Excelerate Energy Announces Agreement to Develop Argentina's First-Ever LNG Import Facility

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May 19, 2008

Excelerate Energy L.L.C. today announced the signing of definitive agreements with Argentina's YPF S.A. to develop a liquefied natural gas (LNG) importation facility at the port city of Bahía Blanca, approximately 400 miles south of Buenos Aires. Upon completion this month, the facility will mark South America's first-ever LNG receiving facility and the world’s second dockside regasification facility.

"This facility marks yet another milestone for Excelerate Energy and further demonstrates how the unique ability of our onboard regasification and GasPort technology can quickly and cost-effectively deliver LNG supplies and connect markets globally," said Rob Bryngelson, President and CEO of Excelerate Energy.
"We are pleased to partner with YPF S.A. and applaud their forward-thinking in leveraging our advanced technology to help secure Argentina's future energy needs."

In August of 2007, YPF S.A. selected the Bahía Blanca location as ideal to quickly allow for additional imports needed to bring more natural gas to the Argentina market to meet projected supply shortfalls. The first cargo is expected to arrive in the newly built GasPort by the end of May 2008.

The jointly-developed Bahía Blanca GasPort, Excelerate's fourth operational LNG facility and second dockside GasPort, will allow delivery of up to 400 million cubic feet of natural gas per day to Argentina's market. The facility was built with the initial capacity to import up to three LNG cargoes per month, each of which contains approximately three billion cubic feet of natural gas.

Excelerate Energy is currently the only LNG company in the world using GasPort technology. The company's first GasPort at Teesside in the UK was commissioned in Feb. 2007. These facilities are designed to accommodate the proprietary technology of the company's specialized Energy Bridge vessel fleet. At the Bahía Blanca GasPort, the company's Energy Bridge vessel Excelsior will dock alongside a dedicated jetty where it will connect to the onshore facility, and feed natural gas directly into Argentina's gas distribution system. LNG cargoes will be supplied to the docked vessel via traditional LNG carriers utilizing ship-to-ship transfer procedures.

The commissioning cargo for the Bahia Blanca GasPort was sold to Repsol/YPF by Excelerate Energy and loaded onto the Excelsior by Ship-To-Ship (STS) transfer on May 4th. This cargo was delivered from another of Excelerate's regasification vessels the Excellence, marking the fifth transfer of LNG between two ships for commercial purposes. Excelerate has been the pioneer in STS transfer and continues to use this process to provide additional flexibility for scheduling and fleet utilization.

"One major advantage of GasPort facilities is that our capital costs are much lower and our development and construction timeline is much shorter than that of an onshore LNG facility, which enable us to very quickly and competitively add to our growing network of market access points around the world," noted Bryngelson.

Excelerate Energy's specialized vessels are equipped with both an onboard regasification system and a normal LNG discharge capability, enabling the vessels to offload at conventional LNG terminals, their own facilities and from ship to ship. Excelerate Energy pioneered LNG transshipment via ship-to-ship transfer.

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