CIC Energy Corporation has announced financial results for periods ended August 31, 2006
On October 12, 2006 BVI incorporated CIC Energy Corp. has reported losses for the three and nine month periods ended August 31, 2006. These losses can be explained by the increase of non-capitalized exploration expenditures, administration costs and other extraordinary costs connected with the consolidation of Coal Investment Corp. and Ophir Ventures Inc., which occurred in March 2006, as well as the subsequent listing of the common shares of CIC.
The loss for the three month period ended August 31, 2006 constituted $702,445, or $0.02 per share, and the loss for the nine months was $2,380,103 or $0.08 per share. Capitalized exploration costs amount to $41,942,771, the exploration costs for the nine month period totalled $38,206,662.
Consolidated Interim Financial Statements for the three and nine months ending August 31, 2006, along with Management’s Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com - filing system of Canadian Securities Administrators (CSA).