CBM Asia and ExxonMobil Negotiate Possible Joint Venture in

CBM Asia and ExxonMobil Negotiate Possible Joint Venture in the
Barito and Kutai Basins, Indonesia 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- CBM Asia
Development Corp. ("CBM Asia" or the "Company") (TSX
VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that it is in
negotiations with ExxonMobil to farm into three existing coalbed
methane production sharing contracts (PSC) in the Barito Basin, South
Kalimantan, Indonesia and acquire rights to farm into certain
additional PSCs in the Kutai Basin, East Kalimantan. CBM Asia and
ExxonMobil would hold equal ownership interest in each PSC.  
The final terms and conditions of the proposed farm-in remain subject
to the negotiation and execution of formal agreements between
ExxonMobil and CBM Asia, as well as, among other conditions,
government approvals. 
Barito Basin. CBMA will acquire a 35% to 37.5% participating
interests in three existing PSCs in the Barito Basin, South
Kalimantan, Indonesia. Furthermore, CBM Asia will have rights to
acquire 35% in one additional PSC in which ExxonMobil may acquire an
interest. CBM Asia and ExxonMobil plan to carry out certain pilot
well test programs, and CBM Asia will fund certain operating costs
associated with the PSCs.  
Kutai Basin. In addition, CBM Asia will acquire the right to farm
into 50% of ExxonMobil's future participating interest in certain
coalbed methane PSCs in which ExxonMobil may acquire an interest
located in the Kutai Basin, East Kalimantan. Subject to, among other
things, government approval, upon ExxonMobil acquiring its
participating interest in one or more of such existing and potential
PSCs, ExxonMobil will farm out/assign 50% of its participating
interest to CBM Asia. 
"The Barito Basin holds approximately 100 Tcf of in-place(1) CBM
resources based on industry estimates," states CBM Asia Chairman
Scott Stevens. "CBM Asia's technical team has been reviewing the
technical data since May 2012 and consider the Barito Basin to be one
of the world's best undeveloped CBM basins." 
"CBM Asia's management team is excited by the opportunity to work
with ExxonMobil," states CBM Asia President and CEO Alan T. Charuk.
"We have been in detailed discussions with ExxonMobil for several
months and jointly aim for more efficient and effective development
programs. Upon closing, the Barito Basin PSC's farm-ins and the
potential Kutai Basin PSCs will result in a material increase in our
Indonesian acreage position and potential recoverable resource. We
are close to finalizing our 2012 agenda of adding material low-cost
acreage to our portfolio and look forward to our 2013 exploration and
pilot production programs." 
1. Society of Petroleum Engineers Paper 88630 (not NI 51-101
compliant) 
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 
The gas in place estimates referred to herein have not be 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. There are no assurances
that any portion of the estimated gas in place resources will be
discovered. Furthermore, the above estimates make no allowance for
the recovery of the gas which will depend on, among other things, the
reservoir characteristics encountered and future economic conditions. 
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. Specifically, the proposed farm-in arrangement with
ExxonMobil referred to herein is subject to, inter alia, the
negotiation and execution of formal agreements, governmental and
third party approvals, satisfactory due diligence and available
financing. There are no assurances that the Company will be
successful in entering into formal agreements with ExxonMobil on
commercially acceptable terms or at all. 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 end annual MD&A dated April 26, 2012 and
second quarter 2012 interim MD&A dated August 28, 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.  
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. 
Contacts:
CBM Asia Development Corp.
Alan Charuk
(604) 684-2340 or (866) 504-4755
corpcom@cbmasia.ca
www.cbmasia.ca 
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