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

Canadian Oil Recovery & Remediation Enterprises Ltd.

August 18, 2011 11:07 ET

CORRE Closes Final Tranche of Private Placement

Capital Raise Confirms Investor Confidence in Company's Overall Business Strategy

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announced today the completion of the third and final tranche of the Company's previously announced private placement. Pursuant to this tranche closing, an aggregate of 987,367 units (each a "Unit) have been issued at a price of $0.38 per unit for total gross proceeds of $375,200. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.625 for a period of two years from closing. The Common Shares and Warrants issued in connection with this private placement are subject to a statutory four-month hold period in accordance with applicable securities laws. The proceeds from this financing will be used to fund operating assets, strategic operating partnerships, and for general working capital purposes. The financing is subject to final approval by the TSX Venture Exchange.

Mr. Alex Gress, CFO and Senior Vice President of CORRE, stated, "Our ability to continue to raise capital in such volatile market conditions is a testament to the confidence investors have in CORRE's ongoing growth strategy. Shareholders value our technology for soil remediation and oil recovery and showed their continued support through the closing of this capital raise. The additional funds will help CORRE to further execute on its business plan."

As part of the completion of this third tranche, CORRE has agreed to pay Harris Brown & Partners Limited (the "Agent") a cash commission equal to 8% of the gross proceeds on the portion of this third tranche financing raised by the Agent and broker warrants equal to 8% of the Units placed by the Agent. Each broker warrant entitles the Agent to acquire one common share at a price of $0.625 per share for a period of two years. A cash payment in the amount of $30,016 is payable in connection with this third tranche closing and an aggregate of 78,989 broker warrants have been issued to the Agent.

For further details concerning the financing, please refer to the Company's press releases dated February 8, April 8, May 13 and June 28, 2011.

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.

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