CBM Asia announces new CEO

By Romel S. Gurky

Canadian firm CBM Asia Development Corp. announced on Monday that Alan T. Charuk has resigned as the President, Chief Executive Officer and Director. The Board of Directors of the Company has elected Mr. Charles W. Bloomquist, formerly VP of Operations as well as a co-founder and director of CBM Asia, as the new President and Chief Executive Officer.

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 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. 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 welcomes our long-time colleague Mr. Bloomquist in his new role to lead the Company towards early production from our Indonesia coalbed methane properties," stated Scott H. Stevens, Chairman of CBM Asia. "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."

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 (PSC) for CBM in Indonesia.

Editing by Johannes Simbolon