CIC Energy Corp. to report fiscal results for the three months period
CIC Energy Corporation has announced its financial results for the first quarter of 2007 ended February 28, 2007. The results for the fiscal year 2006 showed losses connected with significant increase of company’s expenditures. For the period ended February 28, 2007 the company also reported a loss in the amount of $1,023,738 or $0.02 per share.
This loss is attributable to non-capitalized exploration expenditures, administration and personnel costs, and the cost of a bought deal private placement. Capitalized exploration costs amount to $53,960,952, and exploration costs for the three month period total at $5,857,645.