VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(OTCBB:CBMDF)(FRANKFURT:IY2) has signed a Production Sharing Contract with the Government of Indonesia for the Kuala Kapuas I CBM block, located in the Barito Basin of South Kalimantan. The signing of the PSC took place during a ceremony at the 12th Gasex Conference 2012 held at Bali, Indonesia. CBM Asia holds an 80% working interest in the 1,501-km2 Kuala Kapuas I CBM block and will be the operator, with CBM Asia's partner PT Tranaco Utama (Tranaco) holding the remaining 20% interest.
"We have commenced planning the 2013 exploration drilling program," stated CBM Asia President and CEO Alan T. Charuk. "The award of Kuala Kapuas I increases our overall awarded acreage but also sees the company enter the Barito Basin which is dominated by ExxonMobil and BP. The Barito Basin has an estimated original gas in place estimate of approximately 102 TCF1. We hope to add to our Barito Basin acreage in the near future through the PSC bid process and joint ventures."
1 Society of Petroleum Engineers Paper 88630 (not NI 51-101 compliant)
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company holds various participating interests in four production sharing contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion cubic feet in-place, more than double the country's natural gas reserves Stevens and Hadiyanto, 2004). Since 2008 a total of 54 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of well over US$100 million during the next 3 years. In addition to CBM Asia, other companies active in CBM exploration in Indonesia include BP, Dart Energy, ENI, ExxonMobil, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian government have confirmed that commercial CBM production started in March 2011 from the Sanga-Sanga PSC and is being exported from the Bontang LNG facility. The Company trades on the TSX Venture Exchange under the symbol "TCF".www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our Canadian continuous disclosure filings available on SEDAR at www.sedar.com including our December 31, 2011 year end annual MD&A dated April 26, 2012 and first quarter 2012 interim MD&A dated May 29, 2012. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.