ROAD TOWN, Tortola, British Virgin Islands, Feb. 28, 2012 /CNW/ - CIC
Energy Corp. ("CIC Energy" or the "Company")(TSX:ELC, BSE: CIC Energy)
reported a net loss for the year ended November 30, 2011 of $19,251,577
or $0.37 per share (basic and diluted), as compared to a loss of
$11,179,777 or $0.21 per share (basic and diluted), for the year ended
November 30, 2010.
The higher net loss year over year was primarily due to impairment
losses in the second quarter of 2011 on one of its exploration
properties in Botswana and on the Coal-to-Hydrocarbons Project.
Capitalized project costs amounted to $168,558,314 to date, with
capitalized project costs for the year ended November 30, 2011 totaling
($6,626,886) due to additions of $2,036,686 and impairments of
$8,663,572 during the year.
Consolidated Audited Financial Statements for the year ended November
30, 2011 together with the related Management's Discussion and Analysis
("MD&A") dated February 28, 2012, 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.cicenergycorp.com or contact:
Erica Belling, CFA, P.Eng.
EVP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243