CBM Asia Development Corp.
TSX VENTURE : TCF
OTCBB : CBMDF
FRANKFURT : IY2

CBM Asia Development Corp.

November 23, 2012 08:00 ET

CBM Asia Development Corp.-Circular Correction

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) wishes to correct an error in its management information circular dated November 8, 2012 (the "Circular") mailed to shareholders in connection with the Company's upcoming annual and special general meeting to be held in Vancouver, B.C. on Wednesday, December 12, 2012.

In Part 3 of the Circular titled "The Business of the Meeting - Potential Change of Control of Company", management is seeking shareholder approval for the potential change in control of the Company in favor of Indus Capital Partners, LLC arising out of the private placement of units ("Units") completed with, among others, Indus Capital Partners, LLC, solely on behalf of and its capacity as the investment manager of Indus Asia Pacific Master Funder, Ltd. (together "Indus") on March 8, 2012 and June 5, 2012. The Company wishes to clarify that the 27,777,778 Units of the Company acquired by Indus were sold at a price of C$0.18 per Unit for gross proceeds of C$5,000,000; not C$0.15 per Unit as disclosed in the Circular. In addition, the exercise of price of the warrants comprising part of the Units sold to Indus is C$0.35 per share; not C$0.18 per share. All other information regarding Indus and the potential change in control of the Company resulting from the above-noted private placement as disclosed in the Circular remains the same.

The Company wishes to apologize to its shareholders for any confusion this error may have caused.

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 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

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.

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