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

Canadian Oil Recovery & Remediation Enterprises Ltd.

September 13, 2012 18:35 ET

CORRE Provides Update Regarding Second Quarter Financial Statement Filings

TORONTO, ONTARIO--(Marketwire - Sept. 13, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") provides an update regarding the filing of its financial statements and corresponding management discussion and analysis for the second quarter ended June 30, 2012 (the "Financial Statements"). As noted in the Company's press releases dated August 27 and August 31, 2012, the Company was unable to file the Financial Statements prior to the filing deadline of August 29, 2012 and at the request of the Company, Management Cease Trade Orders applicable to John Lorenzo, President and Chief Executive Officer of the Company, and Alex Gress, Senior Vice-President and Chief Financial Officer of the Company, were issued by applicable securities commissions in accordance National Policy 12-203. As noted previously, CORRE was unable to file the Financial Statements prior to the aforementioned filing deadline due to the fact that it had received material revenues for the first time during the quarter ended June 30, 2012 pursuant to the BP PLC contract with CORRE's operating partner, SAR AS ("SAR") with respect to the cleaning and treatment of drill cuttings for BP PLC in Jordan (for details concerning this contract, see CORRE's press release dated February 1, 2012). SAR is responsible for the accounting of the SAR-CORRE MENA ("SCM") partnership, as well as the project accounting under the foregoing contract. As SAR recently completed a major buy-out transaction, whereby it was purchased by Stirling Square Capital Partners out of London and new financial personnel have been employed by SAR, complete and accurate financial information was not available to CORRE in order for CORRE to accurately complete the Financial Statements prior to the filing deadline.

Company management met with SAR management in Stavanger, Norway during the week of September 10th, 2012 to discuss the project accounting (including the allocation of certain costs among the parties). Having successfully concluded that meeting and addressed applicable project accounting questions, CORRE now has the necessary financial information required to complete the Financial Statements. Management is currently en route back to Canada and expects that the Financial Statements will be completed and filed on or before September 24th, 2012. CORRE further re-affirms that it intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.

About CORRE

CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol "CRVYF". 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

  • CORRE Ltd.
    Alex Gress
    CFO, Senior VP and a Director
    416-368-4027
    agress@corre.com

    CORRE Ltd.
    David Freeman
    Corporate Development & Shareholder Communications
    416-368-4027
    dfreeman@corre.com