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GLOBAL ENERGY DEVELOPMENT PLC

("Global", the "Company" or the "Group")

AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010

Global Energy Development PLC (AIM: GED), the Latin America focused petroleum exploration and production company, is pleased to announce its audited final results for the year ended 31 December 2010.

2010 Highlights:

·; Revenue increased by 8% to US$23.8m (2009: US$22.1m), mainly as a result of the oil price recovery

·; Gross cumulative annual production in 2010 of 401,379 bbls (460,144 bbls in 2009)

·; Exploratory investment write-off of US$1.2 million in Panamian Garachine Block (Exceptional charge in 2010)

·; Higher cost in crude oil truck transportation due to current pipeline restrictions in Colombia

·; Administrative expenses increased to support the development drilling program

·; External financing of US$3.3 million with BBVA (Colombian branch of an international bank) and US$5.0 million with HKN, Inc. to continue executing Company's development drilling plan

·; Farm-out agreement with Gran Tierra Energy, Inc. (NYSE Amex: GTE, TSX: GTE), in relation to 60% interest in the Peruvian Block 95 Licence Contract (the "Contract") with the Company retaining 40% interest in the Contract through its wholly-owned subsidiary Harken del Peru Limitada. Under the terms of the agreement, GTE will become the operator of the Contract, subject to and following approval from the Peruvian authorities, and will assume 100% of the costs of an exploration well up to a maximum of US$15 million. GTE also assumed its share of the past costs incurred by the Company on the Contract for US$2 million. Expectations are to drill the well before the end of 2011, once final environmental sub-permits are received

·; Proved and probable ("2P") reserve volumes decreased since 2009, totalling 123.6 mmboe (147.1 mmboe in 2009) as at 31 December 2010 following an independently prepared U.K. reserves report. 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 mmboe of gas volumes (previously included in the 2P reserves as at 31 December 2009) no longer qualify as reserves in accordance with existing industry standard 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.

·; The Company also completed an additional reserve data document this year reflecting the requirements of Canadian Form 51-101. Ralph E. Davis Associates, Inc. ("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 were 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).

·; For the first time the Company is reporting this year reserves of natural gas liquids based upon recovered condensates in our Bolivar block.

Stephen Voss, Managing Director of Global Energy Development commented:

"2010 has been a year of consolidation for the Company which has positioned it ideally for growth in 2011. Following the Block 95 farmout, the development plan re-evaluation and an anticipated accelerated development programme, the Company is well placed to increase production levels and financial performance in 2011."

Notes to Editors:

The Company's shares have been traded on AIM, a market operated by the London Stock Exchange, since March 2002 (AIM: GED). The Company's balanced portfolio includes 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, independent petroleum engineers, 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 26 years.

Forward-looking statements

This release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this release and include, but are not limited to, statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial position, liquidity, prospects, growth, strategies and expectations of the industry. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the development of the markets and the industry in which the Group operates may differ materially from those described in, or suggested by, any forward-looking statements contained in this release. In addition, even if the development of the markets and the industry in which the Group operates are consistent with the forward-looking statements contained in this release, those developments may not be indicative of developments in subsequent periods. A number of factors could cause developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in law or regulation, currency fluctuations (including the US dollar), the Group's ability to recover its reserves or develop new reserves, changes in its business strategy, political and economic uncertainty. Save as required by law, the Company is under no obligation to update the information contained in this release.

Past performance cannot be relied on as a guide to future performance.

For further information:

Global Energy Development PLC

Matrix Corporate Capital LLP

Buchanan Communications

CHAIRMAN'S STATEMENT

The improved pricing of oil experienced throughout 2010, as well as the increased attractiveness of Colombia as a regional oil industry centre, created a number of competitive challenges for the Company. Principal among those challenges were the increased costs of services and transportation. The latter being further exacerbated by the lack of sufficient oil pipeline infrastructure to meet the exponentially increasing rates of production experienced nationwide in Colombia. Several pipeline infrastructure projects have been announced in Colombia to address the limited capacity issues. In the short-term, the Company will continue to work with its purchasers and vendors to manage the trucking transportation costs.

