Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

September 12, 2013 17:06 ET

CORRE Awaits Multiple Tender Results

TORONTO, ONTARIO--(Marketwired - Sept. 12, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to provide an update on the progress of its project opportunities for sludge treatment, soil remediation, oil recovery, and the treatment of drilling wastes in the MENA region.

CORRE's MENA operating partnership company has been shortlisted among a few competitors for a tender by a national oil company in the northern Gulf region. This tender has progressed to its final stage of negotiations, the results of which are expected in the coming month. Congruently, the operating partnership company is awaiting the results of a similar tender in the southern Gulf region. Again, results of this second tender are anticipated in the fourth quarter of this year. The Company is also pleased to report that its satellite detection pilot project has entered into its final review phase in Kuwait. Following this final review, the Company hopes to move onto contract negotiations.

Finally, the Company is also currently in negotiations with a new financial and operating party to build and operate a comprehensive oil and chemical waste management facility in Africa. It is anticipated that this central facility would be capable of treating oil contaminated soil and chemical wastes within an oil-producing country.

Due to the sensitive and confidential nature of the tendering process discussed in this release, CORRE is restricted at this time from providing any further details concerning the tender negotiations. Further announcements will be provided as the results of these pending tenders are determined.

To be added to CORRE's corporate distribution list for updates on these and other ongoing projects, please contact David Freeman at


CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. 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, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the potential for obtaining successful contracts via the tendering processes discussed herein and negotiations regarding potential projects. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our profile on SEDAR at Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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 this release.

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