News
| October 13, 2009 CBM Asia announces Conference Call to provide Operations and Corporate Update | |||||||||||
VANCOUVER, BRITISH COLUMBIA, October 13, 2009 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF) (FRANKFURT: IY2) (US: CBMDF) today announced a conference call with investors, analysts and other interested parties scheduled for 1:00 p.m. PDT on Thursday October 15, 2009 to provide an operations and corporate update.
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. 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. As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development. The Company has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. 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 (SPE, 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". ON BEHALF OF CBM ASIA DEVELOPMENT CORP. "Alan T. Charuk" President & CEO For further information on CBM Asia Development Corp., please contact Alan Charuk at (866) 504-4755, email corpcom@cbmasia.ca or visit our website at http://www.cbmasia.ca. The TSX Venture Exchange does not accept 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 www.cbmasia.ca 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. | |||||||||||
You can view the Next News Releases item: Tue Nov 10, 2009, CBM Asia Amends Terms of Acquisition of Interest in CBM Production Sharing Contract in South Sumatra You can view the Previous News Releases item: Wed Oct 7, 2009, CBM Asia Announces Preliminary Results of Indonesia's First Coalbed Methane Well You can return to the main News Releases page, or press the Back button on your browser. |