On July 27, 2012, the board of directors appointed Andrew F. Rosenfeld to serve as a director of Colombia Energy Resources, Inc. commencing August 1, 2012, until the next annual meeting of shareholders or until his successor is duly elected and qualified. Mr. Rosenfeld, age 49, has been the owner and principal operating member of C14 Strategy LLC, an energy and chemical advisory consulting firm, from January 2009 until present. Since February 2012 he has also served as President of American Sands Energy Corp., an oil sands development stage company.

Mr. Rosenfeld was also appointed as the chair of the Audit Committee. As a director Mr. Rosenfeld will participate in the compensation plan for non-employee directors which included the issuance of restricted stock units. James Flores resigned as Chief Financial Officer effective August 1, 2012, and terminated his employment with the company effective August 17, 2012.

On July 27, 2012, the board of directors appointed Brian Miller as Chief Financial Officer effective August 1, 2012. Mr. Miller, age 59, has served as Vice-President of Business Development, Strategic Planning and Marketing since April 15, 2012. From August 2009 until April 2012 he served as a vice-president and treasurer and as an executive in the Enterprise Risk Management group for Alpha Natural Resources, a U.S. coal producing and marketing company.