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

Canadian Oil Recovery & Remediation Enterprises Ltd.

August 27, 2012 18:22 ET

CORRE Announces Delayed Q2 Financial Results Due to Pending Project Accounting on Jordan Contract

TORONTO, ONTARIO--(Marketwire - Aug. 27, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announces that it does not anticipate filing its financial statements and corresponding management discussion and analysis for the second quarter ended June 30, 2012 (the "Financial Statements") on or before the prescribed filing deadline pursuant to National Instrument 51-102, being August 29, 2012. The Company received material revenues for the first time during the quarter ended June 30, 2012 pursuant to the BP PLC contract with CORRE's operating partner, SAR AS ("SAR") with respect to the cleaning and treatment of drill cuttings for BP PLC in Jordan (for details concerning this contract, see CORRE's press release dated February 1, 2012). SAR is responsible for the accounting of the SAR-CORRE MENA ("SCM") partnership, as well as the project accounting under the foregoing contract. As SAR recently completed a major buy-out transaction, whereby it was purchased by Stirling Square Capital Partners out of London and new financial personnel have been employed by SAR, complete and accurate financial information is not expected to be available to CORRE in order for CORRE to accurately complete the Financial Statements prior to the filing deadline. In light of the foregoing, CORRE has made application to the applicable securities commissions for the imposition of a Management Cease Trade Order, rather than an Issuer Cease Trade Order, as contemplated under National Policy 12-203.

Management of the Company will be meeting with SAR early September 2012 in Norway to discuss the project accounting (including the allocation of certain costs among the parties) and anticipates filing the Financial Statements within 30 days of the filing deadline. Further, CORRE intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.

About CORRE

CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol "CRVYF". CORRE provides full cycle oil waste management solutions to the petroleum industry. 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). 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 advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.

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

  • CORRE LTD.
    Alex Gress
    CFO, Senior VP and Director
    416-368-4027
    agress@corre.com

    CORRE LTD.
    David Freeman
    Corporate Development & Shareholder Communications
    416-368-4027
    dfreeman@corre.com