) Discovered petroleum initially-in-place
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 26

27. Haro Pekisko Encouragement
R5W6 R3W6
Unrisked 300 to 1600 locations
T102 200 2-36-101-5W6
175
Oil Rate (bbl/d)
150
125
100
75
50
25
T100 0
0 12 Months
24 36
Type Curve 00/02-36
D,C, Equip $2.1 – 2.5 mm
Production, boe/d (IP 30 day) 100 - 125
T98 Reserves (mboe) 100 - 150
NPV 10%($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
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 27

28. Haro Drilling Initiatives
Drilling Cost Initiatives Completion Cost Initiatives
2.0
1.8
0.30  2011 completion costs
1.6
0.15 • $1.2 - $1.5 MM/well
1.4
0.20  Initiatives:
1.2 0.15
• Build water pits
$MM
1.0
1.90
0.8 • Expand water disposal &
0.6
reduce trucking
1.10
0.4 • Roads for access
0.2  Future completion costs
0.0
• $0.8 to $1.0 MM/well
Target D,C,& E well cost of $1.9 to $2.1 MM/well
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 28

29. Price/Capital Sensitivity
Haro - Capital Sensitivity
150
 Costs expectations of
125
<$2.1 DC&E 2014+
100
 Returns above 35%
IRR,%
75
50
 Road & pad scouting
25
on going
0
2.0 2.5 3.0 3.5
Capital $MM/Well
Price Sensitivity (Oil) at $2.1 MM well
120
100
80 Break even price
60 $45 - $55/bbl
IRR,%
40 with drill, complete,
20 equipment cost of
- $2.1 MM/well
40 50 60 70 80 90 100
Wellhead Oil Price, $/bbl
22 API (AB) - $25/bbl offset
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 29

30. Large Repeatable Gas
Deep Basin Land Farrell Creek, BC
Area Gross Acres Net Acres
 Working interest: 75%-100% (operated)
Elmworth 5,800 3,500
Chinook Ridge 27,000 16,300  Net acreage: 19,300 acres (30.2 sections)
Red Rock 20,100 19,000  Large scale area development ongoing
Bilbo 15,400 5,400
Total 68,300 44,200
Current Production: ~ 7.6 mmcf/d
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 30

31. Deep Basin Multi-Zone Gas Resource Play
PROSPECTIVE NUMBER OF WELLS AND COST
LAND PER WELL UNRISKED POTENTIAL
Net
Net Original Book- Net Unbooked Est. Drill,
Pace Net Unrisked ed Unrisked Complete and Pace WI EUR (1)
Sections Of Wells Per Drilling Loca- Remaining Tie-in per Net Unrisked Capital
Area Zone Land Section Inventory tions Locations well ($MM) Inventory ($MM) (Bcf)
Natural Gas Resource Plays
Bilbo Falher G HZL 10 2 - 3 20 - 30 0 20 - 30 $6.0 120 - 180 TBD
Cadomin HZL &
Red Rock &
Uphole 40 3 - 4 120 - 160 0 120 - 160 $7.0 840 - 1120 600 - 800
Bilbo
Cretaceous
Red Rock &
Nikanassin (Vt.) 40 2 - 3 80 - 120 3.8 76 - 116 $6.0 456 - 695 400 - 600
Bilbo
Cadomin HZL &
Elmworth Uphole 5.5 2 - 3 11 - 17 5.3 6 - 11 $6.0 34 - 70 50 - 80
Cretaceous
Chinook Ridge Nikanassin (Vt.) 20 2 - 3 40 - 60 2.3 38 - 58 $6.0 230 - 345 200 - 300
Cadomin HZL &
Chinook Ridge Uphole 20 2 - 3 40 - 60 0 40 - 60 $7.0 280 - 420 200 - 300
Cretaceous
Moberly/Farrell Montney - Doig
30 4 - 8 120 - 240 0 120 - 240 $6.0 720 - 1,440 720 - 1,440
Creek HZL
Moberly/Farrell
Phosphate HZL 30 2 - 3 60 - 90 0 60 - 90 $5.8 348 - 522 360 - 540
Creek
Total (+/-) 491 - 777 11.4 480 - 765 3,030 - 4,790 2,530 - 4,080
TCF 2.5 - 4.0
*Amounts above may not add due to rounding
• Over 700 potential drilling locations
• 11.4 net locations booked in the reserve report (< 2% of potential)
• Potential to add 4 Tcf of reserves (est. ~$5.0B investment)
(1) Net EUR means Pace's share of estimated ultimate recovery and are not NI 51-101 compliant
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 31

