Global Energy Development Seeks Suitable Partnering Cos

Global Energy Development announced that following the successful partnering of its Block 95 project in eastern Peru, where planning has commenced to begin drilling operations later this year, the Company will now focus on identifying other qualified companies suitable for partnering in the development of Global's Colombian reserves. To accompany this change of strategy Global announced that Stephen C. Voss has been reassigned from Vice Chairman to Managing Director.

Regarding the Managing Director appointment and focus, Mr. Voss commented, "The large reserve position of Global represents a significant opportunity to grow Company production. This growth can be accelerated through joint venturing with other qualified operators which have appropriate capital and technical expertise."