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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of report (Date of earliest event reported): <B>May 8,
2012</B></P>

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

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

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

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    <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">Delaware</TD>
    <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">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: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <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">94111</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: 0pt 0">&nbsp;</P>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%; layout-grid-mode: line"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 92%; layout-grid-mode: line">Written communications pursuant to Rule 425 under the Securities Act</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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>&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>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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>&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>&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="layout-grid-mode: line">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.02 <FONT STYLE="color: black">Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2011, the Board of Directors
of Colombia Energy Resources, Inc. (the &ldquo;Company&rdquo;) adopted a compensation plan whereby each non-employee board member
would receive restricted stock in the form of restricted stock units (&ldquo;RSUs&rdquo;) for each year of service based upon the
fair market value of the common stock on the grant date. The RSUs would be granted on the date of the annual meeting of shareholders.
The vesting period for the RSUs would expire at end of the director&rsquo;s term which would normally be the next annual meeting
of shareholders. On January 3, 2012, RSUs for the partial year were granted to each non-employee director. The amount awarded to
each non-employee director for the partial year was set at $50,000 or 35,700 RSUs, for a total of 214,200 RSUs. These RSUs were
awarded to each of the six non-employee members of the Board of Directors, which excluded Mr. Stovash, the Company&rsquo;s Chief
Executive Officer, who is also a member of the Board of Directors. These partial year RSU awards vested effective as of the date
of the 2012 annual meeting of shareholders held on May 8, 2012 (the &ldquo;Annual Meeting&rdquo;). In addition, effective as of
the date of the Annual Meeting RSUs representing 83,333 shares each were awarded to all five remaining non-employee directors of
the Company, which excluded Mr. Wolff who did not stand for reelection to the Board of Directors at the Annual Meeting. A total
of 416,665 RSUs were granted and will vest as of the date of the 2013 annual meeting of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the meeting of the Board of Directors
immediately following the Annual Meeting, Peter Lilly was appointed as chairman of the Audit Committee to replace Mr. Wolff who
is no longer a director of the Company. Mr. Lilly has also been appointed as a member of the Compensation Committee and the Nominating
and Corporate Governance Committee. In addition, each of the existing officers of the Company was reelected by the board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Item 5.05
Amendments to the Registrant&rsquo;s Code of Ethics, or Waiver of a Provision of the Code of Ethics.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2012, the Board of Directors
adopted a new Code of Ethics, a copy of which is included as an exhibit to this report. The Code of Ethics will be administered
by the Board&rsquo;s Nominating and Corporate Governance Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.07 Submission of Matters to a
Vote of Security Holders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2012, the Company held its annual
meeting of stockholders (the &ldquo;Annual Meeting&rdquo;). The matters voted upon were: (i) the re-election of Ronald G. Stovash,
Barry G. Markowitz, Edward P. Mooney, Daniel F. Carlson, Peter Lilly, and William C. Gibbs as directors, and (ii) the ratification
of the appointment of Burr Pilger Mayer, Inc. as the Company's independent registered public accounting firm for the fiscal year
ending December 31, 2012. There were no abstentions or broker non-votes for either matter voted upon at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the nominees for director was reelected
at the Annual Meeting and the results of the voting for the members of the Board of Directors are set forth below:</P>

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Nominees</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Votes For</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Votes Against</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Abstain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Ronald G. Stovash</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Barry G. Markowitz</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Edward P. Mooney</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Daniel F. Carlson</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Peter Lilly</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">William C. Gibbs</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The proposal to ratify the appointment
of Burr Pilger Mayer, Inc. as the Company's independent registered public accounting firm for the fiscal year ending December 31,
2012, was approved. The results of the voting were as follows:</P>

