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

Canadian Oil Recovery & Remediation Enterprises Ltd.

April 11, 2011 08:03 ET

CORRE Ltd.: Kuwait Releases Three First-Stage Soil Remediation Contracts With Expected Values of Us $210 Million

TORONTO, ONTARIO--(Marketwire - April 11, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to provide an update on the Company's current business developments in Kuwait. The Kuwait Oil Company ("KOC") has issued three tenders with a total expected value of up to US $210 million to perform clean-up services, which include remediation of oil-contaminated soil and oil recovery, relating to environmental damage in oil fields located in the Southeast of Kuwait. CORRE confirms that it is in receipt of these tenders and that through the Company's SAR-CORRE MENA Ltd. ("SCM") operating partnership with SAR AS, a leading Norwegian-based oil waste management company, CORRE is part of the invited list of companies formally announced by KOC on April 3rd that are able to bid on these tenders. SCM is preparing its bids for these first stage contracts and the closing date of the three tenders is currently June 14, 2011. Contract awards are currently expected during September 2011.

CORRE would also like to direct its shareholders and the market to a recent April 5th article from MEED®, a leading publication of Middle East news, tenders, data and analysis since 1957. The article reports that KOC has issued these three tenders worth an estimated US $210 million and further reports that, according to a source close to the deal, CORRE has an advantage in bidding for these tenders as the Company has recently completed a pilot program in Kuwait. (For further information on the Company's optimization program in Kuwait, CORRE directs interested readers to the Company's February 23rd, May 12th, and August 23rd, 2010 press releases).

These released tenders are precursor contracts to larger soil remediation and oil recovery contracts with aggregate contract values estimated to be in excess of US$3 billion for the clean-up of the Kuwait Oil Lakes left as the result of the retreating Iraqi army in 1991. The MEED® article further reports that the Kuwait Oil Lakes tenders are expected to be released during August 2011. As previously announced, SCM, through SAR AS, is part of a select group of companies that have recently been pre-qualified by KOC as approved contractors to bid for the release of these extensive soil remediation contracts by KOC, as well as other services which include treatment of drill cuttings and waste management.

The full text of the article is available to subscribers of MEED® and can be found at: http://www.meed.com/sectors/oil-and-gas/oil-upstream/kuwait-sets-may-deadline-for-soil-remediation-deal/3093039.article or at: http://www.wallstreetreporter.com/2011/04/corre-kuwait-sets-may-deadline-for-soil-remediation-deal/.

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

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

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    Lindsay Cross
    (416) 368-4027
    lcross@corre.com
    www.corre.com