Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

May 17, 2010 16:04 ET

CORRE Provides Update on Financing

TORONTO, ONTARIO--(Marketwire - May 17, 2010) - Canadian Oil Recovery & Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") announces that the May 16th deadline for the approval of CORRE's five-year business and financial plan (the "Business and Financial Plan") by Al-Najah Advanced Technology Co. Ltd. ("NAT") has been extended, at the request of NAT, to June 16, 2010.

As previously announced, NAT has provided CORRE with a $4.25 million convertible secured debenture ("Convertible Secured Debenture"), of which $1.4 million was released to CORRE on November 16, 2010. On March 16th, as agreed, CORRE submitted to NAT the Company's Business and Financial Plan for their review. If NAT accepts CORRE's Business and Financial Plan, the remaining balance of the Convertible Secured Debenture of $2.85 million will be immediately released to CORRE from escrow and the full $4.25 million Convertible Secured Debenture will be simultaneously converted into common shares of CORRE at $0.20 per share. Following that conversion, NAT will be eligible to exercise, at its option for one year, up to an additional $4.25 million of CORRE common share purchase warrants at $0.20 per share.

Should NAT not approve the Business and Financial Plan, the $2.85 million that is currently in escrow will be returned to NAT as partial repayment of the Convertible Secured Debenture. NAT is continuing to review CORRE's Business and Financial Plan and additional information that has been provided by CORRE to NAT at NAT's request. Accordingly, NAT has requested an extension of the Business and Financial Plan acceptance date to June 16, 2010 and CORRE has consented to this request.

For further details concerning the financing and all related matters and ancillary agreements, please refer to our press releases date June 16, July 16, August 14, October 7 and November 17, 2009.


CORRE is a Canadian company that utilizes its proprietary Advanced Recovery Equipment Systems ("ARES") platform for sludge treatment, soil remediation and oil recovery. As part of ARES, CORRE owns exclusive licenses to use innovative technologies and proprietary processes for oil recovery, sludge and drill cuttings treatment and remediation of oil-contaminated sites. CORRE plans to deploy ARES in the oil producing countries of the Middle East and other regions where there is substantial demand for its services.

Through its new strategic partnerships with multi-national oil services companies, CORRE is significantly expanding its line of oil services across the Middle East and North Africa to include waste management, oil storage and oil tankers tank cleaning and water treatment.

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.

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