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Form 8806 - Shona Energy Company, Inc.

Name and address of the reporting corporation:

Shona Energy Company, Inc.
675 Bering, Suite 300
Houston, TX  77057

Date of transaction:

12/21/12

Description of the transaction

Canacol Energy Ltd acquired 100% of the issued and outstanding class “A” common shares and series “A” preferred shares of Shona Energy Company, Inc., in exchange for common shares of Canacol and cash by way of a statutory plan of arrangement.

Did the reporting corporation’s shareholders receive any stock or other property in exchange for their stock in  the reporting corporation, for which the reporting corporation has reasonably determined that the shareholders are required to recognize gain (if any).from the exchange of such stock?

yes

Fair market value of the stock or other property received

Each Shona Common shareholder received $0.0896 cash in Canadian dollars and 0.10573 Canacol Common shares with a fair market value of $3.00 US dollars for each Shona Common Share.  Each Preferred shareholder received $100 US dollars for each Preferred Share.

Description of the stock or other property received

On December 21, 2012, the closing date of the transaction, Canacol acquires 100% of the issued and outstanding Shona Common Shares in exchange for 0.10573 Canacol Shares and C$0.0896 cash in Canadian dollars for each Shona Common Share and 100% of the issued and outstanding Shona Preferred Shares in exchange for $100 cash in US dollars for each Shona Preferred Share.