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

Canadian Oil Recovery & Remediation Enterprises Ltd.

October 06, 2011 14:12 ET

CORRE CFO Interview Featured on Wallstreet Reporter

TORONTO, ONTARIO--(Marketwire - Oct. 6, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") Chief Financial Officer, Alex Gress, recently provided a business update in an interview featured on the Wallstreet Reporter, a leading online, market news provider. The full interview which took place on October 3rd has been posted on CORRE's website (www.corre.com) and can be heard via the following link labeled "Wallstreet Reporter CEO Interview- October 2011": http://www.corre.com/index.php?option=com_content&view=article&id=33&Itemid=34. A written transcript will shortly be posted to CORRE's website.

Highlights of the interview include the following:

  • Through the Company's SAR-CORRE MENA ("SCM") operating partnership, the Company's bid for the first set of SEED contracts are currently under evaluation by the Kuwait Oil Company ("KOC"). SCM is in active dialogue with KOC on specifics of the Company's bid for one of the contracts with a value of approximately $90 million. CORRE continues to believe it is in a highly competitive position with results expected over the course of this fourth quarter.
  • The Company reiterated that it is developing other contracts and commercial opportunities outside of the KOC SEED contracts, including working diligently with Al-Najah Advanced Technology Co. ("NAT") to structure a distinct line of total oil waste management services for Saudi Arabia. NAT owns approximately 40% of CORRE and is a subsidiary of the largest construction company in Saudi Arabia.
  • Through the execution of warrants from the Company's largest shareholder, NAT, during this past June and recent private placements, CORRE has raised approximately $5.5 million in new capital since the start of 2011. Additionally, SCM posted approximately $4.6 million in bid bonds in support of its bid for the KOC SEED contracts with the assistance of the Company's partners. CORRE is currently well capitalized and the volatility in the capital markets are not impacting CORRE or delaying the Company's operations in the Middle East.

Prior to the Wallstreet Reporter interview, Upstream, a leading international oil & gas publication, printed an article in its September 16th weekly edition which notes that CORRE is among the leading bidders for the initial KOC SEED contracts. This article further serves to highlight the significant progress that CORRE has made over the last six months. The article has been posted on CORRE's website for further reference and can be found via the following link: http://www.corre.com/index.php?option=com_content&view=article&id=34&Itemid=35.

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