VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announced today that it has signed a technical consulting agreement with Advanced Resources International, Inc. ("ARI") to analyze the new reservoir data expected from Sekayu and advise the Company on testing its other CBM projects in Indonesia.
ARI's experience bringing international CBM exploration projects to production is expected to be invaluable in commercializing the Company's CBM interests in Indonesia. Once the new well data becomes available, likely during 2Q-2011, ARI will advise the Company and its Qualified Reserves Evaluator in auditing the CBM resources at Sekayu, based on Canadian NI 51-101 Standards. Scott H. Stevens, the Chairman of the Company, is a Senior Vice-President and a director of ARI.
Funding Update
Further to its news release of February 11, 2011, the Company has arranged, subject to Exchange acceptance, a second tranche to its previously announced private placement. The Company has arranged for the sale of an additional 657,089 common shares at a price of $0.15 per share for gross proceeds of $98,563. The proceeds from the second tranche will be used for further exploration of the Company's coalbed methane properties and general working capital purposes.
About Advanced Resources International, Inc.
Formed in 1991 and based near Washington, D.C. with satellite offices in Houston and London, ARI is a leading technical consultancy specializing in the evaluation and testing of coalbed methane and shale gas resources. ARI has supervised gas content, permeability, well completion, and production testing for its clients at remote CBM pilots in Australia, Botswana, Chile, China, India, and South Africa as well as in North America. In 2004 ARI authored a widely cited Society of Petroleum Engineers paper that helped launch Indonesia's emerging CBM industry.
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 has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced in the second half of 2009. The Company has committed to fund an initial US$3.25 million in exploration expenditures on the Sekayu PSC to prove reserves and submit a Plan of Development to the Government of Indonesia. Sekayu Block Interests of the Company, Ephindo and Batavia Energy are held in South Sumatra Energy, Inc. The Company also has an 18% net working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. 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). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. The Company trades on the TSX Venture Exchange under the symbol "TCF". http://www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
Contact Information: CBM Asia Development Corp.
Alan Charuk
(604) 684-2340 or (866) 504-4755
(604) 684-2474 (FAX)
corpcom@cbmasia.ca
www.cbmasia.ca
or
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