GED Global Energy

RNS Number:9121R
Global Energy Development PLC
09 April 2008


For Immediate Release                                               9 April 2008

                            GLOBAL ENERGY DEVELOPMENT PLC
                             ("Global" or the "Company")

                      INDEPENDENTLY AUDITED 2007 RESERVE REPORT

                         2P RESERVES VALUED AT $641 MILLION

Global Energy Development PLC, the Latin America focused petroleum exploration
and production company (LSE-AIM: "GED"), today announces details from the
recently completed Reserve Report prepared on the Company by the independent
petroleum consultants Ryder Scott Company, LP ("Ryder Scott") as at 31 December
2007. Ryder Scott has prepared a Reserve Report for the Company annually since
the Company's Admission to AIM in 2002.

Ryder Scott reported that as at 31 December 2007, proved reserves net to the
Company totalled 4.6 million barrels of oil equivalent ("BOE") (as at 31
December 2006: 5.5 million BOE), proved plus probable ("2P") reserves net to the
Company totalled 15.2 million BOE (as at 31 December 2006: 19.4 million BOE) and
proved plus probable plus possible ("3P") reserves net to the Company totalled
64.9 million BOE (as at 31 December 2006: 81.8 million BOE).

Based upon a Brent Crude Oil Price of $93.85 per barrel, this being the closing
price as at 31 December 2007, the date of the Reserve Report, the Net Present
Value at a 10% discount ("NPV10") of the proved reserves was $214 million.  The
NPV10 of the 2P reserves totalled $641 million and the NPV10 of the 3P reserves
totalled $2.5 billion.

Of the 4.2 million BOE reduction in the 2P reserves in 2007 against 2006, 0.4
million BOE was attributable to production in 2007.  2.9 million BOE of the
reduction, almost 70%, was a consequence of forecasted substantially higher oil
prices accelerating the Company's cost recovery and therefore allowing Ecopetrol
to back-in at two Colombian contracts at earlier dates in the future.  In
addition, a revised development approach at the Bolivar contract resulted in
lower future development costs further accelerating Ecopetrol's back-in.
Anticipated accelerated Ecopetrol back-in also accounted for 12.5 million BOE,
approximately 74%, of the 16.8 million BOE reduction in the 3P reserves.

Gross recoverable 3P reserves in 2007, totalling 106 million BOE, was a 2%
increase against 2006 indicating that engineering remains almost entirely
unchanged since the prior Reserve Report.

Commenting on the 2007 Reserve Report, Stephen Voss, Vice Chairman, said:

"Substantially improved oil prices, while decreasing Global's contractual share
of future oil production, have also increased the Company's 2P property value to
$641 million, an increase of over 50% versus the prior year.

The Company is also pleased with the continued favourable performance of the
Tilodiran field in the Colombian Rio Verde contract in the Central Llanos where
proved reserves were increased by 30%. The upcoming drilling of the Boral 1 and
Tilodiran 3 wells in this contract demonstrates the Company's confidence in the
opportunities to further increase Rio Verde production and reserves."

For further information:

Global Energy Development PLC                               +44 (0) 20 7763 7177
Catherine Miles, director of Investor Relations               +44 (0) 7909918034
www.globalenergyplc.com

Landsbanki Securities (UK) Limited                          +44 (0) 20 7426 9000
Jeff Keating / Fred Walsh

Notes to Editors:

The Company's balanced portfolio covers the countries of Colombia, Peru and
Panama and comprises a base of production, developmental drilling and workover
opportunities and several high-potential exploration projects.

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 Ryder Scott, independent petroleum
consultants, conform to the definition approved by the Society of Petroleum
Engineers ("SPE") and the World Petroleum Congress ("WPC").  The probable and
possible reserves reported by Ryder Scott 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 Ryder
Scott.

In addition, the information contained within this announcement has been
reviewed by Mr. Stephen Voss, a Director of the Company.  Mr. Voss is a
registered Petroleum Engineer in Texas and has been a Member of SPE for 25
years.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
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