Platino Energy Corp. (TSXV:PZE) entered into a conditional share purchase agreement to acquire Colombia Energy Development Company from Global Energy Development plc (AIM:GED) for $50 million in cash on October 13, 2014. In the year ended December 31, 2013, Colombia Energy Development generated a total revenue of $32 million and profit before tax of $4.7 million. The transaction is conditional upon approval from Global Energy Development's shareholder, TSXV and Empresa Colombiana de Petroleos S.A and various other conditions precedent. The Directors of Global Energy Development's will unanimously recommend that shareholders vote in favour of the transaction. Global Energy Development has received irrevocable undertakings from HKN, Inc., Global's principal shareholder and Lyford Investments, Inc., which together represent approximately 60.87% of the issued share capital of Global, to vote in favour of the transaction. The dela has been approved by the Board of Platino Energy Corp.

The transaction has an expected closing date on or about November 28, 2014. The proceeds after the expenses of the transaction will be used to completely eliminate Global Energy Development's outstanding debt of approximately $7.5 million. The application of the remaining net proceeds will be determined following the closing of the transaction. Matthew Johnson, Lauren Kettle of Northland Capital Partners Limited acted as financial advisors for Global Energy. Jefferies International Limited acted as financial advisor for Global Energy Development plc and Norton Rose Fulbright Colombia S.A.S. acted as the legal advisors for Colombia Energy Development Company and Global Energy Development plc. Blake, Cassels & Graydon LLP, Posse Herrera & Ruiz Abogados, Sidley Austin LLP and Walkers acted as the legal advisors for Platino Energy Corp.

Platino Energy Corp. (TSXV:PZE) completed the acquisition of Colombia Energy Development Company from Global Energy Development plc (AIM:GED) on December 5, 2014.