CBM Asia Development Corp. updated the status of its non-brokered private placement announced March 6, 2013 and April 1, 2013 The management team and Board of Directors have decided to move forward with a CAD 15,000,000 non-brokered private placement to fund the proposed production pilot program in the Barito Basin, Indonesia with a view to achieving first commercial production and revenue by year end. The company have received preliminary indications from current institutional investors to participate in the financing and, subject to applicable securities laws, intend to allocate a portion of the remaining placement to current individual shareholders before reaching out to new institutional investors in Asia and London.

Terms of the Financing will be announced later in May. In addition the company continue to work with several potential strategic and financial groups offering multi-year financing structures as they continue to conduct their due diligence processes, which have included extensive technical, legal and regulatory reviews. However, the Board believes it is in the best interest of the Company to immediately prepare for production pilot drilling.