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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: 0; text-align: center">WASHINGTON, D.C. 20549</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">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>January 31,
2012</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">000-32735</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">87-0567033</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or Other Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Incorporation)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">(IRS Employer Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 80%; border-bottom: windowtext 1pt solid; font-weight: bold">One Embarcadero Center, Suite 500, San Francisco, CA</TD>
    <TD STYLE="width: 5%; layout-grid-mode: line; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 1pt solid; layout-grid-mode: line; font-weight: bold; text-align: center">94901</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">(Address of principal executive offices)</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: center">(Zip Code)</TD></TR>
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<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>

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    <TD STYLE="width: 8%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 7%; font-family: Wingdings; layout-grid-mode: line">&uml;</TD>
    <TD STYLE="width: 85%; layout-grid-mode: line">Written communications pursuant to Rule 425 under the Securities Act</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Wingdings; layout-grid-mode: line">&uml;</TD>
    <TD STYLE="layout-grid-mode: line">Soliciting material pursuant to Rule 14a-12 under the Exchange Act</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Wingdings; layout-grid-mode: line">&uml;</TD>
    <TD STYLE="layout-grid-mode: line">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="font-family: Wingdings; layout-grid-mode: line">&uml;</TD>
    <TD STYLE="layout-grid-mode: line">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; layout-grid-mode: line; font-weight: bold">Item 1.01</TD>
    <TD STYLE="width: 85%; layout-grid-mode: line; font-weight: bold">Entry into a Material Definitive Agreement.</TD></TR>
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<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 disclosed in our report on Form 8-K filed
with the Commission on January 5, 2012, we approved a new compensation plan for our non-employee directors commencing January 1,
2012, which included the issuance of restricted stock units (&ldquo;RSUs&rdquo;). RSU compensation awards for 2012 were established
at $50,000 for the remaining term until the next annual meeting of shareholders. With the approval of the amendments to our 2010
Stock Incentive Plan disclosed in response to Item 5.02 below, we have entered into RSU agreements to grant 37,500 shares each
to Barry G. Markowitz, Edward P. Mooney, James J. Wolff, William C. Gibbs, Danial F. Carlso, and Peter B. Lilly, our non-employee
directors. A copy of the RSU agreement is filed as an exhibit to this report.</P>

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

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    <TD STYLE="width: 15%; layout-grid-mode: line; font-weight: bold">Item 5.02</TD>
    <TD STYLE="width: 85%; layout-grid-mode: line; font-weight: bold; text-align: justify">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</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">On January 31, 2012, the Board of Directors
approved amendments to our 2010 Equity Incentive Plan (the &ldquo;Plan&rdquo;) to permit the issuance of restricted stock units.
A copy of the amended Plan is included as an exhibit to this report.</P>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; layout-grid-mode: line; font-weight: bold; text-align: justify">Item 9.01</TD>
    <TD STYLE="width: 85%; layout-grid-mode: line; font-weight: bold">Financial Statements and Exhibits.</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">The following exhibits are filed with this
report:</P>

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

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

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    <TD STYLE="width: 15%; layout-grid-mode: line; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 13%; layout-grid-mode: line; font-weight: bold; text-align: justify">Item No.</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line; font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 69%; layout-grid-mode: line; font-weight: bold; text-align: justify">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">99.1</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">2010 Equity Incentive Plan, as amended</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">99.2</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; text-align: justify">Restricted Stock Unit Agreement Form</TD></TR>
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<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">&nbsp;</P>

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    <TD STYLE="layout-grid-mode: line; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="layout-grid-mode: line; font-weight: bold">Colombia Energy Resources, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 9%; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 40%; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">Date:&nbsp; January 31, 2012</TD>
    <TD STYLE="layout-grid-mode: line">By</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; layout-grid-mode: line">/s/ Ronald G. Stovash</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">Ronald G. Stovash, Chief Executive Officer</TD></TR>
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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):
January 31,
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
Item 1.01
Entry into a Material Definitive Agreement.
As disclosed in our report on Form 8-K filed
with the Commission on January 5, 2012, we approved a new compensation plan for our non-employee directors commencing January 1,
2012, which included the issuance of restricted stock units ("RSUs"). RSU compensation awards for 2012 were established
at $50,000 for the remaining term until the next annual meeting of shareholders. With the approval of the amendments to our 2010
Stock Incentive Plan disclosed in response to Item 5.02 below, we have entered into RSU agreements to grant 37,500 shares each
to Barry G. Markowitz, Edward P. Mooney, James J. Wolff, William C. Gibbs, Danial F. Carlso, and Peter B. Lilly, our non-employee
directors. A copy of the RSU agreement is filed as an exhibit to this report.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 31, 2012, the Board of Directors
approved amendments to our 2010 Equity Incentive Plan (the "Plan") to permit the issuance of restricted stock units.
A copy of the amended Plan is included as an exhibit to this report.
Item 9.01
Financial Statements and Exhibits.
The following exhibits are filed with this
report:
Item No.
Description
99.1
2010 Equity Incentive Plan, as amended
99.2
Restricted Stock Unit Agreement Form
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:  January 31, 2012
By
/s/ Ronald G. Stovash
Ronald G. Stovash, Chief Executive Officer
2