Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

August 23, 2010 08:00 ET

CORRE Provides an Update on Its ARES I Operational Optimization Program in Kuwait

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2010) -

Editors Note: There is a photo associated with this Press Release.

Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce its ARES I operating facility currently in Kuwait is shifting from an operational testing and evaluation phase to becoming commercially ready to operate in accordance with international standards. CORRE is confident in the performance of its ARES I facility to operate as a "closed- loop" system whereby the operating facility can effectively clean oil-contaminated soil through its soil washing technology, recover oil and recycle water to be efficiently re-used in the process. For details of CORRE's operational optimization program, please refer to the Company's May 12, 2010 press release.

To further prepare the Company for commercial readiness and to assist with more efficient and effective oil and water separation, the Company has purchased a state of the art, latest technology high-speed disc stack separator from Alfa Laval, a leading global provider of specialized products and engineering solutions in heat transfer, separation and fluids handling. This will ensure an optimal level of oil and water separation at a rate between 15-20 tons per hour utilizing 8000 G of centrifugal force. CORRE is expecting delivery of this separator directly at its ARES I operating site in Kuwait during the fourth quarter of 2010.

Mr. John Lorenzo, CEO of CORRE, commented: "We are proud of the completion of our operational testing and evaluation phase, as well as the performance of all of our team members. This is the accomplishment of a significant milestone for the Company. While we will continue to improve the operational and economic efficiencies of our ARES I operating facility, we are now confident enough to start to commercially evaluate tender opportunities in the MENA regions with our operating partners."

CORRE's investment into the ARES I operational optimization program is a significant competitive advantage for the Company and separates CORRE from potential competitors in the multi-billion dollar market for soil remediation and oil recovery services. The full operation of CORRE's ARES I facility at the largest oil waste management site in Kuwait enables CORRE to demonstrate first-hand its advanced operating standards and capabilities to meet the required clean soil, oil, and water specifications that will be required in upcoming large-scale remediation contracts in Kuwait and other countries in the MENA regions.

CORRE also announces that Colleen Hobson will no longer serve as the Company's Chief Financial Officer. CORRE thanks Ms. Hobson for her service to the Company during its initial stage of development. Alex Gress, CORRE's Senior Vice-President, will replace Colleen as Chief Financial Officer and remain Senior Vice-President. Mr. Gress is a qualified Certified Public Accountant (CPA) with sixteen years of international investment banking and public accounting experience. Mr. Gress started his career at Price Waterhouse LLP in New York and prior to his involvement with CORRE was an Executive Director within the Principal Finance Team at Lehman Brothers in London, England. Mr. Gress also serves on CORRE's board of directors.


CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") for sludge treatment, soil remediation and oil recovery. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and has developed proprietary processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. CORRE is deploying ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its services.

Through strategic operating partnerships with multi-national oil services companies, CORRE is significantly expanding its line of oil services across the Middle East and North Africa ("MENA") to include waste management, oil storage and oil tankers tank cleaning, water treatment, and oil and gas engineering and project management.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

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