GE and Chesapeake Energy Corporation Announce Collaboration to Speed Adoption of Natural Gas as Transportation Fuel

GE (NYSE: GE) and Chesapeake Energy Corporation (NYSE: CHK) today
announced a collaboration to develop infrastructure solutions that will
help accelerate the adoption of natural gas as a transportation fuel.
This groundbreaking technology and services project marks a significant
milestone toward increasing energy independence in the United States
through the increased use of natural gas?an abundant, reliable and
cleaner-burning source of energy for both consumers and commercial users.

To formalize the agreement, GE and Chesapeake have signed a memorandum
of understanding on a product and services development partnership,
representing a multi-year collaboration between the two companies to
develop and bring to market compressed natural gas (CNG) and liquefied
natural gas (LNG) transportation and natural gas home-fueling solutions.
By improving access to CNG, which is most commonly used in light- to
medium-duty vehicles such as pickups, vans, SUVs, taxicabs, transit
buses, refuse and delivery trucks as well as consumer vehicles, along
with LNG, which is commonly used for heavy-duty industrial purposes,
dependence on foreign energy sources can be reduced while simultaneously
lowering fueling costs and vehicle emissions.

The collaboration is designed to leverage GE′s global Oil & Gas
technology portfolio with Chesapeake′s expertise in developing
innovative fueling solutions to lower the ownership and operational
costs of natural gas vehicle (NGV) fueling stations. With the
development of shale resources dramatically increasing the amount of
low-cost natural gas in North America, the GE-Chesapeake collaboration
can help incentivize operators to put more NGVs on the nation′s highways.

As part of today′s announced collaboration, beginning in the fall of
2012 GE will provide more than 250 modular and standardized CNG
compression stations for NGV infrastructure. These units, also known as
'CNG In A Box?,? have gone through GE′s rigorous
ecomagination-qualification process and will provide the core
infrastructure to enable expanded access to CNG at fueling stations and
other designated installations.

A vehicle using CNG can reduce annual fuel costs up to 40 percent,
assuming 25,700 miles per year driven, gasoline priced at $3.50/gallon
and CNG at $2.09/gasoline gallon equivalent. This represents savings
totaling as much as $1,500 per fleet vehicle per year. In total, for
each fleet vehicle using fuel provided by CNG In A Box instead of
gasoline, a fleet operator can reduce CO₂e emissions from
fuel combustion by about 24 percent, or 2.2 metric tons per vehicle
annually, assuming an average fleet vehicle travels approximately 25,700
miles per year.

'Both GE and Chesapeake are known for taking on tough energy challenges
and putting the best minds and technologies to work to develop
solutions,? said Aubrey K. McClendon, Chesapeake′s Chief Executive
Officer. 'The partnership announced today between GE and Chesapeake′s
affiliate, Peake Fuel Solutions, combines Chesapeake′s natural gas
expertise with GE′s extensive global manufacturing capabilities and will
bring transformative products to industries and individual consumers
across the U.S. These products and services will allow customers to
enjoy the clear advantages of clean, affordable and abundant American
natural gas at about half the cost of gasoline.?

Said GE Energy President & CEO John Krenicki, 'GE is fundamentally
committed to natural gas?our technologies help extract it, move it and
turn it into power, whether it′s highly efficient gas turbines
delivering electricity at the utility scale or, in the near future, a
vehicle at a refueling station. What makes this project particularly
exciting is that it paves the way to taking the immense reserves of
natural gas being discovered in the U.S. and using them right here in
the U.S. That paves the way for faster economic growth, energy security,
more jobs and reduced environmental impact.?

This CNG technology will be brought to market by Peake Fuel Solutions?a
Chesapeake affiliate?which has extensive experience with natural gas
vehicles, vehicle emission controls and natural gas market dynamics.
Chesapeake also brings considerable in-house expertise in CNG market
development to the GE collaboration, including retail station
relationships, fleet outreach and education programs and policy
engagement.

CNG In A Box takes natural gas from a pipeline and compresses it on-site
at an industrial location or at a traditional automotive refilling
station to then turn it into CNG. A CNG vehicle, such as a taxi, bus or
small truck, can then refill its tank using a traditional fuel
dispenser, much like those used for diesel or gasoline refueling.

