The Company holds seven contracts in the countries of Colombia, Peru and Panama.

The countries of Colombia and Peru are independently considered to have the best contract terms in Latin America.

The contracting process and contracts in both countries are characterised by:

• Low production-based royalties

• Private treaty negotiations

• No bid process

• No signature bonus

• Contract sanctity

Panama has an emerging oil and gas industry with its contracting process and contracts expected to be strongly aligned with that of Colombia and Peru.

Global's contracts are all 100% owned by Global and subject to royalties payable on production ranging from only 5% to 20%.

The Company's balanced portfolio comprises a base of production, developmental drilling and workover opportunities and several high-potential exploration projects.

Ryder Scott Company, LP (“Ryder Scott”), the petroleum consultancy firm,

independently audit the Company’s portfolio of contracts and reserves yearly. Ryder

Scott reported that as at 31 December 2007 within the Company’s portfolio proved

plus probable reserves (“2P reserves”) net to the Company totalled 15.2 million barrels

of oil equivalent ("BOE") and that proved plus probable plus possible reserves (“3P reserves”) net to the Company totalled 64.9 million BOE.