32. Pace Oil Enhanced Recovery
Estimated Gross Ultimate Recovery Total Gross EUR
Cum as of Dec. Pace WI as of Dec. Pace
Gross 31/2011 31, 2011 Incr.
Recovery OOIP Prod. 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 5.7 3.0% 11.7% 21.9 15.4% 29 5.0% 9 38 20.4% 100% 16.2 23.2 9
Polymer - SP 15.0% 28 67 35.4% 28
Southern Alta Waterflood 91 14.5 16.0% 20.5% 18.6 22.1% 20 6.9% 6 26 29.0% 66% 2.0 2.7 4
Total Waterflood 279 20.2 7.3% 14.5% 40.5 17.6% 49 5.6% 16 65 23.2% 18.2 25.9 13
Total Surfactant-Polymer 212 15.0% 32 76 35.7% 30
Total Conventional 279 20.2 7.3% 14.5% 40.5 17.6% 49 17.0% 47 140 50.3% 18.2 25.9 44
Haro Pekislo Resource Primary 1,160 5.0% 58 58 5.0% 100% 58
Solvent/Thermal 15.0% 174 174 15.0% 100% 174
Total - Haro Resource 1,160 20.0% 232 232 20.0% 232
Total Pace Upside 275.9
Large oil in place with low 2P recovery factors
Potential to add significant barrels through enhanced mechanisms
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 32

33. Key Investment Highlights
 Strong Real Growth
• Oil weighting up and Oil weighting growing
 Strong Performance Metrics – “Best in Class”
• Solid operating results and Execution Efficiency
• Increased oil weighting and op cost reduction
 Solid low risk high value oil reserve additions
 Significant Upside
• Identified portfolio of visible long term, low risk,
oil growth opportunities
 Oil resource play potential plus large scale enhanced recovery
upside
Oil Weighted (Real) Growth,
Excellent Results, Excellent Potential
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 33

34. Hedging
Commodity Term Type Volume Price
(CDN$)
Oil 2012 fiscal Collar 500 bbl/d $95.00 to $117.75
Oil 2012 fiscal Collar 500 bbl/d $100.00 to 108.70
Oil 2012 fiscal Swap 1,500 bbl/d $97.07
Natural Gas Jun - Dec 2012 Swap 4,740 mcf/d $2.37/mcf
Natural Gas 2013 fiscal Swap 4,740 mcf/d $3.23/mcf
Natural Gas 2013 fiscal Collar 4,740 mcf/d $2.90 to $3.56/mcf
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 34

35. Pace Corporate Information
Management Directors
Fred Woods Fred Woods Tom Simons
President & CEO
Tom Buchanan Jeff Smith
Todd Brown Peter Harrison Jay Squiers
Vice President & COO
Mike Shaikh David Tuer
Chad Kalmakoff
Vice President, Finance & CFO Banking Syndicate
Volker Braun CIBC
Vice President, Exploration National Bank
Colin Merrick Bank of Montreal
Vice President, HR, IR & Administration Bank of Nova Scotia
Darrell Osinchuk Alberta Treasury Branches
Vice President, Exploitation HSBC Bank of Canada
Martin Saizew Auditors
Vice President, Engineering
PriceWaterhouse Coopers LLP
Andrew Weldon
Vice President, Business Development Legal Counsel
Heenan Blaikie LLP
Address
Livingston Place, West Tower Evaluation Engineers
Suite 1700, 250 – 2nd Avenue SW McDaniels & Associates Consultants Ltd.
Calgary, Alberta, Canada T2P 0C1 Registrar & Transfer Agent
Ph: 403-303-8500 Computershare Trust Company of Canada
Investor Relations Email: ir@paceoil.ca
Website: www.paceoil.ca TSX Listing Symbol OTC Pinks Symbol
PCE PACEF
PACE OIL & GAS | GHS100 CONFERENCE SAN FRANCISCO | JUNE 2012 35

36. For Information Contact
Fred Woods President & CEO
Todd Brown VP & COO
Chad Kalmakoff VP, Finance & CFO
Main: 403-303-8500
Investor Relations Email: ir@paceoil.ca
Website: www.paceoil.ca
TSX: PCE OTC: PACEF