June 23, 2005 19:42 ET

Colonia Announces Completion of Asset Purchase

CALGARY, ALBERTA--(CCNMatthews - June 23, 2005) -

(Not for dissemination in the United States of America)

COLONIA CORPORATION (NEX:CRP.H) (the "Corporation") is pleased to advise that it has completed the previously announced acquisition of a 29.75% working interest in a Cardium oil well located in the Fir area of Alberta. The purchase price was $250,000 and the effective date of the purchase is May 1, 2005.

The well has historically produced at 11 barrels per day, but was shut-in in early May, pending conservation of the associated gas volumes from the well. The return to regular production is expected to occur by August 1, 2005.

The Corporation continues to seek other opportunities and assets.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

    Donald Campbell
    (403) 540-2003