CIC ENERGY REPORTS RESULTS FOR THE YEAR ENDED NOVEMBER 30, 2010

TSX:ELC
BSE:CIC ENERGY

ROAD TOWN, Tortola, British Virgin Islands, Feb. 28 /CNW/ - CIC Energy Corp. ("CIC Energy" or the "Company")(TSX:ELC) (BSE: CIC Energy) reported a net loss for the year ended November 30, 2010 of $11,179,777 or $0.21 per share (basic and diluted), as compared to a loss of $5,655,181 or $0.11 per share (basic and diluted), for the year ended November 30, 2009.

The higher net loss year over year was primarily due to reduced interest received on lower cash balances.  In addition, there was a negative foreign exchange impact due to the strengthening of the South African Rand and the Botswana Pula in 2010, compared to a positive foreign exchange impact in 2009. As well, an increase in corporate expenses in 2010, including staff severance costs that occurred at the beginning of the year, contributed to the change year over year.

Capitalized project costs amounted to $175,185,200 to date, with capitalized project costs for the year ended November 30, 2010 totaling $8,360,605.

Consolidated Audited Financial Statements for the year ended November 30, 2010 together with the related Management's Discussion and Analysis ("MD&A") dated February 28, 2011, 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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