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Plains All American Acquires Eagle Ford Infrastructure Assets from Chesapeake Energy Corporation



  Plains All American Acquires Eagle Ford Infrastructure Assets from
  Chesapeake Energy Corporation

Business Wire

HOUSTON -- December 13, 2012

Plains All American Pipeline, L.P. (NYSE: PAA) today announced that it has
acquired certain crude oil and condensate gathering assets located in the
Eagle Ford area of South Texas from a subsidiary of Chesapeake Energy
Corporation (NYSE: CHK). The purchase price was approximately $125 million.

The acquired assets include approximately 40 miles of crude oil/condensate
gathering pipelines with a throughput capacity of approximately 50,000 barrels
per day; 150,000 barrels of existing crude oil and condensate storage
capacity; 300,000 barrels of storage capacity under construction and a truck
unloading terminal. In support of the transaction, Chesapeake has provided
long-term acreage dedications of future production in Webb and Dimmit
counties. The acquired assets are complementary to and will be connected with
PAA’s existing crude oil and condensate gathering systems.

PAA owns a network of approximately 18,000 miles of liquids pipelines, 120
million barrels of liquids storage capacity and handles more than 3 million
barrels of physical product on a daily basis.

Plains All American Pipeline, L.P. is a publicly traded master limited
partnership engaged in the transportation, storage, terminalling and marketing
of crude oil and refined products, as well as in the processing,
transportation, fractionation, storage and marketing of natural gas liquids.
Through its general partner interest and majority equity ownership position in
PAA Natural Gas Storage, L.P. (NYSE:PNG), PAA owns and operates natural gas
storage facilities. PAA is headquartered in Houston, Texas.

Contact:

Plains All American Pipeline, L.P.
Investors:
Roy I. Lamoreaux, 713-646-4222 – 800-564-3036
Director, Investor Relations
or
Media:
Brad Leone, 713-646-4196 – 800-564-3036
Manager, Communications
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