TORONTO, April 6 /CNW/ - Canadian Oil Recovery and Remediation
Enterprises Ltd. (TSX-V: CVR) ("CORRE" or the "Company") a provider of leading
edge oil recovery and remediation technologies and services, today provided a
business update and overview of its near-term project opportunities.
"Together with our local partners in CORRE MENA, we are actively pursuing
oil recovery and remediation contracts in both the Middle East and South
America," said Wayne McKinnon, President of CORRE. "We have built and shipped
our equipment to Kuwait in preparation for our bidding for oil recovery and
remediation projects that will soon be tendered and/or directly negotiated by
Kuwait's national oil companies," Wayne McKinnon added.
As part of CORRE's near-term project opportunities, the Company is
actively developing several projects in Kuwait which include:
1. CORRE is actively pursuing the establishment of a pilot plant on one
of the oil-contaminated sites of a Kuwait oil company to demonstrate
its capability to meet the required treatment and remediation
specifications. CORRE anticipates that this operation will translate
into direct negotiations for a long-term project with the concerned
2. CORRE is also the technology partner of IMCO of Kuwait. IMCO is a
leading engineering and construction company in the oil, gas,
petrochemical, power and water sectors in Kuwait. CORRE and IMCO have
been pre-qualified by the Kuwait Gulf Oil Company ("KGOC") as
remediation services providers in preparation for their bidding for
oil recovery and remediation projects to be tendered by KGOC. CORRE
is presently preparing its first tender submission in conjunction
3. CORRE has submitted to the Kuwait Oil Company ("KOC") an application
together with the required documents for its pre-qualification as an
oil recovery and remediation service provider. This pre-qualification
process is in anticipation of KOC tenders for upcoming projects to
recover oil and remediate oil-contaminated soil including the Kuwait
oil lakes that still lie on the KOC lands. The Kuwait oil lakes were
the direct result of the exploding of the Kuwait oil wells during the
first Gulf War.
In addition to its activities in Kuwait, CORRE has been engaged in
various discussions with a national oil company in South America to treat and
recover oily sludge. Testing and product validation has been completed and
CORRE is in the advanced stages of negotiations on this project.
Using the APEX and O/S technologies for the treatment of sludge and
stripping or separating oil from sand, CORRE continues to design, build and
operate Advanced Recovery Equipment Systems ("ARES") to treat sludge,
remediate oil-contaminated sites and recover the oil. The ARES program
provides five comprehensive oil recovery and remediation solutions including
an advanced bioremediation alternative for use in situations where logistics
pose great challenges for equipment to operate. ARES I, designed for sludge
treatment and oil recovery, has been successfully built, tested and shipped to
Kuwait. It has demonstrated the capability of treating 20 metric tons of
sludge and oil contaminated material per hour. ARES I is ready for deployment
in any sludge treatment project in Kuwait.
In addition to providing site planning and management services, MENTRA, a
wholly-owned subsidiary of CORRE, designs, develops, commercializes, builds
and improves process equipment systems for CORRE. MENTRA also provides the
proper equipment layout to ensure an efficient process flow for all of the
anticipated tendered and negotiated projects.
CORRE is a Canadian company that utilizes its proprietary Advanced
Recovery Equipment Systems ("ARES") program for oil recovery and remediation.
As part of ARES, CORRE owns exclusive licenses to use innovative technologies
and processes for oil recovery, sludge and drill cuttings treatment and
remediation of oil-contaminated sites. CORRE plans to deploy ARES in the oil
producing countries of the Middle East and other regions where there is
substantial demand for its oil recovery and remediation services.
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.
For further information:
For further information: CORRE, Alex Gress, Director, Tel: (416)
309-2533, Email: firstname.lastname@example.org, www.corre.com; The Equicom Group, Glen
Williams, Investor Relations, Tel: (416) 815-0700 ext. 272,