CORRE Provides an Update on Operations
February 07 2014 - 8:13AM
Marketwired
CORRE Provides an Update on Operations
TORONTO, ONTARIO--(Marketwired - Feb 7, 2014) - Canadian Oil
Recovery and Remediation Enterprises Ltd. (TSX-VENTURE:CVR)
("CORRE" or the "Company") is pleased to provide an update on the
progress of its ongoing various tenders for projects in the MENA
region for the treatment of sludge, soil remediation, oil recovery,
and drill cuttings.
Ongoing Drill Cutting Tender: Our operating partner in SAR-CORRE
MENA ('SCM') has been asked by our customer, a national oil
company, to extend the validity of the bid bond of our drill
cuttings tender for a period of three months. Management considers
this positive request by the customer, an encouraging sign in that
we continue to maintain our place among the short list of
competitors remaining in this tender. The Company will continue to
provide updates to our shareholders concerning this exciting high
value and long term contract opportunity.
Oil Lakes Demonstration Project: On December 1st, 2013, our SCM
operating partner submitted a new demonstration tender for the soil
remediation of the Kuwait Oil Lakes. This anticipated demonstration
project would include the deployment of our proprietary soil
washing and oil recovery equipment. It also marks the first phase
of our participation in the very long term business given the
United Nation's funding commitment for the clean-up of the Kuwait
Oil Lakes.
New Pre-Qualifications: Our SCM operating partner has recently
achieved prequalified status as service provider for the treatment
of drill cuttings by the Petroleum Development Board of Oman (PDO)
and the Zakum Development Company of the United Arab Emirates
(ZADCO). With these additional major pre-qualifications, we look to
increase our footprint in the MENA region through the continued
pursuit of more high value tenders.
Ecotecnos: Our customer is now reviewing the final report of the
completed pilot project which includes the results of the 3 samples
which were not previously detected or quantified due to
uncontrollable interference in their geo-reference mapping.
"As our customers continue to evaluate our tenders, we feel that
we are well positioned and hopeful in securing these high value
projects soon. With the breadth of tenders and other opportunities
in the pipeline, and new prospects for 2014, we look to utilize the
maximum capacity of our collective resources with our operating
partner within SCM. We are determined to continue our pursuit for
high value contracts in order to secure profitable long term
projects in 2014", commented David Freeman, CORRE's Head of
Corporate Development.
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 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.
CORRE LTD.John LorenzoChairman &
CEO416-368-4027jlorenzo@corre.comCORRE LTD.David FreemanCorporate
Development & Shareholder
Communications416-368-4027dfreeman@corre.com
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