Yes since colic and reflux are different things it's possible for the baby to have both colic and reflux issues at the same time.
The colic which is where the baby cries for several hours a day and there is no obvious cause could actually be caused by the reflux.
But other times the colic could be caused by something else that is hard to understand or know about.
The reflux in a baby is the movement of fluid, food and sometimes acid into the oesophagus which can cause the crying or colic.
You can help the reflux by giving the baby some gripe water and make sure after feeding the baby you burp the baby even if you think the baby may not need burped.
I always burped all my babies every time they had a feeding and sometimes they had no gas build up in the stomach and other times they did.