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

Canadian Oil Recovery & Remediation Enterprises Ltd.

January 04, 2011 18:18 ET

CORRE Covers Another Crucial Operational Milestone and Finalizes Its Facilities for the Forthcoming Kuwait Contracts

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is very pleased to announce that it has achieved another operational milestone. CORRE, through its SAR-CORRE MENA Ltd. ("SCM") operating partnership, is now officially a pre-qualified and approved service provider and general contractor to the Kuwait Oil Company ("KOC") for the treatment of drill cuttings. This additional pre-qualification is significant as SCM is now one of a few global operating companies that are pre-approved service providers and general contractors to KOC in three distinct services - soil remediation (which includes oil recovery), waste management and now treatment of drill cuttings.

The achievement of pre-qualification status in these distinct service areas provides an affirmation of the strength and operating depth of the SCM partnership, as well as a validation of the underlying technologies and operating facilities that SCM will deploy in these areas. In short, being pre-qualified means that whenever KOC decides to issue a tender requiring the pre-qualified services, it will invite SCM to bid for the tendered project. Otherwise, companies that are not pre-qualified will not be invited or allowed to bid for a tendered project which concerns these services.

The market for CORRE to provide oil waste management services, including oil contaminated soil remediation, sludge and drill cuttings treatment, and oil recovery is lucrative and growing, particularly in CORRE's initial target markets of Kuwait and Saudi Arabia. As CORRE enters 2011 with developed technologies, optimized processing facilities, and pre-qualification status in hand, it is well-positioned to bid anytime for upcoming KOC tenders. Equally, SCM is equally able to leverage its pre-qualification status with KOC across these service lines to access oil waste management contracts with other national oil companies.

During the first half of 2011 SCM is prepared to be actively bidding on several tenders, including KOC's soil remediation and oil recovery contracts expected to be released during the first quarter of 2011 and contracts for the treatment of drill cuttings from KOC expected to be released during the second quarter of 2011.

CORRE will keep its shareholders and the market updated accordingly on these and other operating contract developments.

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 service 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; as well as waste 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

  • Canadian Oil Recovery and Remediation Enterprises Ltd.
    Alex Gress
    CFO, Senior V-P & Director
    (416) 368-4027
    agress@corre.com
    or
    Canadian Oil Recovery and Remediation Enterprises Ltd.
    Lindsay Cross
    (416) 368-4027
    lcross@corre.com
    www.corre.com