Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

December 13, 2010 18:28 ET

CORRE Announces Warrant Conversion

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to announce the exercise of the first of a series of share purchase warrants at $0.20 per CORRE common share. As part of the Company's long-term equity financing plan, the two holders of $5 million of convertible debentures which were fully converted into CORRE common shares at $0.20 per share on June 16, 2010, received up to 25 million share purchase warrants at $0.20 per CORRE common share. One of the existing directors of the Company, and a holder of 2,425,640 share purchase warrants, is now exercising 550,640 warrants at $0.20 per share resulting in $110,128 in proceeds available to CORRE. The director will exercise his remaining 1,875,000 warrants at $0.20 per share in two equal remaining installments that will be completed on or before June 15, 2011 resulting in $375,000 in additional financing proceeds available to CORRE. The holder of 21,250,000 remaining share purchase warrants at $0.20 per share for up to $4,250,000 in additional financing proceeds is Al-Najah Advanced Technology Co. Ltd. ("NAT"), an institutional investor based in the Kingdom of Saudi Arabia whose focus is on investments in technology and technology-based ventures and companies. NAT currently owns approximately 27% of CORRE's outstanding common shares and its warrant position expires on June 15, 2011.

For further details concerning the financing and all the related matters and ancillary agreements, please refer to the Company's press releases dated June 16, July 16, August 14, October 7, November 17, 2009 and May 17 and June 17, 2010.


CORRE ( 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).

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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