CIC ENERGY REPORTS FIRST QUARTER 2011 FINANCIAL RESULTS

TSX:ELC
BSE:CIC ENERGY

ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, April 6 /CNW/ - CIC Energy Corp. ("CIC Energy" or the "Company") (TSX:ELC) (BSE: CIC Energy) reported a net loss for the three month period ended February 28, 2011 of $5,557,093 or $0.11 per share (basic and diluted), compared to a net loss of $3,265,322 or $0.06 per share (basic and diluted) for the same period last year.

The higher year over year change in net loss for the first quarter is primarily due to an increase in advisory costs associated with the proposed acquisition of CIC Energy by JSW Energy Ltd and an increase in personnel costs that were not capitalized.

Capitalized project costs amounted to $176,078,744 to date, with capitalized project costs for the quarter ended February 28, 2011 totaling $1,045,692.

Consolidated Interim Financial Statements for the three months ended February 28, 2011, along with the Company's Management's Discussion and Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.

SOURCE CIC Energy Corp.

For further information:

For additional information on CIC Energy and its projects visit the Company's website at www.cicenergy.com or contact:

Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com

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CIC Energy Corp.

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