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

Canadian Oil Recovery & Remediation Enterprises Ltd.

November 18, 2010 10:31 ET

CORRE Announces Significant Operational Developments and Cross Listing of Shares on U.S. Trading Platform

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2010) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is very pleased to announce that it has achieved another significant operational milestone. CORRE, through its SAR-CORRE MENA Ltd. ("SCM") operating partnership, is now officially a pre-qualified and approved service provider and general contractor to the Kuwait Oil Company ("KOC") for contracts relating to two distinct services – soil remediation (which includes oil recovery) and waste management.

This represents one of CORRE's strongest operational developments to date. Furthermore:

  1. These pre-qualifications have paved the way for SCM to directly tender for upcoming large-scale and high-value soil remediation, oil recovery and waste management contracts to be released from KOC, including the clean-up of the Kuwait Oil Lakes.
  2. SCM is now one of only a select group of global companies that has achieved pre-qualification status to provide these specific services to KOC.
  3. The appointment of pre-qualified companies by KOC is a positive indicator and precursor for the release of upcoming lucrative soil remediation tenders, estimated to start in early 2011. The market size for these services in Kuwait alone is estimated to be in excess of $3.5 billion of total future contract values.
  4. Anticipating KOC pre-qualifications and the onset of the Kuwait Oil Lakes tenders, SCM has been preparing CORRE's proprietary ARES I soil washing and oil recovery operating facility directly in Kuwait to operate continuously, efficiently and in a cost-effective manner at a processing rate of 15-20 tons per hour. This strong operating performance provides SCM with a significant competitive advantage relative to other competing technologies.
  5. SCM is now well positioned to directly bid for KOC tenders as general contractors or to become the soil remediation and oil recovery sub-contractor of choice for other pre-qualified companies who have the logistics to deal with large-scale soil remediation and oil recovery projects, but do not have the proven processing facilities like CORRE's ARES I. SCM has already been approached by other international pre-qualified companies.
  6. Pre-qualification status by KOC is recognized as an achievement of a highly rigorous global standard. Therefore, SCM's pre-qualifications will facilitate broader pre-qualifications and acceptance of SCM with other MENA national oil companies enabling SCM to continue its business development in other strategic markets, including Saudi Arabia.

SCM is the joint operating partnership of CORRE and SAR AS. SAR AS is a leading world class supplier of oil waste management and environmental services to the Norwegian onshore and offshore petroleum industry, as well as to other international locations.

CORRE is also pleased to announce that starting today CORRE will begin trading on the U.S. OTC market's highest tier, OTCQX®. CORRE's trading symbol on the OTCQX International will be "CRVYF". Hudson Securities, Inc., a full-service investment bank specializing in raising capital and providing corporate finance and advisory services to macro and mid-cap issuers, will serve as CORRE's Principal American Liaison on the OTCQX and lead market maker.

The OTCQX marketplace (www.otcqx.com) is the premier tier of the U.S. OTC market and offers CORRE greater shareholder visibility and liquidity for its common shares as CORRE continues to operationally develop and enter into its first commercial contracts.

Investors can find current financial disclosure and real-time level 2 quotes for CORRE on www.otcmarkets.com. CORRE will also continue to actively trade and promote its listing on the TSX-V.

About CORRE

CORRE (www.corre.com) is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. CORRE's service 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; as well as waste 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).

About Hudson Securities

Hudson Securities, Inc. (www.hudsonsecurities.com) is a full-service investment bank that specializes in raising capital and providing corporate finance and advisory services to micro to mid-cap issuers in the U.S. and abroad across a wide industry spectrum. Its execution expertise and market making capabilities span over 10,000 U.S. and foreign securities including equities, equity derivatives, and American Depositary Receipts (ADRs). Hudson's institutional research analysts publish unbiased, idea-driven research focused on micro to mid-cap companies listed in the U.S.

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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