UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q/A

(Mark One)



x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended September 30, 2011.

or



oTRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from _______________________ to ___________________________



Commission File Number: 000-327350



COLOMBIA
ENERGY RESOURCES, INC.

(Exact name of registrant as specified in its
charter)



|Delaware                                                       |  | 87-0567033                          
|-------------------------------------------------------------- |  | ------------------------------------
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
|                                                               |  |                                     
|One Embarcadero Center, Suite 500, San Francisco, CA           |  | 94111                               
|(Address of principal executive offices)                       |  | (Zip Code)                          



(415) 460-1165

(Registrant’s telephone number, including
area code)



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. x Yes o No



Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).

Yes x No o



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



|Large accelerated filer o | Accelerated filer o        
|------------------------- | ---------------------------
|                          |                            
|Non-accelerated filer o   | Smaller reporting company x







Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).

Yes o
No x



Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date: 23,218,887 shares of common stock, par value $0.001 per share, were
outstanding as of October 21, 2011.











EXPLANATORY NOTE



Certain exhibits designated in the Exhibits
Index of the Form 10-Q for the quarter ended September 30, 2011 (the “Original 10-Q”) of Colombia Energy Resources,
Inc. were inadvertently omitted from the filing with the Commission. These exhibits are included with this Amendment No. 1 and
are set forth in Item 6 of this amendment.



This Amendment No. 1 continues to speak as
of the date of the Original Form 10-Q, and the Company has not updated or amended the disclosures contained in the amended items
to reflect events that have occurred since the filing of the Original Form 10-Q, or modified or updated those disclosures in any
way other than as described in the preceding paragraph. Accordingly, this Amendment No. 1 should be read in conjunction with the
Company’s filings made with the SEC subsequent to the filing of the Original Form 10-Q on November 14, 2011. In addition,
forward-looking statements made in the Original Form 10-Q have not been revised to reflect the passage of time, events, results
or developments that occurred or facts that became known after the Original Form 10-Q, and such forward-looking statements should
be read in their historical context and in the context of the Company’s subsequent reports filed with the SEC.



2







Item 6. Exhibits



The following exhibits are included with this
amended report:



|Exhibit
        Number |  | Description of Exhibit                                                                                                                                                                      
|---------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|2.1                    |  | Partial Assignment and Business Collaboration Contract of Mining Rights for the Development of a Mining Project dated August 22, 2011, with Howerd Milton Cubides Botia for the Ruku Project
|                       |  |                                                                                                                                                                                             
|10.1                   |  | Ronald G. Stovash Employment Agreement dated August 28, 2011                                                                                                                                
|                       |  |                                                                                                                                                                                             
|10.2                   |  | Edward Mooney Consulting Agreement dated September 1, 2011                                                                                                                                  
|                       |  |                                                                                                                                                                                             
|10.3                   |  | Compensation Agreement dated August 24, 2011, with Peter B. Lilly                                                                                                                           



SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this amended Report to be signed on its behalf by the undersigned, thereunto
duly authorized.



|                 | Colombia Energy Resources, Inc. |                                                                                       
|---------------- | ------------------------------- | --------------------------------------------------------------------------------------
|                 |                                 |                                                                                       
|February 8, 2012 | By:                             | /s/ Ronald G. Stovash                                                                 
|                 |                                 | Ronald G. Stovash, President and Chief Executive Officer (Principal Executive Officer)
|                 |                                 |                                                                                       



|                 |     |                                                                                                                        
|---------------- | --- | -----------------------------------------------------------------------------------------------------------------------
|                 |     |                                                                                                                        
|February 8, 2012 | By: | /s/ James A. Flores                                                                                                    
|                 |     | James A. Flores, Chief Financial Officer
        (Principal Financial Officer and
        Principal Accounting Officer)



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