VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 31, 2014) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF), (US:CBMDF) (FRANKFURT:IY2) announces that at the annual and special meeting of shareholders held on Friday, March 28th, 2014 the shareholders approved the following:
- Appointment of Charles W. Bloomquist, Adam Q.H. Clarke, James F. Friberg, Clint B. Sharples and Scott H. Stevens as directors.
- Appointment of BDO Canada LLP, Chartered Accountants, as auditor.
- Ratification and approval of the Stock Option Plan.
Effective as of the shareholders' meeting, James Charuk stepped down as a director and Vice-President, Exploration. The Company wishes to thank Mr. Charuk for his years of service and wish him all the best in his future endeavours.
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 feet3 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, 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.
Charles W. Bloomquist, President & CEO
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.