CIC Energy reports first quarter 2010 financial results

ROAD TOWN, Tortola, British Virgin Islands, April 13 /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, 2010 of $3,265,322 or $0.06 per share (basic and diluted), compared to net earnings of $156,643 or $0.01 per share (basic and diluted) for the same period last year.

The net loss in the first quarter of 2010 is due to a combination of the reduced interest received on cash and cash equivalents and the reduction of profit on foreign exchange, which is primarily attributable to the weakening of the Canadian dollar versus the Botswana Pula and the South African Rand, the functional currencies of the operating companies.

Capital expenditure on exploration properties amounts to $168,832,767 with capitalized exploration costs for the three month period totaling $2,275,552.

Consolidated Interim Financial Statements for the three months ending February 28, 2010, 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 further 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

Organization Profile

CIC Energy Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890