CIC Energy reports second quarter 2010 financial results

TSX:ELC
    BSE:CIC ENERGY
    

ROAD TOWN, Tortola, British Virgin Islands, July 12 /CNW/ - CIC Energy Corp. ("CIC Energy" or the "Company")(TSX:ELC, BSE: CIC Energy) reported a net loss for the three month period ended May 31, 2010 of $2,201,669 or $0.04 per share (basic and diluted), compared to a net loss of $2,122,697 or $0.04 per share (basic and diluted) for the same period last year.

The net loss for the six month period ended May 31, 2010 was $5,466,991 million or $0.10 per share (basic and diluted) compared to a loss of $1,966,054 or $0.04 per share (basic and diluted) for the same period last year.

The year over year change in net loss for the second quarter and for the six month period is due to a combination of the reduced interest received on cash and cash equivalents and the reduction of profit on foreign exchange.

Capital expenditure on exploration properties as at May 31, 2010 amounted to $167 million, with capitalized exploration costs for the first six months of 2010 totaling $6 million.

Consolidated Interim Financial Statements for the three and six months ended May 31, 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.

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