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Theindonesiatoday.com - CBM Asia Development Corp. (TSX Venture:TCF)(US:CBMDF)(Frankfurt:IY2) announces that Mr. Clint Sharples has resigned as Chairman of the Board of Directors. Mr. Sharples will continue to serve as a director of the company. The Board gratefully acknowledges Mr. Sharples' contributions to the company as Chairman during the past four years.

The Board is pleased to announce that effective today current director Mr. Scott H. Stevens will assume the position of Chairman. Mr. Stevens first joined the board as a director on January 26, 2010. Since 1995, Mr. Stevens has helped to pioneer Indonesia's rapidly emerging coalbed methane industry. He has worked with numerous multinational oil and gas companies, as well as the Government of Indonesia, to evaluate coalbed methane resources and develop current regulations for coalbed methane investment in that country.

Mr. Stevens was the first to recognize and rigorously quantify Indonesia's prospective 450 trillion cubic feet ("Tcf") of coalbed methane resources, through extensive studies on behalf of PT Caltex Pacific International (Chevron Asia), ExxonMobil, Shell, TOTAL, the Asian Development Bank, and Indonesia's Department of Energy and Mineral Resources ("MIGAS").

Mr. Stevens has been granted a stock option to acquire a total of 1,000,000 common shares of the Company at a price of CAD$0.15 per share for a period of five years.

The Company also announces that it has arranged a private placement of 3,333,333 common shares (the "Shares") at a price of CDN$0.15 per Share for gross proceeds of CDN$500,000 (the "Private Placement").

The private placement includes an over-allotment option, at the sole discretion of the Company, to increase the size of the offering by up to an additional 1,000,000 common shares, for additional gross proceeds of $150,000.

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

A finder's fee may be payable in connection with the Private Placement in accordance with policies of the TSX Venture Exchange.

BM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company has the right to earn an estimated 12% participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. 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.

As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development.

The Company has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. 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 conventional natural gas reserves (Stevens and Hadiyanto, 2004). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. (Theindonesiatoday.com)