TORONTO, ONTARIO--(Marketwire - Dec. 12, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to provide an update on the progress of its current activities and new opportunities it is pursuing within Kuwait and Saudi Arabia. CORRE, through its SAR-CORRE MENA ("SCM") operating partnership, is currently executing on a contract with BP Plc in Jordan for the cleaning and treatment of drill cuttings and is finalizing the results of its pilot project with EcoTecnos and the Kuwait Oil Company ("KOC") to demonstrate the capabilities of EcoTecnos' geo-sensing satellite detection service.
Over the next twelve months, CORRE will continue to leverage the experience and relationships of its operational and strategic partners to bid and secure further contracts and partnerships. Details of new project opportunities and partnerships for 2013 include:
Geo-Sensing Satellite Detection in Kuwait: CORRE currently has all samples necessary to complete the requirements of the pilot project and expects to present KOC with the results during the first quarter of 2013. The successful execution of this pilot project through EcoTecnos can eventually lead to the award of high value geo-sensing satellite detection contracts from KOC to map out all environmentally contaminated areas within Kuwait.
SEED II in Kuwait: CORRE expects KOC to tender the second set of high value soil remediation contracts during the first half of 2013 and it is CORRE's intent, through its SCM operating partnership, to submit bids for all available tenders. Bidders are evaluated in multiple areas, including commercial terms (price), technology and operating process, effectiveness of land rehabilitation, and health and safety standards. With the experience and results from the first tendering process, CORRE believes it is well positioned to enter competitive bids to secure a high value contract in this next round of SEED tenders.
Partnership in Saudi Arabia: CORRE, through its SCM partnership, is in the process of finalizing the details of its partnership with Petroleum, Chemicals and Mining Company Limited ("PCMC"). Management has traveled to Saudi Arabia twice in the previous six weeks to finalize the terms of the partnership and expects to have a definitive agreement in place by the start of the first quarter of 2013. The operational partnership with PCMC will allow CORRE to penetrate the Saudi Arabian market through PCMC's local and well-known brand as well as get increased access to a large number of clients and companies.
Oily Sludge in Saudi Arabia: CORRE, through SCM's partnership with PCMC, is actively pursuing opportunities within the Saudi Arabian market to become in-house oil waste management providers for refineries and oil and gas companies to remediate tank bottom oily sludge, contaminated industrial wastewater, oily sludge from slop oil systems and legacy waste. Management believes these opportunities would be structured as long-term contracts with growth potential in both size and scope as local refineries increase the environmental standard at which they operate to prevent ground water contamination, costal water contamination and other hazards to the general population. Management intends on leveraging its relationship with PCMC to bid and secure several contracts during 2013.
"We are extremely excited with the progress that has taken place in 2012, including the commencement of our first operating contract in Jordan with respect to the treatment of gas drill cuttings and the pilot contract through Ecotecnos with Kuwait Oil Company to test its satellite detection service. Our investment into our operating partnerships are now beginning to pay dividends, demonstrated by our ability to effectively work with our operational and strategic partners to market all of our services and position the Company to obtain multiple high value contracts in 2013", commented John Lorenzo, CORRE's CEO and Chairman. "I believe that successfully executing on our first contract with operating partner SAR AS has been transformational and has placed CORRE in a position to build on its 2012 operating history throughout 2013 with the short-term goal of achieving corporate profitability."
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.