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Columbus Energy Limited: Columbus Energy Withdraws From PenGas Joint Venture and AGM Results

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^{Published in Science and Technology on Saturday, August 22nd 2009 at 14:02 GMT, Last Modified on 2009-08-22 14:02:14 by Market Wire}  

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2009) - Columbus Energy Limited ("Columbus Energy" or the "Company") (TSX VENTURE:CEL) announces that it has withdrawn from its Italian Calcio Joint Venture with PenGas. Efforts to sell its interest were unsuccessful. The Company has written off $232,761 in project expenses on its June 30, 2009 financial statements.

The Company also reports that all of the resolutions presented to the shareholders at the June 26, 2009 annual general meeting passed with large majorities. The shareholders approved the resolution giving the authority to the Board of Directors, at their discretion, to proceed or not to proceed, with the consolidation of share capital by five to one. This resolution was approved with 97% of the votes cast in favour of the resolution. No consolidation decision has been made at this time.

The Company is currently assisting Columbus Gas & Oil in seeking financing for the development and/or sale of its offshore oil concessions in Tunisia. It is also seeking solid fuel energy projects in Europe and Asia.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.