Colonia Opens 2008 With a Record First Quarter

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Colonia Energy Corp. (the "Company") (TSX VENTURE:CLA) released today its
unaudited financial statements for the three month period ended March 31, 2008.


Colonia is pleased to announce a record first quarter 2008 to its shareholders,
delivering significant increases in revenues, earnings and cash flow resulting
from a 236% increase in production over the corresponding period for the year
prior and a 50% increase in production over the previous quarter.


Production for the first quarter 2008 averaged 154 BOE per day consisting of 118
bopd light sweet oil, 196 Mcf/d gas and 3 bbls per day of NGLs. Revenue for the
three month period was $1,197,344, up 401% from $239,195 reported for the first
quarter 2007 while cash flow from operations was $ 811,915, almost 10 times the
year prior. Net earnings climbed to $354,836 for the quarter compared to a loss
of $27,119 in the first quarter of 2007. The majority of Colonia's production
base consists of high quality 40 degree API sweet crude which received an
average price of $98.06/bbl for the quarter while the average price received per
BOE of total production was an impressive $85.67.


Colonia's focus for the period continued on our core area of Florence South in
southeastern Saskatchewan. Two 37.5% working interest wells were drilled and
placed on regular production through the Company's central battery facilities.
The first of these wells came on stream in late January at a rate in excess of
100 barrels of oil per day and the second commenced production in late March at
initial rates of 30 barrels of oil per day. In mid-May of this year, the Company
drilled an additional 50% working interest oilwell on our Florence South
acreage, with indicated productive capability in excess of 100 barrels of oil
per day.


Over the past year, the Company has assembled an inventory of prospects focused
primarily in three main areas of the Williston basin: Midale prospective acreage
in the immediate area of Florence South, Bakken prospective acreage in the
emerging southeastern Saskatchewan Bakken fairway, and several Mississippian
Charles Formation prospects in northwestern North Dakota.


Results to date in the second quarter of 2008 ensure that the momentum that
Colonia has generated over the past several quarters will continue unabated. In
addition to continuing our growth through the drill bit, our strong balance
sheet is enabling us to selectively review both property acquisitions and
corporate combinations that will be accretive in a material fashion to our
shareholders.


Additional information on Colonia Energy Corp. may be viewed on SEDAR at
www.sedar.com or visit our website at www.coloniaenergy.ca.


BOE Presentation - The term barrels of oil equivalent (BOE) may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. All BOE
conversions in this report are derived by converting gas to oil in the ratio of
six mcf of gas to one bbl of oil.

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