Excelerate Energy Announces Successful Delivery of First LNG Cargo to South America's First-Ever LNG Import Facility

June 9, 2008

Excelerate Energy Announces Successful Delivery of First LNG Cargo to South America's First-Ever LNG Import Facility
Argentina's GasPort is the world’s second dockside regasification facility

THE WOODLANDS, TX and BUENOS AIRES, ARGENTINA, June 9, 2008 - Excelerate Energy L.L.C. today announced the successful delivery of Argentina's first liquefied natural gas (LNG) cargo to the newly constructed importation facility at the port city of Bahía Blanca, approximately 400 miles south of Buenos Aires. Vaporized natural gas was successfully delivered through the Bahía Blanca GasPort directly into Argentina's gas distribution system.

The Bahía Blanca GasPort LNG facility is South America's first-ever LNG receiving facility and the world's second dockside regasification facility.

At the Bahía Blanca GasPort, the company's LNG Regasification Vessel Excelsior is docked alongside a dedicated jetty where it connects to the onshore natural gas pipeline via Excelerate's specially designed dockside high-pressure gas off-loading arm, and feeds natural gas directly into Argentina's gas distribution system. LNG cargoes will be supplied to the docked vessel via traditional LNG carriers utilizing Excelerate's ship-to-ship LNG transfer protocol.

"We at Excelerate Energy are pleased that our unique onboard regasification and GasPort technology have played a pivotal role in the successful completion of this historic project," said Rob Bryngelson, President and CEO of Excelerate Energy. "We have forged a strong partnership with YPF S.A. and congratulate them on their efforts to ensure Argentina’s future energy security."

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.

It has taken less than six months to construct the Bahia Blanca GasPort and commence operations. 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. Designed to accommodate the proprietary technology of the company's specialized regasification vessel fleet, these GasPort facilities allow for much lower capital costs and a greatly expedited development and construction timeline - much shorter than that of an onshore LNG facility.

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 has the initial capacity to import up to three LNG cargoes per month, each of which will contain approximately three billion cubic feet of natural gas.

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.

Excelerate Energy's specialized vessels have three distinct ways of discharging LNG cargo. The cargo can be discharged as liquid at a traditional LNG regasification terminal, as gas via Excelerate's Energy Bridge subsea buoy based system for offshore applications and via the onboard high pressure gas manifold that connects to Excelerate's dockside off-loading arm.