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CBM Asia Development Corp. Provides Update on Financial Statements for YE 2013 and First Quarter 2014 and Announces Management Changes
|By Marketwired .
|June 26, 2014 08:51 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/14 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF), (OTCBB: CBMDF) (FRANKFURT: IY2) announces that further to its news release dated April 16, 2014, the British Columbia Securities Commission (the "BCSC"), the Company's principal regulator, issued a management cease trade order ("MCTO") against the Company's Chief Executive Officer and Chief Financial Officer on May 1, 2014, as opposed to a general cease trade order against the Company. The MCTO prohibits trading in securities of the Company, either directly or indirectly, by these individuals.
As summarized in the Company's news release dated April 16, 2014 this action was expected due to the fact that the Company was unable to file its annual financial statements, Management's Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for its fiscal year ended December 31, 2013 (the "Annual Required Filings") before the April 30, 2014 filing deadline.
The Company subsequently advised in its news release of June 12, 2014 that it was also unable to file its first quarter unaudited financial statements, Management's Discussion & Analysis and related Chief Executive Officer and Chief Financial Officer certificates for the three months ended March 31, 2014 by the filing deadline of May 30, 2014 (the "Q1 Required Filings").
The Company now reports that the Annual Required Filings and Q1 Required Filings will not be issued by June 30, 2014. As a result, the BCSC may exercise its discretion at any time to issue a general cease trade order with respect to the Company's shares in place of the MCTO. The delayed completion of the Company's financial statements is due to the late receipt of certain required financial information from Indonesia and, in some cases, the auditor's requirement for further or more detailed documentation. The Company continues its efforts to remedy these issues and anticipates that the Annual Required Filings and Q1 Required Filings can be completed for filing in the second half of July.
The Company also announces that Mr. Clint Sharples, a director of the Company, has been appointed Chief Financial Officer. Separately, Mr. Keith Potter has resigned as General Manager ("GM"), Indonesia. Mr. Potter had been with the Company as GM Indonesia since April 2012.
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.
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. The economics of exploring, developing and operating resource properties are affected by many factors including, but not limited to, the cost of exploration and development operations, conclusions of economic evaluations, unexpected formations or pressures, premature declines in reserves, potential environmental damage, blow-outs, fires, variations in the amount and saturation of CBM contained in individual coal seams and the rate of production therefrom, fluctuations in gas prices and the availability of capital. There are no assurances that the Company's work programs will result in the discovery of commercially viable or economically producible properties or that the Company will be successful in completing the Offering in whole or in part. Gas in place estimates referred to in this news release are not NI 51-101 compliant and do not represent "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 referred to herein will be discovered. Furthermore, such 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. 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 www.sedar.com including our December 31, 2012 year end annual MD&A dated April 24, 2013 and September 30, 2013 interim MD&A dated November 29, 2013. 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.
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