Global Energy Development intends to announce Final Results for the year ended December 31, 2009 on March 11, 2010. Prior to this in February 2010 the Company plans to release details of its new reserve report dated December 31, 2009 which has been produced by independent petroleum engineers. This reserve report will use a West Texas Intermediate ("WTI") price of $79.36, this being the closing price at year-end (2008: $44.60).
Production during 2009 was 398,082 barrels of oil ('bbls') net to the Company (unaudited) (2008: 438,007) as the depressed oil price curtailed most proposed activity. The Company acquired very good quality 2D and 3D seismic over its producing Colombian Rio Verde contract towards the end of 2009. This has now been interpreted and the location of the Rio Verde 2 exploratory well, to be drilled before May 2010, is being finalized this week. The rig contractor negotiations for this well are also expected to be finalized shortly. In addition, the Company is strengthening personnel in order to support the increased operational activity anticipated with near-term drilling focused on the Rio Verde contract.
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