Global Energy Development continued to consolidate its standing as a leading operator in Colombia. The Company did so in part by meeting its obligation to drill the Rio Verde 2 well within the stipulated contractual time limits. The Rio Verde 2 constituted the Company's last exploratory work commitment with all remaining drilling now being focused on the development of the Company's large reserves base. The disappointing results of the Rio Verde 2 well have provided the Company with an opportunity to re-evaluate its development drilling programme. Having completed a comprehensive re-evaluation, the Company is now well underway to complete the drilling of two further developmental wells (Tilodirán 4 and Tilodirán 5) during 2011.

2010 also saw the Company complete a vigorous and successful compliance program across all disciplines of its operations including environmental, social and technical operational efforts. In addition, the Company reorganised its administrative structure to concentrate most administrative functions in Colombia where its principal operations are located. We look forward to reaping the benefits of these efficiency and cost reduction actions in 2011.

As announced in 2010, the Company successfully farmed-out a 60% interest in its Peru Block 95 Contract, retaining a 40% non-operated interest in exchange for a carry of the first well costs up to a maximum of US$15 million and a recoupment of costs incurred prior to the farm-out. Given the success of its farm-out efforts in Peru, the Company began an aggressive plan in 2011 to seek partners for the development of its Rio Verde Contract. The funding and operational support from well-qualified industry partners will allow the Company to further accelerate its development drilling program while mitigating the risks and costs. The results of the Company's farm-out and accelerated development drilling are anticipated to show improved production rates and financial performance throughout 2011.

Mikel D. Faulkner

Chairman

24 March 2011

MANAGING DIRECTOR'S REVIEW OF OPERATIONS

Throughout 2010, the Company averaged a daily production rate of 1,100 bbls ending the year with a gross cumulative production volume of 401,379 barrels. Given the improved pricing environment, the Company generated gross sales revenues of US$24 million, exceeding 2009 sales revenues by approximately US$2 million. While the year provided the Company improved sales revenues, the increasingly competitive market in Colombia also lead the Company to experience increasing service costs and unanticipated escalation in the costs of transportation. Due to insufficient pipeline capacity infrastructure in Colombia to meet the demand of increased production, the Company, along with many other operators in Colombia, had to truck portions of its production to unloading facilities wherever those facilities became available throughout the country. To meet this new challenge, the Company expanded its purchaser base. With an expanded purchaser base the Company was able to maintain low inventories and sell its production on a timely basis.

The Company completed the last of its exploratory drilling commitments in 2010 with the drilling of the Rio Verde 2 well in the central Llanos basin. Rio Verde 2 was drilled in the most advantageous structural geologic position in the only remaining, qualified exploratory fault block anywhere on the contract acreage that complied with contract requirements. The timely completion of the well ensured the Company did not default under the terms of the contract which would have subjected the Company to the loss of all of its assets on the Rio Verde license. Unfortunately, the well was unproductive and resulted in the Company releasing its remaining Rio Verde exploratory contract acreage. The reserve effect of this well caused the Company to lose less than 1 million 2P barrels out of 147 million BOE reported in early 2010. This cost remained capitalised in accordance with the Group's accounting policies related to oil and gas assets.

In an effort to maintain its production levels, the Company undertook workovers of the Boral 1 and Tilodirán 3 wells toward the end of 2010. Both of those wells are back on line and producing at a combined rate of over 400 BOPD with continuing improvement expected from Tilodirán 3 in 2011.

With the Company now focused on accelerating the development drilling of its much larger Magdalena River Valley properties, the number of personnel in our Colombian office has been increased. In addition, the Company focused on identifying Farm-Out partners interested in participating alongside it on its various development projects. To allow the Company further flexibility for its development program, the Company entered into two working capital loans. A short term loan was concluded with a Colombian branch of an international bank. That loan is scheduled to be re-paid in full by 3 June 2011. A second loan for US$5million was obtained from HKN, Inc., a major shareholder of the Company, with a revised maturity date of September 2012. The funds received from these sources are targeted primarily for incremental production or cost reduction projects throughout the Company's fields.

