CEL

Columbus Energy Limited ("the Company") (TSX VENTURE:CEL) announces that it is
seeking regulatory approval to extend the term and reduce the price of 1,333,333
share purchase warrants issued by the Company on January 03, 2008. The term will
be extended from the original term of two years expiring on January 03, 2010 to
five years expiring on January 03, 2013. The exercise price will be reduced from
$0.60 per share to $0.05 in the first year and $0.10 in the subsequent years.
None of the warrants are held by insiders of Columbus Energy Limited.


The term of the warrant will be reduced to 30 days if the closing price of the
Company shares is at a 25% premium to the exercise price of the warrant for any
10 consecutive trading days.


These warrants were originally issued as part of an 8,000,000 unit private
placement at $0.05 per unit with a two year warrant allowing the holder to
purchase an additional share at a price of $0.10 for a two year period ending
January 03, 2010.


The six for one share consolidation effective September 10, 2008 reduced the
number of warrants to 1,333,333 and the exercise price was increased to $0.60
per warrant share.

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