October 19, 2012
CBM Asia Selects Netherland, Sewell to Audit Coalbed Methane Resources at the Kutai West PSC, Indonesia
VANCOUVER, BRITISH COLUMBIA, October 19, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2) has selected Netherland, Sewell and Associates, Inc. (NSAI) to audit the Company's net interest in coalbed methane resources at the Kutai West PSC in East Kalimantan.
Based in Houston and Dallas, NSAI is a qualified reserves auditor with extensive experience in coalbed methane (CBM) resource auditing, having worked with most of the top operators in every major producing coal gas basin in the world. NSAI will conduct the audit under Canadian standards for disclosure (National Instrument 51-101 Standards of Disclosure For Oil and Gas Activities).
“Last year CBM Asia selected NSAI to review its interest in the Sekayu PSC and other Indonesian CBM operators also have engaged NSAI to review their properties,” stated Scott H. Stevens, the Chairman of the Company. "NSAI's experience working with top CBM operators in all major producing coal gas basins worldwide is integral to their ability to deliver a qualified and balanced report."
ABOUT NETHERLAND, SEWELL & ASSOCIATES INC.
Netherland, Sewell & Associates, Inc. was established in 1961 and has offices in Dallas and Houston, Texas. Over the past 51 years, they have built a reputation for reliability matched by a dedication to service and a commitment to integrity. They provide services to the worldwide petroleum industry that include reserves reports and audits, acquisition and divestiture evaluations, simulation studies, exploration resources assessments, equity determinations, and management and advisory services.
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 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
For investor relations contact: Micro Cap et al at 1 877 642 7622, or email@example.com
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
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. 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, 2011 year endannual MD&A dated April 26, 2012 and first quarter 2012 interim MD&A dated May 29, 2012. 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.