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

Canadian Oil Recovery & Remediation Enterprises Ltd.

February 08, 2011 16:19 ET

CORRE Selects Lead Agent to Arrange Financing

TORONTO, ONTARIO--(Marketwire - Feb. 8, 2011) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announces that it has selected Harris Brown & Partners Limited to act as lead agent to arrange an equity financing through a private placement of up to $3.5 million of common shares of the Company. Pricing will be determined in the context of the market. The offering will be subject to the approval of the TSX Venture Exchange and other customary conditions. CORRE will continue to keep its shareholders and the market updated accordingly on this and other developments.

The net proceeds from the private placement will be used to directly fund additional capital assets required as part of CORRE's 2011 anticipated contract execution pipeline, strategic operating partnerships and working capital. CORRE, through its SAR-CORRE MENA Ltd. ("SCM") operating partnership, is one of a few global operating companies that are pre-approved service providers and general contractors to the Kuwait Oil Company ("KOC") in three distinct services-soil remediation (which includes oil recovery), waste management and the treatment of drill cuttings. KOC is expected to issue its first set of tenders for approximately $200 million of soil remediation contracts within the next 3-4 weeks.

These tenders will be followed later this year by even larger soil remediation and oil recovery contracts for the clean-up of the Kuwait Oil Lakes left by Saddam Hussein's army in 1991. According to a very recent article in Upstream, a leading international oil and gas publication that featured CORRE and the SCM partnership as having a head start for these contracts by building and operating the ARES I soil washing and oil recovery facility in Kuwait, these contracts "will involve the biggest clean-up operation in the world to put right the damage caused when retreating Iraqi troops torched Kuwait's oilfields." The article notes that the massive clean-up of the Kuwait Oil Lakes would cost about $3.5 billion, funded out of the United Nations war reparation funds, and entails decades of work.

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.

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