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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date of report (Date of earliest event reported): <B>March 6, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.gif" ALT=""><B> <FONT STYLE="font-size: 18pt; color: blue">COLOMBIA
ENERGY RESOURCES, INC.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-align: center">000-32735</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-align: center">87-0567033</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">Commission File Number</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline">One Embarcadero Center, Suite 500, San Francisco, CA</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-decoration: underline; text-align: center">94901</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code<B>: (415)
460-1165</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Current Report on Form 8-K contains forward-looking
statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject
to uncertainties and risks including, but not limited to Forward-looking statements include the information concerning our possible
or assumed future results of operations, business strategies, need for financing, competitive position, potential growth opportunities,
potential operating performance improvements, ability to retain and recruit personnel, the effects of competition, the effects
of future legislation or regulations, and other risks in statements filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified
by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition,
the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5pc"><B>Item 1.01</B></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><B>Entry into a Material Definitive Agreement.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described below under Item 2.01, Colombia
Energy Resources, Inc. (the &ldquo;Company&rdquo;) entered into option agreements with members of its management. The disclosure
provided in response to Item 2.01 below in regard to the option grants is incorporated into this item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5pc"><B>Item 5.02</B></TD>
    <TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 6, 2012, the Board of Directors approved
the granting of management bonuses recommend by the Compensation Committee. These cash and equity bonuses were granted to executive
officers of the Company and its Colombian subsidiary in connection with the achievement of performance goals set for calendar year
2011. The following table discloses the cash bonuses granted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Name</TD>
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Office</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Amount</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Ronald G. Stovash</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">CEO</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">$40,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Carlos Soto</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">President of Colombian Subsidiary</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">$42,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">James A. Flores</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">CFO</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">$24,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">John Rice</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">General Manager Projects</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">$12,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Liliana Rodriguez</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Vice-President of Colombian Subsidiary</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">$17,500</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition the following options were granted
to management. Each option was granted under the Company&rsquo;s 2010 Equity Incentive Plan and is exercisable at $1.70 per share.
The options are exercisable for a period of five years and are subject to the following vesting schedule: one-third immediately
and one-third on each of the next two calendar year ends, provided the individuals remain an employee of the Company during the
vesting period. The options will vest immediately upon death or retirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 85%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Name</TD>
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Office</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">No. of Options Granted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Ronald G. Stovash</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">CEO</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">37,800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Carlos Soto</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">President of Colombian Subsidiary</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">40,100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">James A. Flores</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">CFO</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">22,700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">John Rice</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">General Manager Projects</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">11,400</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Liliana Rodriguez</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Vice-President of Colombian Subsidiary</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">16,600</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>Colombia Energy Resources, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: March 8, 2012&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Ronald G. Stovash</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Ronald G. Stovash, Chief Executive
Officer<BR></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "COLOMBIA ENERGY RESOURCES, INC.", "cik": "0001045390", "assigned-sic": "1221", "irs-number": "870567033", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32735", "film-number": "12680858"}, "business-address": {"street1": "ONE EMBARCADERO CENTER", "street2": "SUITE 500", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111", "phone": "415-460-1165"}, "mail-address": {"street1": "ONE EMBARCADERO CENTER", "street2": "SUITE 500", "city": "SAN FRANCISCO", "state": "CA", "zip": "94111"}, "former-company": [{"former-conformed-name": "COLOMBIA CLEAN POWER & FUELS, INC", "date-changed": "20100806"}, {"former-conformed-name": "FREEDOM RESOURCES ENTERPRISES INC", "date-changed": "20010424"}]}
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
March 6, 2012
COLOMBIA
ENERGY RESOURCES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
000-32735
87-0567033
(State or Other Jurisdiction of Incorporation)
Commission File Number
(IRS Employer Identification No.)
One Embarcadero Center, Suite 500, San Francisco, CA
94901
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
: (415)
460-1165
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written
communications pursuant to Rule 425 under the Securities Act
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K contains forward-looking
statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance,
and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject
to uncertainties and risks including, but not limited to Forward-looking statements include the information concerning our possible
or assumed future results of operations, business strategies, need for financing, competitive position, potential growth opportunities,
potential operating performance improvements, ability to retain and recruit personnel, the effects of competition, the effects
of future legislation or regulations, and other risks in statements filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified
by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition,
the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date
hereof.
Item 1.01
Entry into a Material Definitive Agreement.
As described below under Item 2.01, Colombia
Energy Resources, Inc. (the "Company") entered into option agreements with members of its management. The disclosure
provided in response to Item 2.01 below in regard to the option grants is incorporated into this item.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
On March 6, 2012, the Board of Directors approved
the granting of management bonuses recommend by the Compensation Committee. These cash and equity bonuses were granted to executive
officers of the Company and its Colombian subsidiary in connection with the achievement of performance goals set for calendar year
2011. The following table discloses the cash bonuses granted:
Name
Office
Amount
Ronald G. Stovash
CEO
$40,000
Carlos Soto
President of Colombian Subsidiary
$42,000
James A. Flores
CFO
$24,000
John Rice
General Manager Projects
$12,000
Liliana Rodriguez
Vice-President of Colombian Subsidiary
$17,500
In addition the following options were granted
to management. Each option was granted under the Company's 2010 Equity Incentive Plan and is exercisable at $1.70 per share.
The options are exercisable for a period of five years and are subject to the following vesting schedule: one-third immediately
and one-third on each of the next two calendar year ends, provided the individuals remain an employee of the Company during the
vesting period. The options will vest immediately upon death or retirement.
Name
Office
No. of Options Granted
Ronald G. Stovash
CEO
37,800
Carlos Soto
President of Colombian Subsidiary
40,100
James A. Flores
CFO
22,700
John Rice
General Manager Projects
11,400
Liliana Rodriguez
Vice-President of Colombian Subsidiary
16,600
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Colombia Energy Resources, Inc.
Date: March 8, 2012
By:
/s/ Ronald G. Stovash
Ronald G. Stovash, Chief Executive
Officer
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