Global Energy Development says that on 13 October 2014, the Company entered into a conditional share purchase agreement (the "Agreement") with Platino Energy Holdings, Corp., which is a subsidiary of Platino Energy Corporation, for the disposal of the rights and obligations of the Company's contract areas within the Llanos Basin (the "Llanos Assets") for a gross consideration of US$50 million in cash (the "Consideration").

The disposal will be effected by the sale of the entire issued share capital of the Company's wholly owned subsidiary, Colombia Energy Development Company (CEDCO) to the Purchaser (the "Transaction"). Following a process of corporate restructuring completed earlier in the year, CEDCO holds only the assets and liabilities relating to the Llanos Assets.

Tags: Corp., Global Energy Development, Platino Energy Holdings