Colonia Energy Corp. Releases Annual Financial Statements for the Year Ended December 31, 2008

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

COLONIA ENERGY CORP. ("Colonia" or, the "Company") (TSX VENTURE:CLA) released
today its audited Financial Statements, Management's Discussion and Analysis
(MD&A) and Form 52-109F1 - Certification of Annual Filings - CEO/CFO, for its
fiscal year ended December 31, 2008.


All of the foregoing documents may be viewed on SEDAR at www.sedar.com.

Colonia Energy Corp. enjoyed a very successful year in 2008 with Company
production averaging 161 BOE per day, an increase of 118% over the prior year's
74 BOE per day. With commodity prices increasing by 28% to $91.27 per BOE, gross
revenues rose by 180% to $5,350,000. Construction of a Company operated oil
battery and water disposal facilities in 2007 resulted in 2008 unit operating
costs decreasing by 30%, and field netbacks rising by 41% to $67.38 per BOE.
Corporate cash flow of $3,370,000 and net income of $1,409,000 were up more than
250% and 1200%, respectively, over 2007 levels.


Colonia's activity in 2009 will continue to be focused in southeastern
Saskatchewan. The Company has assembled in excess of 4,000 net acres in an area
that is highly prospective for Bakken light crude production. Two Bakken wells
were drilled by competitors on offsetting acreage in the first quarter of 2009,
and results to date have been encouraging. In addition, the Company is
completing land acquisition activities on several Midale prospects prior to
initiating drilling later this year.