Pace Oil & Gas Ltd., AvenEx Energy Corp. and Charger Energy Corp. announced that they have amended certain terms of the previously disclosed arrangement agreement pursuant to which Pace, AvenEx and Charger agreed to amalgamate to form Spyglass Resources Corp.

Pace announced that Tom Buchanan has resigned from the Pace board of directors, effective immediately. Pace also announced that Fred Woods has elected to step down as Chairman of the Pace board of directors and as President and CEO effective immediately following the adjournment of the Pace shareholder meeting on February 26, 2013. Peter Harrison will serve as Chairman of the Pace board of directors.

In making these changes, Mr. Woods is seeking to facilitate a renewed process in the best interest of the Pace shareholders.