Global Energy Development Spies Hydrocarbons at Rio Verde Well

Global Energy Development announced an update on the drilling and testing of the Rio Verde 2 exploratory well within the Colombian Rio Verde contract.

The well was successfully drilled to a final depth of 12,340 feet and log evaluation indicated commercial hydrocarbons present and total net productive pay of 23 feet in the Middle Gacheta formation and 10 feet in the Lower Gacheta formation.

Shortly after beginning to test the Middle Gacheta formation the Company experienced some mechanical problems which have caused delays and the Company now expects full testing to occur in June.