Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

October 08, 2010 10:00 ET

CORRE Announces Issuance of Financing Fee Shares

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") announces the issuance of an aggregate of 962,500 common shares at an ascribed price of $0.20 per share to Al-Hamdan Group of Jeddah, Saudi Arabia. The foregoing shares have been issued as payment of financing fees owing to Al-Hamdan Group in connection with its role as financial advisor to the Company in Saudi Arabia and, more specifically, its assistance with the Company's financing with Al-Najah Advanced Technology Co. Ltd. ("NAT") and the acceptance by NAT of the Company's business and financial plan. The acceptance of the business and financial plan resulted in the release of $2.85 million of escrowed funds to the Company, the full conversion of NAT's $4.25 million secured debenture into common shares of the Company and the eligibility of NAT to exercise up to 21,250,000 share purchase warrants at $0.20 per share by June 16, 2011. The foregoing Al-Hamdan Group shares are subject to hold periods under applicable securities laws.


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 and operates facilities utilizing innovative technologies and proprietary operating 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 has expanded its line of oil services across the MENA regions 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.

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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