Colonia Energy Corp. Announces Mailing of Special Meeting Materials Regarding Proposed Name Change and Share Consolidation

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Colonia Energy Corp. ("Colonia" or the "Company") (TSX VENTURE:CLA) announces
that it has mailed to its shareholders a notice of meeting, management
information circular and related instrument of proxy respecting the Company's
upcoming special meeting of shareholders to be held at the offices of Osler,
Hoskin & Harcourt LLP, Suite 2500, 450 - 1st Street S.W., Calgary, Alberta T2P
5H1 on Tuesday, January 12, 2010 at 10:00 a.m. (Calgary time). 


At the meeting, shareholders will be asked to consider, and if thought fit, to
pass, special resolutions to: 




--  change the name of the Company to "Renegade Petroleum Ltd." or such
    other name as is authorized by the board of directors; and 
    
--  consolidate all of the issued and outstanding common shares of the
    Company on the basis of one (1) post-consolidation common share for
    every ten (10) pre-consolidation common shares. 
    


Management has proposed the name change in order to reflect the change in
management of Colonia that resulted from the appointment of the new management
team and board of directors in connection with the recently completed
reorganization of the Company. Management has proposed the share consolidation
in order to reduce the number of common shares outstanding to a level more in
keeping with its industry peers. 


Colonia currently has 109,234,928 common shares outstanding. However, Colonia
anticipates issuing approximately 215,415,875 additional common shares in
connection with the previously announced: (a) rights offering of Colonia
(assuming all rights are exercised pursuant thereto); (b) acquisition by Colonia
of the outstanding shares of Duce Oil Ltd. ("Duce") and the working interests of
Duce's minority working interest partners (which working interests purchase
price now includes, subject to exchange approval, $300,000 payable through the
issuance of 1,500,000 common shares of Colonia); and (c) bought deal private
placement financing of 175,000,000 Colonia subscription receipts and
non-brokered private placement financing of 10,000,000 Duce subscription
receipts. Accordingly, after the issuance of the additional common shares
described above and after giving effect to the proposed share consolidation,
Colonia will have approximately 32,465,080 issued and outstanding common shares.


The proposed name change and share consolidation have been unanimously
recommended by the board of directors of Colonia and are subject to receipt of
all required regulatory approvals, including acceptance by the TSX Venture
Exchange and approval by 66 2/3% of the votes cast by the shareholders at the
special meeting. 


Shareholders are encouraged to read the meeting materials that have been mailed
to them to assist them in making an informed decision regarding these matters. 


Note Regarding Forward Looking Statements

This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the anticipated number of issued
and outstanding common shares of the Company. 


Although Colonia believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Colonia can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, risks that required regulatory, third party and shareholder
approvals and consents are not obtained or not obtained on terms satisfactory to
the parties and that conditions required to close the transactions described
herein will not be satisfied on terms satisfactory to the parties thereto.


The forward-looking statements contained in this press release are made as of
the date hereof and Colonia undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.