CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF)
(US: CBMDF) (FWB: IY2) announces that Mr. Keith Potter, M.Eng. has been
appointed General Manager for Indonesia, effective immediately.
Mr. Potter brings to CBM Asia over 29 years experience in the
international oil and gas industry, including 10 years in Indonesia and
12 years successfully financing and developing early stage coalbed
methane projects. Most recently, Mr. Potter held the position of
President Director at PT Seamgas Indonesia, a subsidiary of WestSide
Corporation Limited and PT Bumi Resources, where he was engaged in
assessing coalbed methane development potential and proving up gas
reserves. While at PT Seamgas Indonesia, Mr. Potter launched a coalbed
methane exploration drilling and testing program in East Kalimantan and
identified over 3 trillion cubic feet ("TCF”) of recoverable gas
(estimate has not been calculated in compliance with the National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities).
Mr. Potter will be based in Jakarta, and will initially be responsible
for overseeing the management and operations of the Company’s current
coalbed methane exploration and development programs, as well as the
evaluation of new projects. Mr. Alan Charuk, CBM Asia’s President and
Chief Executive Officer, commented, "Keith has deep knowledge of
operations and finance of coalbed methane projects in Australia and
Indonesia. We are delighted that he has joined our team and are
confident his in-country expertise will be instrumental as we continue
our transition from a successful land acquisition company to
establishing productive coalbed methane assets.”
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 more than 30 CBM PSCs have been granted
by the Government of Indonesia, representing exploration commitments of
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, 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
For further information on CBM Asia Development Corp., please contact
Alan Charuk at (604) 684-2340, or (866) 504-4755, email corpcom@cbmasia.ca
or visit our website at www.cbmasia.ca.
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.
CBM ASIA DEVELOPMENT CORP.
404-815 Hornby Street Vancouver,
BC, V6Z 2E6
T.604.684.2340 F.604.684.2474 TF.866.504.4755
www.cbmasia.ca
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. See "Risks and
Uncertainties” in the Company’s annual MD&A dated April 27, 2011
available on SEDAR at www.sedar.com
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.
