CORRE Ltd.: Kuwait Releases Three First-Stage Soil Remediation Contracts With Expected Values of Us $210 Million
April 11 2011 - 7:00AM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is pleased
to provide an update on the Company's current business developments
in Kuwait. The Kuwait Oil Company ("KOC") has issued three tenders
with a total expected value of up to US $210 million to perform
clean-up services, which include remediation of oil-contaminated
soil and oil recovery, relating to environmental damage in oil
fields located in the Southeast of Kuwait. CORRE confirms that it
is in receipt of these tenders and that through the Company's
SAR-CORRE MENA Ltd. ("SCM") operating partnership with SAR AS, a
leading Norwegian-based oil waste management company, CORRE is part
of the invited list of companies formally announced by KOC on April
3rd that are able to bid on these tenders. SCM is preparing its
bids for these first stage contracts and the closing date of the
three tenders is currently June 14, 2011. Contract awards are
currently expected during September 2011.
CORRE would also like to direct its shareholders and the market
to a recent April 5th article from MEED®, a leading publication of
Middle East news, tenders, data and analysis since 1957. The
article reports that KOC has issued these three tenders worth an
estimated US $210 million and further reports that, according to a
source close to the deal, CORRE has an advantage in bidding for
these tenders as the Company has recently completed a pilot program
in Kuwait. (For further information on the Company's optimization
program in Kuwait, CORRE directs interested readers to the
Company's February 23rd, May 12th, and August 23rd, 2010 press
releases).
These released tenders are precursor contracts to larger soil
remediation and oil recovery contracts with aggregate contract
values estimated to be in excess of US$3 billion for the clean-up
of the Kuwait Oil Lakes left as the result of the retreating Iraqi
army in 1991. The MEED® article further reports that the Kuwait Oil
Lakes tenders are expected to be released during August 2011. As
previously announced, SCM, through SAR AS, is part of a select
group of companies that have recently been pre-qualified by KOC as
approved contractors to bid for the release of these extensive soil
remediation contracts by KOC, as well as other services which
include treatment of drill cuttings and waste management.
The full text of the article is available to subscribers of
MEED® and can be found at:
http://www.meed.com/sectors/oil-and-gas/oil-upstream/kuwait-sets-may-deadline-for-soil-remediation-deal/3093039.article
or at:
http://www.wallstreetreporter.com/2011/04/corre-kuwait-sets-may-deadline-for-soil-remediation-deal/.
About CORRE
CORRE (www.corre.com) is a Canadian-based clean technology
company that provides innovative and complete oil waste management
and environmental solutions to its customers. 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 services through its owned and
operated Advanced Recovery Equipment Systems ("ARES") and through
strategic operating partnerships. ARES is a platform of services
and operating equipment facilities based on proven technologies and
innovative operating processes. 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).
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: Canadian Oil Recovery and Remediation Enterprises Ltd.
Alex Gress CFO, Senior V-P & Director (416) 368-4027
agress@corre.com Canadian Oil Recovery and Remediation Enterprises
Ltd. Lindsay Cross (416) 368-4027 lcross@corre.com
www.corre.com
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