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

Canadian Oil Recovery & Remediation Enterprises Ltd.

April 18, 2013 18:10 ET

CORRE Preparing High Value Bid for Kuwait Oil Company

TORONTO, ONTARIO--(Marketwired - April 18, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that, through its MENA operating partnership company, SAR-CORRE MENA LIMITED ("SCM"), it has formally received from the Kuwait Oil Company ("KOC") the Request For Proposal ("RFP") document describing the general terms and conditions of the tender that is now issued by KOC for the Oil Based Mud ("OBM") Cutting Treatment Services contract.

The Company's technical team will be attending the pre-tender meeting on May 7th, 2013 in Kuwait and will be submitting the completed tender documents to KOC on June 4th, 2013; the tender's first closing date.

This drill cuttings contract is for a period of five years with one-year renewals at the request of KOC. Due to the high value of this contract, the bid bond alone exceeds US $1.0 million. The tender documents provide that the OBM drill cuttings and sludge treatment services have to be continuously available 24 hours a day, seven days a week. The tender documents specify that the required OBM drill cuttings and sludge treatment capacity is 26,000 cubic meters per year.

As soon as the Company reviews and completes the tender documents, it will provide a more detailed synopsis of this high value drill cuttings contract.

This tender is the first of the drill cuttings tenders to be released this year by KOC, along with additional SEED and Oil Lakes soil remediation tenders.

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 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.
    John Lorenzo
    Chairman & CEO
    416-368-4027
    jlorenzo@corre.com

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