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CBM Asia and ExxonMobil Negotiate Possible Joint Venture in the Barito and Kutai Basins, Indonesia
Published : November 08, 2012
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Keywords :   Indonesia | Market | Natural Gas | Oil | Recovery | Trillion |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (News - Market indicators)(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)


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"


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 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.

CBM Asia Development Corp.
Alan Charuk
(604) 684-2340 or (866) 504-4755
Micro Cap et al
Investor Relations
1 877 642 7622
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CBM Asia Development Corp.

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CBM Asia is an exploration company based in Canada.

CBM Asia holds various exploration projects in Indonesia.

Its main exploration property is KUTAI BASIN in Indonesia.

CBM Asia is listed in Canada. Its market capitalisation is CA$ 1.8 millions as of today (US$ 1.5 millions, € 1.3 millions).

Its stock quote reached its highest recent level on June 19, 2009 at CA$ 0.61, and its lowest recent point on February 12, 2015 at CA$ 0.01.

CBM Asia has 182 670 000 shares outstanding.

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Financings of CBM Asia Development Corp.
7/14/2011Amends Brokered Private Placement
6/3/2011Arranges Brokered Private Placement of $5,000,000 to $8,000,...
3/23/2011Arranges $912,000 Financing
2/17/2011Warrants Expired
Option Grants of CBM Asia Development Corp.
9/13/2013Engages Palisade Capital for Marketing Services and Grants O...
Nominations of CBM Asia Development Corp.
11/22/2010Appointment of Scott H. Stevens as Chairman and $500,000 Fin...
Project news of CBM Asia Development Corp.
12/20/2012(Kutai Basin)and ExxonMobil Sign Farm-in Joint Venture in the Barito and ...
11/8/2012(Kutai Basin)and ExxonMobil Negotiate Possible Joint Venture in the Barit...
12/15/2011Announces the First Exploration Core Well
11/29/2011Announces Plans to go into Production 1Q-2012
4/22/2009(Kutai Basin)to begin Kutai West drilling
3/23/2009(Kutai Basin)Initiate Study on Kutai Block
Corporate news of CBM Asia Development Corp.
9/26/2013Signs MoU To Study The Supply Of Up To 50 MMcf/d For A CBM-t...
8/6/2013s CAD5.0 million Non-Brokered Private Placement
7/26/2013Announces CAD5.0 Million Non-Brokered Private Placement
5/10/2013s Non-Brokered Private Placement and London AIM Listing Stud...
4/1/2013s CAD15 Million Non-Brokered Private Placement
3/6/2013Announces CAD15 Million Non-Brokered Private Placement
2/19/2013Selects Netherland, Sewell to Audit Coalbed Methane Resource...
1/31/2013Adds 705 Bcf of Prospective Resources With Latest NSAI Repor...
1/8/20132013 Work Program Designed to Generate Production, Revenue a...
1/2/2013Provides 2012 Recap
1/2/2013Provides 2012 Recap
1/2/2013Provides 2012 Recap
11/23/2012-Circular Correction
10/19/2012Selects Netherland, Sewell to Audit Coalbed Methane Resource...
10/10/2012Signs Kuala Kapuas I PSC in South Kalimantan, Indonesia
9/27/2012Retail Investor Open House Toronto, Montreal, Calgary and Va...
9/19/2012to Present at HSBC's Global Natural Resources Conference
12/5/2011Announces Gross Acquisition Costs and $5M Private Placement
11/14/2011NI 51-101 & Webcast
10/22/2011Investor Update
9/28/2011n Coalbed Methane: CBM Asia (TSX.V:TCF) Joins OnPage Media
6/15/2011Production Testing Extended to Second CBM Well at Sekayu PSC...
5/24/2011Hires Qualified Reserves Auditor Netherland Sewell & Assoc. ...
5/4/2011Reports High Gas Saturation in Thick Coals Across 7-Km-Wide ...
4/27/2011Second Tranche of Private Placement Closed; Appointment of C...
3/29/2011Engages Micro Cap et al as Investor Relations Consultant
3/3/2011Hires Unconventional Gas Consulting Experts-Advanced Resourc...
8/24/2009signs LOI for South Sumatra PSC
6/12/2009The Energy Report Features CBM Asia & Casey Colleagues Katus...
4/24/2009Receives Buy Recommendation From Bob Moriarty
3/26/2009Fundamental Research Initiates Buy Rating
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