Reserve Report

GLOBAL ENERGY DEVELOPMENT PLC

(the "Company")

RESERVE REPORT

Global Energy Development PLC, the Latin America focused petroleum exploration and production company (LSE-AIM: "GED"), is pleased to announce a summary of its new UK reserve report dated 31 December 2010, which has been produced by the independent petroleum engineers Ralph E. Davis Associates, Inc ("RED").

The Company has also completed an additional reserve data document this year reflecting the requirements of Canadian Form 51-101. Key features of the 51-101 include:

·; statement of reserves data and other oil and gas information;

·; report of independent qualified reserves evaluator or auditor; and

·; "qualified reserves evaluator or auditor" application of Canadian Oil and Gas Evaluation ("COGE") Handbook reserves evaluation standards and definitions

RED prepared the 51-101 in accordance with these features and other required rules and determined that the reserve volumetric data presented in the previously described UK reserves report were in agreement except for economic limit revisions related to oil price guideline differences (as mandated by Canadian 51-101 rules). The net reserves on the Form 51-101 report are largely the same as the UK report, however, the net present value calculations were slightly lower due to the required lower oil price assumptions (as mandated by Canadian annual requirement). A summary of the UK report and Canadian Form 51-101 report reserve volumetric data is as follows:

(a) The 51-101 report includes only estimates of proved and probable quantities of oil and gas reserves. Possible reserves are not quantified nor considered within a 51-101 report based on Canadian industry standards. Therefore, 3P information is not comparable.

The overall decrease in reserve volumes is due primarily to the Company's farm-out of a 60% working interest of Block 95 in Peru, the reclassification of gas reserves, production, accelerated reversionary interests and minor field revisions. Approximately 6.1 million barrels equivalent of gas volumes (previously included in the 2P reserves as at 31 December 2009) no longer qualify as reserves in accordance with existing rules due to a current lack of a commercial gas sales contract. Upon execution of a future sales contract, gas volumes may then qualify and be restored to company reserves.

A summary of the Net Present Value from the UK report and the Canadian Form 51-101 report is as follows:

(b) The 51-101 report includes only estimates of proved and probable quantities of oil and gas reserves. Possible reserves are not quantified nor considered within a 51-101 report based on Canadian industry standards. Therefore, 3P information is not comparable.

Both the UK reserve report and the complete 51-101 report will be posted on the Company's website for review by qualified parties.

Regarding the current reserve reports, Managing Director, Stephen Voss commented: "Higher transport fees and tariffs slightly reduced our cash margins and net present values of our Colombian reserves and such costs trends are expected to continue as the country of Colombia attracts increasing amounts of oil investment resulting in further production growth. However, for the first time the Company is reporting this year reserves of natural gas liquids based upon recovered condensates in our Bolivar block. The Company is very excited about the potential for possibly higher margin natural gas liquids and condensate production from various zones in the contract area including its Simiti shale gas resource. As our farmout process designed to accelerate the development of all of our various fields continues to progress, including Peru Block 95 where drilling is expected to commence later this year, the Bolivar block will be an early priority."

For further information:

Global Energy Development PLC

Matrix Corporate Capital LLP

Notes to Editors:

The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (LSE-AIM: "GED"). The Company's balanced portfolio covers the countries of Colombia and Peru and comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects. The Company currently holds six contracts: five in Colombia and one in Peru.

Proven and probable oil and gas reserves are estimated quantities of commercially producible hydrocarbons which the existing geological, geophysical and engineering data show to be recoverable in future years from known reservoirs. The proved reserves reported by RED conform to the definition approved by the Society of Petroleum Engineers ("SPE") and the World Petroleum Council ("WPC"). The probable and possible reserves reported by RED conform to definitions of probable and possible reserves approved by the SPE/WPC using the deterministic methodology.

The information contained within this announcement has been reviewed by RED.

In addition, the information contained within this announcement has been reviewed by Mr. Stephen Voss, a Director of the Company, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies which outlines standards of disclosure for natural resource projects. Mr. Voss is a Registered Professional Engineer in Texas and has been a Member of SPE for 27 years.