ROAD TOWN, Tortola, British Virgin Islands, April 11, 2012 /PRNewswire/ - CIC Energy Corp. ("CIC Energy" or the "Company")(TSX:ELC, BSE: CIC Energy) reported a net loss for the three month period ended February 29, 2012 of $1,606,593 or $0.03 per share (basic and diluted), compared to a net loss of $5,557,093 or $0.11 per share (basic and diluted) for the same period last year. The first quarter of 2012 was the Company's first reporting period under International Financial Reporting Standards ("IFRS").
The lower year over year change in net loss for the first quarter is primarily due to reductions in office and general expenses as well as a decrease in employee costs.
Capitalized project costs amounted to $165,601,367 to date, with capitalized project costs for the quarter ended February 29, 2012 totaling $779,162.
The Condensed Consolidated Interim Financial Statements for the three months ended February 29, 2012, along with the Company's Management's Discussion and Analysis ("MD&A"), have been filed on SEDAR and are available at www.sedar.com.
CIC Energy has a current treasury of approximately CDN$17.3 million and has 58,012,127 shares outstanding and 75,958,575 shares fully diluted including 13,061,448 warrants which have not vested. CIC Energy is listed on the Toronto Stock Exchange (TSX:ELC) and the Botswana Stock Exchange (BSE:CIC Energy).
SOURCE CIC Energy Corp.