CIC Energy Corp., BVI-registered company established in 2006 as a result of the consolidation of Coal Investment Corp. and Consolidated Ophir Ventures, has reported net income for the three month period ended February 28, 2009 of $156,643, or $0.01 per share – compared to the loss of $1,479,228 or $0.03 per share for the same period last year.
The reported net income for the first quarter of 2009 is attributable to the substantially higher foreign exchange gain in foreign exchange for current period.
Capital expenditure on exploration properties makes $136,580,166, capitalized exploration costs for the three month period totaling $9,622,376.
On February 27 CIC Energy (BVI) published financial results for the year ended November 30, 2008.