Early Redemption Of Debt Obligation

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

EARLY REDEMPTION OF DEBT OBLIGATION

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") is pleased to announce it is irrevocably exercising the option to redeem all of the outstanding (U.S.$5,798,000) principal amount of its Variable Coupon Convertible Notes Due 2012 (the "Notes") of the Company on 15 November 2011 (the "Redemption Date"). The Notes will be redeemed for cash at the principal amount of the Notes together with interest accrued up to (but excluding" the Redemption Date.

Steve Voss, Managing Director, commented, "We are pleased to be able to reduce our outstanding debt obligations from our increased cash balance and to still pursue our near-term development plans out of remaining cash on hand and increased cash flow from operations."

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Global Energy Development PLC

Buchanan Communications

Lauren Kettle +44 (0)20 7796 8830