Na een paar uur googlen en trail/error, is hier de oplossing:
cid = 1
rep_date = date(2011,06,30)
l_cur = curs.var(cx_Oracle.CURSOR)
l_query = curs.callproc('sp_procedure', (cid,rep_date,l_cur))
l_results = l_query[2]
for row in l_results:
print row
# Column Specs
for row in l_results.description:
print row