CIC Energy Reports Results for the Year Ended November 30, 2011

TSX:ELC
BSE:CIC ENERGY

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.

 

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: [phone] x 243
Email: [email protected]