CBM Asia Development Corp.
OTC Bulletin Board : CBMDF

CBM Asia Development Corp.

June 25, 2009 06:15 ET

CBM Asia Submits Second PSC Application and Continues Drill Program Bidding Process on Kutai West

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2009) - CBM Asia Development Corp. (the "Company" or "CBM Asia") (TSX VENTURE:TCF)(OTCBB:CBMDF)(FRANKFURT:IY2) today announced that it has submitted an application for a second coalbed methane Production Sharing Contract ("PSC") in the gas-rich Kutai Basin of East Kalimantan, Indonesia, estimated to contain 80 TCF of coalbed methane (SPE 2004). This application covers an area of 56,300 hectares that is adjacent to, and contiguous with, the area of our existing Kutai West PSC. Once completed, the Company will retain a 40% interest in this new PSC.

On June 15, 2009 the company completed the PSC application and submitted it for technical review by the government of Indonesia (BP Migas). A joint evaluation will follow in mid-July, to be conducted with the government appointed authority. The Company expects that, based on the results of this joint evaluation, expected to take about four months, a PSC will be awarded. If successfully awarded this second PSC, the Company's participation in projects under contract will total 132,300 hectares, on which the Company intends to pursue a future work program exploring for coalbed methane gas.

Al Charuk, president of CBM Asia, had this to say, "I am pleased with the Company's progress in executing our business plan, the CBM Asia team has put in a great deal of hard work achieving this milestone."

In other news, the Company continues to work through the BP Migas bidding process for services on its Kutai West PSC. The bidding process includes services relating to the environment, drilling, logging, cementing, coring, laboratory analysis and construction. The Company expects to have equipment moving to its locations this summer in preparation to execute its initial drill program.

CBM Asia Development Corp. is engaged in the business of investigating and acquiring the rights to coalbed methane exploration in Indonesia, followed by the development and delivery of this valuable resource.


Alan T. Charuk, President & CEO

Gas in place resource estimates make no allowance for recovery of the gas. The volumes of gas which may be recoverable will depend on the reservoir characteristics encountered and future economic conditions. These gas in place estimates are not compliant with volumes of oil and gas resources classified as "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.

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. Investors 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. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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