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Votes For</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Votes Against</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Abstain</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">13,465,848</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">0</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01 Other Events</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2012, the Board of Directors
set the date for the 2013 Annual Shareholders&rsquo; Meeting for Wednesday, May 8, 2013.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 13%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: center">Item No.</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; font-weight: bold; text-align: justify">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center">14.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: justify">Code of Ethics adopted May 8, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&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="layout-grid-mode: line; width: 55%">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 42%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: line">Date:&nbsp; May 14, 2012</TD>
    <TD STYLE="layout-grid-mode: line">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Ronald G. Stovash</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: -9pt; layout-grid-mode: line"></TD>
    <TD>Ronald G. Stovash, Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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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):
May 8,
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
94111
(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 5.02
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On December 28, 2011, the Board of Directors
of Colombia Energy Resources, Inc. (the "Company") adopted a compensation plan whereby each non-employee board member
would receive restricted stock in the form of restricted stock units ("RSUs") for each year of service based upon the
fair market value of the common stock on the grant date. The RSUs would be granted on the date of the annual meeting of shareholders.
The vesting period for the RSUs would expire at end of the director's term which would normally be the next annual meeting
of shareholders. On January 3, 2012, RSUs for the partial year were granted to each non-employee director. The amount awarded to
each non-employee director for the partial year was set at $50,000 or 35,700 RSUs, for a total of 214,200 RSUs. These RSUs were
awarded to each of the six non-employee members of the Board of Directors, which excluded Mr. Stovash, the Company's Chief
Executive Officer, who is also a member of the Board of Directors. These partial year RSU awards vested effective as of the date
of the 2012 annual meeting of shareholders held on May 8, 2012 (the "Annual Meeting"). In addition, effective as of
the date of the Annual Meeting RSUs representing 83,333 shares each were awarded to all five remaining non-employee directors of
the Company, which excluded Mr. Wolff who did not stand for reelection to the Board of Directors at the Annual Meeting. A total
of 416,665 RSUs were granted and will vest as of the date of the 2013 annual meeting of shareholders.
At the meeting of the Board of Directors
immediately following the Annual Meeting, Peter Lilly was appointed as chairman of the Audit Committee to replace Mr. Wolff who
is no longer a director of the Company. Mr. Lilly has also been appointed as a member of the Compensation Committee and the Nominating
and Corporate Governance Committee. In addition, each of the existing officers of the Company was reelected by the board.
Item 5.05
Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.
On May 8, 2012, the Board of Directors
adopted a new Code of Ethics, a copy of which is included as an exhibit to this report. The Code of Ethics will be administered
by the Board's Nominating and Corporate Governance Committee.
Item 5.07 Submission of Matters to a
Vote of Security Holders.
On May 8, 2012, the Company held its annual
meeting of stockholders (the "Annual Meeting"). The matters voted upon were: (i) the re-election of Ronald G. Stovash,
Barry G. Markowitz, Edward P. Mooney, Daniel F. Carlson, Peter Lilly, and William C. Gibbs as directors, and (ii) the ratification
of the appointment of Burr Pilger Mayer, Inc. as the Company's independent registered public accounting firm for the fiscal year
ending December 31, 2012. There were no abstentions or broker non-votes for either matter voted upon at the Annual Meeting.
Each of the nominees for director was reelected
at the Annual Meeting and the results of the voting for the members of the Board of Directors are set forth below:
Nominees
Votes For
Votes Against
Abstain
Ronald G. Stovash
13,465,848
0
0
Barry G. Markowitz
13,465,848
0
0
Edward P. Mooney
13,465,848
0
0
Daniel F. Carlson
13,465,848
0
0
Peter Lilly
13,465,848
0
0
William C. Gibbs
13,465,848
0
0
The proposal to ratify the appointment
of Burr Pilger Mayer, Inc. as the Company's independent registered public accounting firm for the fiscal year ending December 31,
2012, was approved. The results of the voting were as follows:
Votes For
Votes Against
Abstain
13,465,848
0
0
Item 8.01 Other Events
On May 8, 2012, the Board of Directors
set the date for the 2013 Annual Shareholders' Meeting for Wednesday, May 8, 2013.
Item 9.01 Financial Statements and Exhibits.
(d)	Exhibits.
Item No.
Description
14.1
Code of Ethics adopted May 8, 2012
2
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:  May 14, 2012
By
/s/ Ronald G. Stovash
Ronald G. Stovash, Chief Executive Officer
3