Global Energy Development is pleased to announce its updated development plan for its Bolivar Contract. The Company's Bolivar Contract area is located in the northern section of the Magdalena Valley in Colombia, South America.

During the past months, the Company has gained additional technical insight and feedback from discussions with several large international petroleum exploration and production companies in regards to its development plan of the Bolivar Contract Area. These insights, along with June 2013 report from the US Energy Information Agency which described the Magdalena Valley of Colombia as a "world class stacked (vertical) shale oil play", led the Company to make a substantial revision in its development plans.

This revised plan (the "Bolivar Development Plan") is based upon the high natural fracture permeability of the Bolivar area within its five formation zones (La Luna, Simiti, Salada, Rose Blanca and Tablazo). Given the thickness of the vertically stacked oil zones and the high fracture permeability, the Company's Bolivar Development Plan has been revised to drill single vertical wells through the five zones instead of a separate horizontal well in each of the five formations. The single vertical wells would then be completed, hydraulically fractured and simultaneously produced from all five formations.

Tags: Global Energy Development