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

Canadian Oil Recovery & Remediation Enterprises Ltd.

July 02, 2014 08:21 ET

CORRE Provides an Update on Ongoing and Future Tenders

TORONTO, ONTARIO--(Marketwired - July 2, 2014) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to provide an update on the progress of its ongoing and upcoming tenders for projects involving the treatment of sludge, soil remediation, oil recovery, and treatment of drill cuttings. The Company would also like to shed more light on its need to protect the bidding price for its recently awarded drill cuttings treatment contract in Kuwait.

With the successful optimization and official approval of our sludge treatment, soil washing, oil recovery and the most recently validated drill cuttings' treatment technologies, SAR AS ("SAR") and CORRE, on behalf of SAR-CORRE MENA ("SCM"), are aggressively in the process of bidding for several new major onshore and offshore projects in the MENA region for the treatment and processing of a combined tonnage of over 1,700,000 tons of drill cuttings, sludge, oil and other chemical contaminated soil broken down as follows:

  • Drill Cuttings - Approximately 450,000 tons
  • Oily Sludge - Approximately 125,000 tons
  • Soil Washing & Remediation - Approximately 1,150,000 tons

Having secured a high value contract in Kuwait, SAR and CORRE, on behalf of SCM, are preparing to demonstrate the quality of their combined technologies, operational experience, as well as project execution efficiencies and capabilities. SCM intends to continue to expand its footprint within the MENA region by securing yet even higher value contracts.

The Company is now working closely with its operating partner SAR, its major shareholders, directors and local banks to provide sufficient project finance to fund the capital and operating expenditures of its current drill cuttings project in Kuwait. In due course the Company will be reporting on the progress of its financing. "We would like our shareholders and stakeholders to know that by protecting our drill cuttings treatment bid prices, we are increasing our chances of winning more contracts in this very lucrative and profitable service line. The demand for the treatment of drill cuttings has been steadily increasing worldwide, especially in our core area of operations, the MENA region," stated Mr. John Lorenzo, the Company's CEO. "Furthermore, the sheer size of both tonnage and value of the contracts we are now bidding for demand, in addition to our relentless perseverance, our utmost prudence and discretion in protecting the formulae of our success, namely our proprietary technologies and processing prices."

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 future value of the KOC Contract, estimated operating costs and CAPEX and the potential for successfully obtaining additional contracts via the tendering processes discussed herein. 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.

Neither the 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 this release.

Contact Information

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

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