Global Energy Development Mobilizes Rig to Rio Verde Prospect

Global Energy Development announced that rig mobilization has commenced to the Rio Verde 2 exploratory well within the Colombian Rio Verde contract.

The well has a proposed total depth of approximately 12,500 feet and will target three different formations-Mirador, Gatcheta and Ubaque-all being proved formations with other wells inside the contract area. The well is expected to be spudded late March and drilled, completed and tested prior to May 2010.