Key features include:

• 
  The gas compression, storage, cooling, drying and controls are easy to
  ship and maintain due to its compact 'In Box? design.
  
• 
  The units come in two configurations: an 8 foot x 20 foot container or
  8 foot x 40 foot container, depending on the site′s need.
  
• 
  Its modular and intuitive design makes it 'Plug & Play? on-site.
  
• 
  The offering includes GE Wayne branded dispensers with credit card
  capability and provision for 'Point Of Sale? interface.
  
• 
  The fuel dispenses at a rate of about 7 gasoline gallon equivalent per
  minute.
  

Other elements of the new collaboration include:

• 
  Aftermarket services for natural gas fueling infrastructure.
  
• 
  GE′s LNG fueling plants, which adapt GE′s proven large-scale LNG
  liquefaction technologies to smaller-scale operations. ?Using LNG as a
  substitute for diesel or fuel oil can reduce combustion emissions up
  to 25 percent.
  
• 
  Development of home refueling technologies.
  
• 
  Co-marketing of products and services resulting from the partnership.
  

About GE

GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.

GE
Energy works connecting people and ideas everywhere to create
advanced technologies for powering a cleaner, more productive
world. ?With more than 100,000 employees in over 100 countries, our
diverse portfolio of product and service solutions and deep industry
expertise help our customers solve their challenges locally. We serve
the energy sector with technologies in such areas as natural gas, oil,
coal and nuclear energy; wind, solar, biogas and water processing;
energy management; and grid modernization. We also offer integrated
solutions to serve energy- and water-intensive industries such as
mining, metals, marine, petrochemical, food & beverage and
unconventional fuels.

Follow GE Energy on Twitter @GE_Energy.

About Chesapeake Energy Corporation

Chesapeake Energy Corporation (NYSE: CHK) is the second-largest producer
of natural gas, a Top 15 producer of oil and natural gas liquids and the
most active driller of new wells in the U.S. Headquartered in Oklahoma
City, the company's operations are focused on discovering and developing
unconventional natural gas and oil fields onshore in the U.S. Chesapeake
owns leading positions in the Barnett, Haynesville, Bossier, Marcellus
and Pearsall natural gas shale plays and in the Granite Wash, Cleveland,
Tonkawa, Mississippi Lime, Bone Spring, Avalon, Wolfcamp, Wolfberry,
Eagle Ford, Niobrara and Utica unconventional liquids-rich plays. The
company has also vertically integrated its operations and owns
substantial midstream, compression, drilling, trucking, pressure pumping
and other oilfield service assets directly and indirectly through its
subsidiaries Chesapeake Midstream Development, L.P. and Chesapeake
Oilfield Services, L.L.C. and its affiliate Chesapeake Midstream
Partners, L.P. (NYSE: CHKM). Further information is available at www.chk.com
where Chesapeake routinely posts announcements, updates, events,
investor information, presentations and news releases.

About ecomagination

ecomagination is GE′s business strategy to help customers meet their
environmental and operational challenges. It is based on GE′s belief
that solving environmental problems is good business around the world.
It represents a pledge by the company to continually improve operations
and invest in research and development that will produce more innovative
ecomagination products. Through ecomagination, GE is driving a global
energy transformation with a focus on innovation and R&D investment to
accelerate the development and deployment of clean energy technology.

About Peake Fuel Solutions

Peake Fuel Solutions (PFS) advances innovative fuel solutions with
products and services that create demand for clean, affordable natural
gas. A significant focus of PFS is to increase compressed natural gas
(CNG) and liquefied natural gas (LNG) infrastructure across the U.S.
Other PFS projects include development of on-road and off-road
technologies that reduce emissions and dramatically cut fuel expenses
for the trucking, maritime, rail and oil and gas industries. An
affiliate of Chesapeake Energy Corporation, PFS leverages the expertise
of other Chesapeake affiliates to implement many of its fuel solutions.
Further information is available at www.chk.com.

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GE Energy

Sean Gannon, +1-212-587-5059

sean.gannon@ge.com

or

Edelman

Rob
Discher, +1-512-634-3654

robert.discher@edelman.com

or

Chesapeake
Energy

Jim Gipson, +1-405-935-1310

jim.gipson@chk.com