The Company recently initiated the planning and contracting for the drilling of the Tilodirán 4 and Tilodirán 5 development wells located in its Rio Verde Contract Area, both wells will target the Gacheta and Ubaque formations. Those zones proved productive in the Company's Tilodirán 2 and Tilodirán 3 wells showing initial daily production rates of over 800 BOPD.

The Company's efforts and results in 2010 have laid a strong foundation for the implementation of its accelerated drilling program. With the participation of well-qualified partners in that program, as well as the availability of external capital sources, 2011 promises to be a productive year for the Company.

Stephen Voss

Managing Director

24 March 2011

PRIMARY FINANCIAL STATEMENTS

ABRIDGED NOTES TO THE PRIMARY FINANCIAL STATEMENTS

For the twelve months ended 31 December 2010

1. Accounting Policies

Basis of preparation

The financial statements of the Group for the twelve months ended 31 December 2010 have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board (IASB) as adopted by European Union.

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2010 or 2009 as defined by section 435 of the Companies Act 2006 but is derived from those accounts. Statutory accounts for 2009 have been delivered to the registrar of companies, and those for 2010 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, and (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts.

2. (Loss)/ earnings per share (EPS)

Basic (loss)/earnings per share amount is calculated by dividing the (loss)/ profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.

Diluted (loss)/earnings per share amount is calculated by dividing the (loss)/ profit for the years attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of shares that would be issued on the conversion of dilutive potential ordinary shares into ordinary shares. The calculation, of the dilutive potential ordinary shares related to employee and director share option plans, includes only those options with exercise prices below the average share trading price for each period.

Further detail relating to the dilutive share schemes and options is included within the notes to the full annual report. The calculation of the diluted EPS assumes all criteria giving rise to the dilution of the EPS are achieved and all outstanding share options are exercised. During the period ended 31 December 2010 the Group reported a loss, therefore, because the effect of the potentially dilutive shares related to convertible loan notes and outstanding share options would be anti-dilutive, a separate diluted loss per share has not been reported because it is deemed to equal the basic loss per share.

3. Capital commitments

Capital commitments at the end of the financial year, for which no provision has been made, are as follows:

1The Rio Verde contract requires the drilling of two wells in 2011.

2The contractual obligation to drill a well or perform seismic works in Peru, reflected on above relates to the gross contractual obligation. The commitment is currently suspended owing to force majeure, declared by Harken del Peru Limitada and approved by Perupetro, the local authority on the matter. Force majeure was declared based on the unjustified delay by the Peruvian Government to grant the required environmental permits for the contractual obligation activities. During the reporting period a Farm-Out agreement has been signed between Harken de Peru Limitada and Gran Tierra, which transfers 60% of the contract interests, as well as the operatorship of the contract to the latter. Thus, upon approval by Perupetro of the farm-out and of Gran Tierra as the Operator for Block 95, the commitment is for Gran Tierra to assume 100% of the burden and cost of drilling the commitment well or performing the obligations, up to a maximum of $15,000,000. Beyond this cap, each party will assume their respective burdens as allocated within the agreement with Gran Tierra remaining as the contract Operator. Therefore if force majeure is lifted this commitment passes to Gran Tierra and does not reside with the Group in accordance with the above.

4. Post reporting date events

(i) On 3 February 2011, the Company signed an amendment to the loan with HKN Inc. to extend the maturity date of the loan for one year to September 2012. In exchange for this extension, the Company agreed to increase the interest rate from 10% per annum to 10.5% per annum.

(ii) On 17 January 2011, the Company issued 317,000 ordinary shares of 1p in consideration for the repurchase and cancellation of $600,000 variable coupon convertible notes due 2012 (the "Notes") plus all accrued interest due under the Notes.

(iii) On 1 January 2011 and 15 January 2011, the Company awarded 425,000 long term incentive grants pursuant to the terms and conditions of the Long Term Bonus Scheme as adopted by the Board on 7 April 2010.