REDUCTION IN CONVERTIBLE DEBT OBLIGATIONS

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

GLOBAL CONTINUES TO REDUCE CONVERTIBLE DEBT OBLIGATIONS

Global Energy Development PLC, the Latin America focused petroleum exploitation, development and production company (LSE-AIM: "GED") is pleased to announce it has purchased and cancelled an aggregate principal amount of U.S.$1,742,000 of its 2006 Variable Coupon Convertible Notes Due 2012 (the "Notes"). The Notes were redeemed for cash, paid from the Company's existing cash resources, at the principal amount of the Notes together with accrued and unpaid interest.

Following the purchase and cancellation of this portion of the Notes, the remaining outstanding principal balance of the Notes is US$9,561,600, which is due and payable on 8 December 2012.

Steve Voss, Managing Director, commented, "As we close out 2011, we are pleased with our progress of shifting focus from our current production in the Llanos Basin of Colombia to the development of our assets in the Bocachico and Bolivar Contract Areas as we continue to take steps to strengthen our balance sheet by reducing our remaining convertible note obligations due in December 2012. This early repurchase of a portion of those Notes is another step in the right direction."

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Global Energy Development PLC

Buchanan Communications