Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

June 21, 2011 17:01 ET

CORRE Announces $4.4 Million in Additional Financing Through Warrant Conversion

New Capital Validates Long Term Financing Plan Established in 2010

TORONTO, ONTARIO--(Marketwire - June 21, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) (OTCQX:CRVYF) ("CORRE" or the "Company") announces that Al-Najah Advanced Technology Co. Ltd. ("NAT") has agreed to exercise its right to convert all of its 21,250,000 share purchase warrants to purchase additional common shares of CORRE at an exercise price of $0.20 per share. Also, a director of CORRE has exercised his full remaining position of 937,500 warrants at $0.20 per share bringing the total warrant conversion to $4,437,500 in new equity financing becoming available for the Company with the proceeds being put towards the purchase of ancillary operating equipment and working capital.

With the exercised warrants, NAT and the director have now completed their full conversion of warrants issued by CORRE at $0.20 per share. NAT will now own a total of 42,500,000 common shares of CORRE.

Mr. John Lorenzo, CEO and Chairman of CORRE, stated "Our partnership with NAT, in addition to providing CORRE with working capital, enhances our competitive position throughout the MENA region and in particular, the Kingdom of Saudi Arabia which represents a very lucrative and sustainable market for CORRE's services. Also, our other strategic partnerships and alliances have enabled us to expand our service platform to contain drill cuttings treatments, automated oil storage tank cleaning, innovative soil remediation techniques and oil recovery technology, as well as gain a foothold in the MENA region."

Mr. Alex Gress, CFO and Senior Vice-President of CORRE, added "CORRE's status through our SAR-CORRE MENA partnership as a select pre-qualified company for the Kuwait Oil Company's soil remediation contracts we are currently bidding for, as well as the upcoming Oil Lakes contracts, demonstrates the growing understanding of the value of our oil-remediation technology and services. This infusion of working capital will continue to help us build on the positive momentum we have already gained."

For further details concerning the financings and all the related matters and ancillary agreements, please refer to the Company's press releases dated May 17, June 17, and December 13, 2010 and April 8, 2011.

About Al-Najah Advanced Technology Co. Ltd. ("NAT")

NAT is a private company based in Jeddah, Kingdom of Saudi Arabia whose focus is on investments in technology and technology-based ventures and companies.


CORRE ( is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. CORRE's operating lines include remediating oil-contaminated soil; treating sludge, oil based muds and drilling waste; oil recovery; automated oil storage tank cleaning; oil and gas engineering, and project management. CORRE provides its services through its owned and operated Advanced Recovery Equipment Systems ("ARES") and through strategic operating partnerships. ARES is a platform of services and operating equipment facilities based on proven technologies and innovative operating processes. CORRE's customers are primarily in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies).

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.

Contact Information