Pace's common shares trade under the symbol PCE on the TSX and PACEF on the OTC.
Certain statements contained within this press release constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, statements relating to "reserves" or "resources" are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources and reserves described can be profitably produced in the future. In addition, this press release contains forward-looking statements with respect to: (i) production volumes; (ii) Pace's drilling plans and the results therefrom; (iii) future development and exploration activities. With respect to the forward looking statements contained in this press release, Pace has made assumptions regarding:
-- prevailing commodity prices and exchange rates;-- availability of labour and drilling equipment and the success of future drilling and development activities;-- future operating expenses including processing and gathering fees;-- timing and amount of capital expenditures;-- government regulation in the areas of taxation, royalty rates and environmental protection;-- production of new and existing wells and the timing of new wells coming on-stream;-- the viability of waterflood projects;-- the performance characteristics of oil and natural gas properties;-- the size of oil and natural gas reserves;
Although Pace believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pace can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this Press Release or as of the date specified in the documents incorporated by reference into this Press Release, as the case may be. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to:
-- volatility in market prices for oil and natural gas, and in exchange rates;-- liabilities inherent in oil and natural gas operations and limitations on insurance;-- changes or fluctuations in production levels;-- stock market volatility and market valuation of our stock;-- uncertainties associated with estimating oil and natural gas reserves;-- competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;-- incorrect assessments of the value of acquisitions and exploration and development programs;-- geological, technical, drilling, production and processing problems;-- changes in legislation, including changes in tax laws, royalty rates, incentive programs and environmental laws relating to the oil and natural gas industry;
other factors which are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this document speak only as of the date of this document and Pace does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable securities laws.
Pace Oil & Gas Ltd.
VP & COO
Pace Oil & Gas Ltd.
VP, Finance & CFO