Global Energy Development Granted Extension for Drilling Rio Verde Well

Global Energy Development has been granted an extension by the Colombian National Hydrocarbons Agency ("ANH") for the drilling of the Tilodiran 4 development well located within the Rio Verde contract.

Under the terms of the previously agreed Development Plan, the Tilodiran 4 well was required to be drilled with total depth being reached by mid December 2010. The Company now has a six month extension to this deadline which will allow additional planning time. As previously advised, it was not anticipated that the Tilodiran 4 well would contribute to production in 2010.

The additional time will allow the Company to seek the most efficient and cost effective way to drill the Tilodiran 4 well, and also potentially allow the drilling of the Tilodiran 5 development well immediately after with the same rig, with this well being the next well in the Company's previously announced Three Year Plan.

The Tilodiran 4 development well is classified as a proved undeveloped location and is currently intended to be drilled directionally from an existing Tilodiran well platform which will reduce civil works costs and simplify property right issues.