xiaohan, Here's what I have learned about CBM. Hope they can add a little value. 1. It's still relatively new and expensive compared to conventional natural gas exploration. 2. The countries with large CBM reserves are US, China, Australia, Canada, and, surprisingly, Indonesia. Indonesia has over 400 trillion cubic feet reserves. The top holding of the ETF KOL is an Indonesia coal miner. 3. Although it's a relatively new area, it is a hot concept right now, partly because of BG's bid on Origin. Many small players are fetching high valuations even without proven track records of earnings. 4. Some big players are Encana of Canada, STO and WPL from Australia. They are more of integrated gas companies than just CBM players. At first glance, their valuations seem reasonable based on earnings. But I don't have deep knowledge of the natural resource field. It seems people also consider reserves to value companies. So I am just throwing out some names. They are not in any way my recommendations. :-) 5. In China, PetroChina and CNOOC are building the first CBM pipelines. It's a long process to study a field like natural resource. I will continue learning. :-) Hope you had good sleep over the weekend. :-)