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

Canadian Oil Recovery & Remediation Enterprises Ltd.

October 11, 2013 07:00 ET

CORRE Operating Partner Finalizing Kuwait Pilot Project

TORONTO, ONTARIO--(Marketwired - Oct. 11, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that its operating partner EcoTecnos has recently concluded a series of week-long meetings with the operating partnership's customer in Kuwait concerning its satellite detection pilot project. After verification of the findings of the satellite detection report by the independent consultant of the customer, the customer communicated to EcoTecnos that they were very impressed with the accuracy of the report.

In the first and second phases of the pilot project, EcoTecnos was required to identify and quantify different oily sludge wastes and the underground penetration of oil contamination at the bottom of the customer's sludge pits. EcoTecnos was also asked to provide 2D images of the sludge pits being studied. EcoTecnos was given samples by the customer of the different types oily sludge and oil-contaminated soil from different levels of the sludge pits for the purpose of their identification and quantification.

As stated above, the operating partnership's customer in Kuwait verified that 17 out of the 20 unique samples of sludge given to us were properly detected and quantified. As for the three remaining samples, EcoTecnos was not able to detect or quantify them due to uncontrollable interference in their georeference mapping. EcoTecnos was asked by the customer to use its satellite detection to detect and quantify the three affected samples again in order to complete the study. The operating partnership anticipates moving to contract negotiations thereafter.

EcoTecnos was then requested by the customer to provide mapping of underground corroded pipelines, adding a new product and dimension to the pilot project. However, we indicated to the customer that any mapping of corroded pipelines will require a new pilot project. The customer is presently studying the partnership's request.

CORRE will provide an update on the final results once the pilot project has been completed and the anticipated contract negotiations have commenced.

The GeoSensing™ satellite detection technology is a complete subsurface mapping solution which utilizes a combination of ground-penetrating radar and a unique substance fingerprint database. 2D maps are then produced which indicate the location of hydrocarbon contamination and other substances beneath the surface of the earth up to a depth of 150 meters. EcoTecnos has used GeoSensing™ for major clients such as ExxonMobil, ENAP (Chilean National Oil Company), and Empresas Copec.

About CORRE

CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. CORRE provides full cycle oil waste management solutions to the petroleum industry. 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). 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 advanced environmental solutions through strategic operating partnerships with some of the most distinguished companies throughout the world.

Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the potential for obtaining successful contracts via the tendering processes discussed herein and negotiations regarding potential projects. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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Contact Information

  • Canadian Oil Recovery and Remediation Enterprises Ltd.
    John Lorenzo
    Chairman & CEO
    (416) 368-4027
    jlorenzo@corre.com

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    David Freeman
    Corporate Development
    (416) 368-4027
    dfreeman@corre.com

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    Michael Lorenzo
    Shareholder Communications
    (416) 368-4027
    mlorenzo@corre.com