Canadian Oil Recovery & Remediation Enterprises Ltd.
TSX VENTURE : CVR

Canadian Oil Recovery & Remediation Enterprises Ltd.

December 24, 2009 08:00 ET

CORRE and SAR Announce Agreement with Leading Oil Recovery and Remediation Company in Kuwait

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2009) - Canadian Oil Recovery & Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") and SAR AS ("SAR") announce that they have entered into a binding agreement with the National Cleaning Company of Kuwait ("NCC") to become prime bidders for the cleanup of the Kuwait Oil Lakes.

This agreement will primarily provide SAR-CORRE MENA ("SCM") with the immediate opportunity to test and validate the Company's ARES I facility for the efficient and economic recovery of oil and remediation of the Kuwait Oil Lakes. As previously announced, the ARES I facility is presently in Kuwait and ready for deployment to the NCC oil waste management site in the Shuaiba Industrial Area of Southern Kuwait. NCC has dedicated this site for the treatment of sludge, the sources of which are from the Kuwait Oil Lakes and local oil storage tanks, as well as the remediation of oil-contaminated soil.

The testing and customization of the ARES I facility to treat oil-contaminated materials under local conditions provides SCM with a strong competitive advantage throughout the upcoming tendering for US $3.65 billion worth of projects over the next decade. As previously announced, the Kuwait Oil Company will be releasing the first grouping of up to five Kuwait Oil Lakes Tenders of US $50-$100 million each starting next year. The SCM agreement with NCC further provides for a strategic operating partnership exclusively for the Kuwait Oil Lakes projects. This operating partnership will be formed with 51% of the ownership allocated to NCC and 49% to SCM.

NCC, based in Kuwait, is a leader in the Waste Management and Oil Service Sector in the Gulf region. It has over 28 years of experience in its industry and is well-established amongst the national oil companies in the region. NCC has been instrumental in the development of the environmental standards in Kuwait and has strong ties with Kuwait's environmental protection department. NCC is pre-qualified by the national oil companies and government of Kuwait as a provider of waste management and soil remediation services; a requirement for the cleanup of the Kuwait Oil Lakes.

John Lorenzo, Chief Executive Officer and Chairman of CORRE stated: "The two strategic agreements we announced this month, first with SAR and now with NCC, mark the achievement of two major milestones set by management for our operations following our financial transaction with NAT and in preparation for our business and financial plan to be released in March 2010."

The mobilization and commissioning of the ARES I facility on the NCC property will commence in the first week of January, 2010.

About NCC

NCC (www.ncc-kw.com) was established in 1979 and, together with its affiliated companies, KGL Holdings (www.kgl.com) and Wataniya Environmental Services (www.wes.com.kw), is a leading environmental service provider in Kuwait. NCC's services include Oil Lakes rehabilitation, drilling mud treatment, total sludge management, oil water separation, oil skimmers, spills clean-up, hazardous waste treatment, refineries waste management, fuel recovery plant, landfill rehabilitation and liquid waste incineration.

NCC has a well established list of clients including Kuwait Oil Company, Kuwait National Petroleum Company, Petrochemical Industries Co., Kuwait Municipality, Ministry of Education, Ministry of Health and the Ministry of Defense. The Company employs in excess of 7,000 people.

About CORRE

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

With its new strategic partnerships with multi-national oil services companies, CORRE has significantly expanded its line of oil services in the MENA regions to include waste management, oil storage and oil tankers tank cleaning and water treatment.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

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