GEEC.L Regulatory News (GEEC)

February 8, 2010

Great Eastern Energy Corporation Limited

Franchise Agreement

Great Eastern Energy Corporation Limited ("Great Eastern Energy" or "Company"), a company involved in the exploration, development and production of Coal Bed Methane ("CBM") in India, is pleased to announce that it has entered into a franchise agreement with Bharat Petroleum Corporation Limited ("BPCL"), a leading retail distributor of petroleum products throughout India.

Under the agreement, signed on February 4, 2010, Great Eastern will establish Compressed Natural Gas ("CNG") dispensing stations at BPCL retail outlets in the cities located in and around the Company's licencearea (the Asansol - Durgapur region). The initial term of the agreement is five years and is subject to further renewal. Initially, two stations will be opened in this region to dispense CNG and the number of stations is expected to increase as the market for CNG grows.

The agreement with BPCL is further to the Company's existing franchise agreement with the Indian Oil Corporation Ltd. ("IOCL"), under which Great Eastern already has five established retail CNG dispensing stations. These franchise agreements ease the process of opening additional outlets and also assist in the marketing of GEECL's CNG.

Commenting, Prashant Modi, President and COO of Great Eastern, said:"We are delighted to announce this agreement with BPCL. This agreement demonstrates the strong commercial potential of CNG in the area and application of CBM as an alternative fuel source in India."

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For Further Information:

Great Eastern Energy

YK Modi Chairman & CEO +44 (0)20 7337 1516

Prashant Modi President & COO

Arden Partners

Richard Day +44 (0)20 7614 5932

Adrian Trimmings

RBC Capital Markets

Martin Eales +44 (0)20 7653 4000

Brett Jacobs

Pelham Bell Pottinger

Philip Dennis +44 (0)20 7337 1516

Elena Dobson +44 (0)20 7337 1517