Canadian Oil Recovery & Remediation Enterprises Ltd.

Canadian Oil Recovery & Remediation Enterprises Ltd.

June 14, 2012 16:22 ET

CORRE Signs Exclusive Marketing Agreement for Satellite Detection and Bioremediation Technologies

TORONTO, ONTARIO--(Marketwire - June 14, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE") is pleased to announce that it has entered into an exclusive marketing agreement with EcoTecnos Ltd and its related company Geosensing (collectively, "EcoTecnos") granting CORRE the right to market and sell technologies owned by EcoTecnos to third party customers in the Middle East, North Africa, the United States of America and Canada.

EcoTecnos is a privately owned Chilean company with fully commercialized satellite detection and patented bioremediation technologies which have the ability to address various environmental problems. Ecotecnos has been providing services utilizing these technologies for over twelve years exclusively in South America to a range of clients including ENAP (the Chilean national oil company) and the Latin American operations of Shell, ESSO and BHP Billiton

Satellite Detection: The satellite detection service is used to generate 2D images of underground water, oil spill areas, oil lakes or sludge pits, as well as properly estimate the volume, dimensions and underground penetration of the hydrocarbon contamination up to a depth of 150 meters. This satellite detection service enables oil companies, federal agencies and oil remediation service providers, among others, to have an accurate visual definition, assessment and measurement of each individual oil lake, sludge pit or specific oil leak in order to allow an in-depth analysis of clean-up project costs and to better understand the scope of the environmental damage. EcoTecnos has completed over 1,000 projects using satellite detection to geo-reference hydrocarbons pits, oil spills and to identify underground water resources.

Bioremediation: The bioremediation technology provides an economical and safe method for the cleanup of oil spills and contaminated soils by decomposing contaminants utilizing beneficial microbes, surfactants and micronutrients. EcoTecnos is a pioneer in bioremediation and have patented a specific strain of bacteria that is capable of remediating oil-contaminated soil in harsh environmental conditions. This product is fully commercialized and has been used successfully in South America in various remediation projects.

"We are extremely excited with the prospect of offering EcoTecnos' technologies to strengthen CORRE's already strong position in providing innovative oil waste management solutions. EcoTecnos' satellite detection technology will allow companies and national oil companies to complete more extensive pre-study analysis, thus better understanding the extent of environmental damage before projects are tendered", commented John Lorenzo, CORRE's CEO and Chairman. "EcoTecnos' bioremediation service line is synergistic with our ARES I soil washing and oil recovery facility and further enables CORRE to provide a total remediation solution. We look forward to utilizing these technologies with our customers in the near future."


CORRE is a Canadian-based company which trades on the Toronto 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.

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