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

Canadian Oil Recovery & Remediation Enterprises Ltd.

October 31, 2013 13:06 ET

Kuwait Oil Company Opens Up Bidding Process for Oil Lakes

TORONTO, ONTARIO--(Marketwired - Oct. 31, 2013) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that, under the UN $3.5 billion war compensation program, the Kuwait Oil Company ("KOC") has started the process of clean-up of the Kuwait Oil Lakes by issuing a tender to all prequalified soil remediation providers for a field demonstration project. This field demonstration project is a precursor to forthcoming high value Oil Lake soil remediation tenders. Furthermore, in an article published last weekend, Kuwait issued an Invitation for Proposal ("IFP") to other international soil remediation service providers to present their technologies for the treatment of sludge and soil remediation of the Kuwait Oil Lakes together with their applications for prequalification.

Accordingly, SAR, CORRE's MENA operating partner, received the tender for the demonstration project and is preparing the submission by the December 1st, 2013 deadline. The Company will provide an update as the tendering process advances and milestones are achieved.

The tender for field demonstration as well as the IFP show the serious intent of KOC to source the best technologies and processes that can effectively and economically deal with this 40 to 60 million tons of heavy sludge and oil contaminated soil, which is spread out in 340 Oil Lakes over 114 sq km.

"For the last few years, we have been building a comprehensive knowledge of sludge treatment, soil washing and soil remediation in preparation for the works required for the clean-up of the Kuwait Oil Lakes. We have also tested and optimized our advanced equipment systems in order to implement the combined technologies of our MENA operating partnership. Due to the magnitude of the contamination, we view the Kuwait Oil Lakes clean-up business as long-term." Said CORRE CEO John Lorenzo, adding "We are eager and proud to be part of this massive environmental clean-up for many years to come, and to bid for the multiple high value projects it will entail."

To learn more about CORRE and the oil lakes, Click Here.

About CORRE

CORRE is a Canadian-based oil services company which trades on the TSX Venture Exchange under the symbol CVR. 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, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the potential for obtaining successful contracts via the tendering processes discussed herein and negotiations regarding potential projects. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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 this release.

Contact Information

  • Canadian Oil Recovery and Remediation Enterprises Ltd.
    John Lorenzo
    Chairman & CEO
    (416) 368-4027
    jlorenzo@corre.com

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    David Freeman
    Corporate Development
    (416) 368-4027
    dfreeman@corre.com

    Canadian Oil Recovery and Remediation Enterprises Ltd.
    Michael Lorenzo
    Shareholder Communications
    (416) 368-4027
    mlorenzo@corre.com