CBM Asia Development Corp. announced that it has received breach notices from Ephindo International CBM Holding Inc. under its participation agreement dated January 17, 2007, as amended and shareholders agreement dated April 16, 2009 governing the company's participating interest in the Kutai West production sharing contract. The declared breaches arise from the non-payment of two cash calls totaling USD 125,430 due from the company in March and April. The company has 30 days from the date of receipt of the breach notices (being June 9, 2014) to rectify the breaches, failing which the company's interest in the Kutai West PSC may be forfeited.

The company also announced the resignation of James Hurren as Chief Financial Officer. Mr. Hurren has agreed to continue with the company in a consulting role to assist in the completion of the company's outstanding audited financial statements for the year ended December 31, 2013, and
unaudited financial statements for the first quarter of 2014 pending the company's appointment of a new CFO. Donna Moroney has resigned as corporate Secretary. She and her company, Wiklow Corporate Services Inc., will continue to provide services to the company on a consulting basis.