VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (News - Market indicators)(US:CBMDF)(FRANKFURT:IY2) announces that it has arranged, subject to regulatory approval, a non-brokered private placement of 5,364,705 common shares at a price of $0.17 per share for gross proceeds of $912,000. The private placement also includes an over-allotment option, at the sole discretion of the Company, to increase the size of the placement by up to an additional $100,000 or 588,235 shares.

The net proceeds of the private placement will be used to fund the further exploration and development of the Company's coalbed methane interests in Indonesia and for general working capital purposes.

A finder's fee is payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange.

The Company also announces completion of the second tranche of its previous private placement of common shares announced on March 3, 2011. The Company issued an additional 657,089 common shares at a price of $0.15 per share for proceeds of $98,563 for a total private placement of 4,290,379 shares for gross proceeds of $643,557. All shares issued pursuant to the second tranche of the private placement are subject to a four month and one day hold period expiring on July 12, 2011.

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 the 58,349-hectare Sekayu block located in the South Sumatra Basin where 3 exploration wells are currently being drilled by Medco Energi, following initial exploration drilling of a production test well 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). Since 2008 approximately 25 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of 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, and TOTAL. 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

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. 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.