VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 27, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that Mr. Alan T. Charuk has resigned as the President, Chief Executive Officer and Director of the Company. The Board of Directors of the Company has elected Mr. Charles W. Bloomquist, formerly VP of Operations as well as a co-founder and director of CBM Asia, as the new President and Chief Executive Officer.
Mr. Bloomquist holds a B.S. in Petroleum Engineering from the Colorado School of Mines and has accumulated over 40 years of experience in oil and gas investment and operations worldwide. Working in Indonesia starting in the 1970's Mr. Bloomquist has managed oil & gas production sharing contracts, partner agreements, and exploration & development well operations. He has helped pioneer the country's emerging coalbed methane industry since first recognizing the potential in 1995. Mr. Bloomquist has been a Registered Professional Engineer in Colorado since 1975 and is a Member of the Society of Petroleum Engineers and the Indonesian Petroleum Association.
"CBM Asia welcomes our long-time colleague Mr. Bloomquist in his new role to lead the Company towards early production from our Indonesia coalbed methane properties," stated Scott H. Stevens, Chairman of CBM Asia. "In addition to his exceptional technical expertise, we particularly value Charlie's experience with contracts, negotiations, and partner relations in Indonesia. Our Jakarta team, led by General Manager Mr. Keith Potter, stands ready to implement the Company's 2014 program under Charlie's leadership. We also thank Mr. Charuk for his many years of service and contributions to the Company since its founding and wish him success in his future endeavors."
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 five 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 feet3 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, 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.
Scott H. Stevens, Chairman
For further information on CBM Asia Development Corp., please 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.
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. The economics of exploring, developing and operating resource properties are affected by many factors including, but not limited to, the cost of exploration and development operations, conclusions of economic evaluations, unexpected formations or pressures, premature declines in reserves, potential environmental damage, blow‐outs, fires, variations in the amount and saturation of CBM contained in individual coal seams and the rate of production therefrom, fluctuations in gas prices and the availability of capital. There are no assurances that the Company's work programs will result in the discovery of commercially viable or economically producible properties or that the Company will be successful in completing the Offering in whole or in part. Gas in place estimates referred to in this news release are not NI 51-101 compliant and do not represent "discovered petroleum initially-in-place" within the meaning of the Canadian Oil & Gas Evaluation Handbook (COGE Handbook). The term "discovered petroleum initially-in-place" is equivalent to discovered resources, and is defined in the COGE Handbook to mean that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. There are no assurances that any portion of the estimated gas in place resources referred to herein will be discovered. Furthermore, such estimates make no allowance for the recovery of the gas which will depend on, among other things, the reservoir characteristics encountered and future economic conditions. 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, 2012 year end annual MD&A dated April 24, 2013 and June 30, 2013 interim MD&A dated August 20, 2013. 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, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL SECURITIES AND THE COMPANY IS NOT SOLICITING AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.