Global Energy Development is providing an update on the status of the partnering process involving the Company's interest in the Bolivar Association Contract within the Middle Magdalena Valley in Colombia, South America.

Global, together with its financial advisor, Jefferies International Limited (Jefferies), is continuing to make progress with finding a partner for the Bolivar Association Contract. The process is ongoing although Global notes that the process is taking longer than originally anticipated.

Steve Voss, Global's Managing Director, commented, "We are very pleased with the amount of guidance and technical insights we have gained thus far in the Bolivar farm-out process from companies experienced in shale oil projects. We hope to complete this process in the second or third quarter of 2013."

Tags: Global Energy Development