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

Canadian Oil Recovery & Remediation Enterprises Ltd.

December 20, 2011 13:04 ET

CORRE Appoints BDO Canada LLP as Auditor

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to report that effective December 15, 2011 the Company has changed its auditor from McGovern, Hurley, Cunningham, LLP to BDO Canada LLP ("BDO"). CORRE's audit committee and board of directors have approved the change in auditor.

"Over the past year, CORRE has advanced from optimizing its full-scale soil remediation and oil recovery ARES I pilot program in Kuwait to now actively bidding for large scale remediation contracts and developing the platform for other oil service operations in Saudi Arabia with our largest shareholder. We are confident with our top tier operating partnership with Norway-based SAR AS. We look forward to working with BDO, which we believe has the necessary depth and experience for the anticipated execution of our international oil service operations and more specifically so in our dealings with mega-national oil companies in the Arabian Gulf region," commented John Lorenzo, CORRE's Chief Executive Officer and Chairman of the Board.

There were no reservations in the former auditor's reports in connection with the two most recently completed fiscal years or for any period subsequent to the most recently completed period for which an audit report was issued. There were also no reportable events between CORRE and the former auditor or the successor auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51-102, continuous disclosure.

All procedures have been properly followed under NI 51-102 regarding the change of auditor and, as required, a notice of change of auditor together with the required letters from the former auditor and the successor auditor are filed via SEDAR with each securities commission in each province or territory in Canada in which CORRE is a reporting issuer.

CORRE would like to thank McGovern, Hurley, Cunningham, LLP for their professional contribution during its engagement.

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 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

  • CORRE LTD.
    Alex Gress
    CFO
    416-368-4027
    agress@corre.com

    CORRE LTD.
    Lindsay Cross
    416-368-3050
    lcross@corre.com

    KCSA Strategic Communications
    Todd Fromer
    212-896-1215

    KCSA Strategic Communications
    Phil Carlson
    212-896-1233

    KCSA Strategic Communications
    Adam Pollack
    212-896-1232
    Corre@kcsa.com