Global Energy Development provides an update on the fracturing of the Catalina #1 Simiti formation in the Company's Bolivar Association Contract (Bolivar Contract) located in the northern section of the Magdalena Valley in Colombia, South America.

Steve Voss, Global's Managing Director, commented, "The Company is pleased with the favorable reservoir information confirmed during the preliminary water flowback stage of our Simiti stimulation project. We are still flowing back the extensive amount of injection water used in the hydraulic fracturing operation. The flowback is anticipated to be affected by the degree of reservoir connectivity which will affect how deeply the stimulation water has penetrated the reservoir. To accelerate the process, we are planning to install a hydraulic jet pump capable of lifting up to 3,000 barrels of fluid per day to remove the stimulation water from the Simiti formation in order to produce the available oil. After a period of testing, the Company estimates that it will have further information available prior to the end of July. We continue to be pleased with the project."

Tags: Global Energy Development