CIC ENERGY REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS

TSX:ELC
BSE:CIC ENERGY

ROAD TOWN, Tortola, British Virgin Islands, Oct. 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 August 31, 2010 of $1,508,115 or $0.03 per share (basic and diluted), compared to a net loss of $3,303,650 or $0.06 per share (basic and diluted) for the same period last year.

The net loss for the nine month period ended August 31, 2010 was $6,975,106 million or $0.13 per share (basic and diluted) compared to a loss of $5,269,704 or $0.10 per share (basic and diluted) for the same period last year. 

The year over year change in net loss for the third quarter is primarily due to reduced interest received on cash and cash equivalents. The year over year change in net loss for the nine 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 August 31, 2010 amounted to $168 million, with capitalized exploration costs for the first nine months of 2010 totaling $7 million.

Consolidated Interim Financial Statements for the three and nine months ended August 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:

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]