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CVR Canadian Oil Recovery and Remediation Enterprises Ltd

0.005
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Canadian Oil Recovery and Remediation Enterprises Ltd TSXV:CVR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.005 0.005 0.005 0 01:00:00

CORRE Provides an Update on Operations

07/02/2014 1:13pm

Marketwired Canada


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CORRE LTD.
John Lorenzo
Chairman & CEO
416-368-4027
jlorenzo@corre.com


CORRE LTD.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027
dfreeman@corre.com

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