CBM Asia Announces Management Changes

CBM Asia Development Corp. (TSXV:TCF,US:CBMDF,FWB:IY2) announced that Alan T. Charuk has resigned as the President, Chief Executive Officer and Director of the Company. Charles W. Bloomquist, formerly VP of Poerations as well as a co-founder and director of the Company has been elected as the new President and Chief Executive Officer by the Board of Directors.

As quoted in the press release:

Mr. Bloomquist holds a B.S. in Petroleum Engineering from the Colorado School of Mines and has accumulated over 40 years of experience in oil and gas investment and operations worldwide. Working in Indonesia starting in the 1970’s Mr. Bloomquist has managed oil & gas production sharing contracts, partner agreements, and exploration & development well operations. He has helped pioneer the country’s emerging coalbed methane industry since first recognizing the potential in 1995. Mr. Bloomquist has been a Registered Professional Engineer in Colorado since 1975 and is a Member of the Society of Petroleum Engineers and the Indonesian Petroleum Association.

CBM Asia Development Corp. Chairman, Scott H. Stevens, said:

CBM Asia welcomes our long-time colleague Mr. Bloomquist in his new role to lead the Company towards early production from our Indonesia coalbed methane properties. In addition to his exceptional technical expertise, we particularly value Charlie’s experience with contracts, negotiations, and partner relations in Indonesia. Our Jakarta team, led by General Manager Mr. Keith Potter, stands ready to implement the Company’s 2014 program under Charlie’s leadership. We also thank Mr. Charuk for his many years of service and contributions to the Company since its founding and wish him success in his future endeavors.

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