Pace was created in the recent merger of Midnight Oil Exploration and Provident Energy Trust's upstream activities.
Probably the most interesting prospect in Pace's asset portfolio is the Pekisko play in Haro that Provident discovered in 2008. In last October I tried to piece together exactly what sort of an resource Provident was developing up there. One of my conclusions was that the size of the pool(s)(OOIP) is probably over 100 million barrels. According to the Pace presentation the size of the Pekisko play in the Haro area is over 1 billion barrels. Considering the estimated size of the resource, the early success achieved by Provident and the relative strength of oil over gas one has to wonder why the hell has Pace reserved less than 10%($3.1 million) of their H2/2010 budget($31.7 million) for the Haro-Pekisko project.
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