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

Canadian Oil Recovery & Remediation Enterprises Ltd.

April 08, 2011 17:46 ET

CORRE Closes First Financing Tranche and Announces Warrant Conversion

TORONTO, ONTARIO--(Marketwire - April 8, 2011) -Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is announcing the completion of the first tranche of the Company's previously announced private placement for total gross proceeds of $463,584 at a price of $0.38 per unit (each a "Unit"). 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.

As part of the completion of this first tranche, CORRE will pay Harris Brown & Partners Limited (the "Agent") a cash commission equal to 8% of the gross proceeds on the portion of this first 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.

CORRE is also pleased to announce the exercise of the second of a series of share purchase warrants. As part of the Company's previously announced long-term equity financing plan, the two holders of $5 million of aggregate 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 1,875,000 remaining share purchase warrants issued as part of this transaction, is now exercising 937,500 of these warrants resulting in $187,500 in proceeds for the Company. The director will exercise his remaining 937,500 warrants at $0.20 per share on or before June 15, 2011 resulting in $187,500 of additional proceeds at that time. The holder of 21,250,000 remaining optional 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. NAT currently owns approximately 26% of CORRE's outstanding common shares and its warrant position expires on June 15, 2011.

For further details concerning the financings 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, June 17, and December 13, 2010 and February 8, 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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