CBM Asia Announces Coalbed Methane Joint Acquisition Agreement in Indonesia

Vancouver-based CBM Asia Development Corp. announced that it has entered into a joint acquisition agreement with Newton Energy CBM Limited and Ephindo IIthabi CMB Holding Inc., to participate jointly in the evaluation of prospective coalbed methane (CBM) resources in the 56,300 ha. Kutai II Block in the Kutai Basin, East Kalimantan, Indonesia. CBM Asia will hold 28% participating interest. The Kutai II joint acquisition agreement outlines the responsibilities of participating members in conducting a joint evaluation study of the Kutai II Block and submitting an application for a production sharing contract to the Director General of Oil and Gas. CBM Asia Development Corp. is a Canadian-based unconventional gas company with interests in exploration and development opportunities in Indonesia.