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

Canadian Oil Recovery & Remediation Enterprises Ltd.

May 13, 2011 18:32 ET

CORRE Provides Update on Kuwait Operations

TORONTO, ONTARIO--(Marketwire - May 13, 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. As previously reported by CORRE on April 11th, the Kuwait Oil Company ("KOC") issued three tenders with a total expected value of 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. Through the Company's SAR-CORRE MENA Ltd. ("SCM") operating partnership with SAR AS, a leading Norwegian-based oil waste management company, the Company was part of a select group of invited bidders. Since the launch of these tenders, the Company has been actively preparing its bids through SCM, including recently being part of a limited group participating at the on-site pre-tender meetings and site evaluations in Kuwait during the week of May 2nd. To maximize these tender opportunities for CORRE and leverage SCM's preparation for these extensive tenders, SCM is not only preparing to be a direct bidder, but is currently evaluating several additional subcontracting opportunities as part of pre-arranged bidding consortiums. The closing date of the three tenders is currently June 14th, 2011.

The Company also reports the continuation of its previously announced unit offering at $0.38 per unit. Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at a price of $0.625 for a period of two years from closing. The Company will be announcing one or more subsequent tranche closings. For further details concerning the unit offering please see the Company's press releases dated April 8 and February 8, 2011.

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