Purchase and Cancellation of Loan Notes

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

PURCHASE AND CANCELLATION OF LOAN NOTES

Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), announces that it has issued 317,000 ordinary shares of 1p each in consideration for the purchase and cancellation of US$600,000 variable coupon convertible notes due 2012 (the "Notes") plus all accrued interest due under the Notes.

The new ordinary shares will rank pari passu with the existing ordinary shares of the Company. Application will be made for the 317,000 new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and dealings in the new ordinary shares will commence at 08:00 a.m. on or around 20 January 2011.

As a result of this issue, the Company's issued share capital now consists of 35,756,009 ordinary shares of 1p each. The Company does not hold any shares in treasury. Therefore, the total number of ordinary shares with voting rights is 35,756,009. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FSA Disclosure and Transparency Rules.

For further information:

Global Energy Development PLC

Matrix Corporate Capital LLP