TORONTO, ONTARIO — (Marketwire) — 12/14/12 — Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) (“CORRE” or the “Company”) is pleased to provide an update on additional opportunities to clean and treat oil and gas drill cuttings within the Middle East. In the second half of 2012 management was able to demonstrate to prospective clients its ability to successfully execute on projects, as evident through the Company–s current operations in Jordan. With an establishing track record and experienced operating and financial partners, CORRE is attracting many new prospective clients and opportunities.
CORRE continues, now and in 2013, to leverage its experience and relationships with operational and strategic partners to bid and secure high value contracts for its fastest growing service of cleaning and treating oil and gas drill cuttings. CORRE, through its SAR-CORRE MENA (“SCM”) operating partnership, is in the midst of responding to tenders, however, for reasons of confidentiality the Company cannot disclose specific information at this time except a brief description of the new projects that are being pursued:
Southern Gulf Region #1: The Company is in the process of finalizing a tender for a five year project. This contract is projected to have annual revenues ranging from $5.2 million to $8.7 million with total value up to $43.5 million. The Company believes it is competitively well positioned for this project.
Southern Gulf Region #2: The Company is currently preparing for an upcoming tender, also in the Southern Gulf, an area which contains some of the largest oil fields in the world. An earlier tender was awarded for $20 million and the Company is currently preparing itself for the upcoming release of the next tender with an expected similar value. Again, the Company is competitively well positioned for this project.
Kuwait: Kuwait Oil Company (“KOC”) has publically announced its intent to increase oil production from 2.5 million bpd to 4 million bpd, this will generate new tenders for treating and cleaning drill cuttings due to increased drilling activity. KOC has officially announced it will award these contracts, through a minimum of 2 tenders, which increases the Company–s chances of winning a contract. CORRE will bid on this high value contract through SCM which is pre-qualified by KOC for this tender.
“We are extremely excited about the numerous opportunities presenting themselves for all our service lines, in particular our drill cutting treatment service. The commencement of our first operating contract this year has been transformational for the Company as current and potential clients can see first -hand the quality of service we provide and the efficiencies we can add to their operations,” commented John Lorenzo, CORRE–s CEO and Chairman. “We continue to see high and increasing demand within the Middle East for CORRE–s service lines, we will continue to work with our partners and clients with the objective of becoming the preeminent provider of oil waste management services within the region.”
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.
Contacts:
CORRE Ltd.
Alex Gress
CFO, Senior VP, Director
416-368-4027
CORRE Ltd.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027