GE Press Release:

GE Expands Portfolio of Drilling Measurement Solutions for the Oil & Gas Industry

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January 28, 2013

• Signs Agreement to Sell Sharewell’s Electromagnetic Telemetry Technology
• New Offering to Help Customers Improve Efficiency of Drilling Deep Wells
• Sharewell Technology Proven in Nearly 700 Commercial Wells

FLORENCE, ITALY—January 28, 2013—GE Oil & Gas (NYSE: GE) and Sharewell Energy Services, a Houston-based supplier of directional drilling solutions for the oil and gas industry, have signed an agreement that gives GE exclusive worldwide rights to sell Sharewell’s proprietary electromagnetic telemetry (EM) technology. The agreement was announced today at the GE Oil & Gas Annual Meeting in Florence, which draws industry leaders from around the world.

GE will sell Sharewell’s Electro-Trac EM Measurement While Drilling (MWD) technology as part of GE’s MWD portfolio, enabling customers to expand their businesses into areas where EM MWD is applicable and to improve operating efficiencies by offering telemetry rates six times greater than conventional mud pulse based MWD systems.

“The new partnership moves Sharewell’s advanced EM MWD telemetry technology to the next level by combining GE’s global support network and best-in-class downhole sensing technology to offer customers a more complete solution in key global markets,” said James Junker, general manager of GE’s Downhole Technology business. “The agreement allows GE to offer an industry-leading compatible product to the large installed GE customer base and to attract new customers to GE MWD systems.”

The Electro-Trac EM system includes a rugged downhole assembly consisting of a gap-sub antenna package, an electronic assembly and a battery package. The system contains no moving parts, enhancing operations. The surface system includes a power amplifier for two-way communication with the EM tool. The technology is particularly suited for drilling applications where mud-pulse technology is problematic, such as underbalanced drilling.

Basic research for the development of the data fusion technology was done under a cooperative grant from the U.S. Department of Energy’s National Energy Technology Laboratory, as part of the “Deep Trek” initiative. The goal of that program was to develop technologies that lower the cost and improve the efficiency of drilling and completing deep wells. Sharewell’s data fusion system has completed nearly 700 commercial wells to depths of more than 15,300 feet.

About Sharewell

Sharewell has been providing technologically advanced directional drilling solutions to the oil and gas industry for over a decade. Sharewell specializes in cost-effective EM MWD technology where speed, reliability and application flexibility are required. For more information visit the company’s website at www.sharewell.com.

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.

About GE Oil & Gas

GE Oil & Gas is a world leader in advanced technologies and services with 37,000 employees in more than 100 countries supporting customers across the industry—from extraction to transportation to end use. Making the environment, health and safety, quality and integrity our highest priorities is The Way We Work. Our technologies and services include: surface and subsea drilling and production, monitoring and diagnostics, measurement and controls, large-scale LNG, pipeline compression and inspection, well site and industrial power generation, technologies for the refining and petrochemical industries, and modular CNG and LNG units for transportation sectors. Through our customized service solutions, training programs and technologies, GE Oil & Gas partners with customers to maximize their efficiency, productivity and equipment reliability; develop their next generation workforce; and fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management.

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