CORRE Announces $5 Million Debenture Conversions and Release of Additional Financing Proceeds

Canadian Oil Recovery & Remediation Enterprises Ltd. (TSX VENTURE:CVR) ("CORRE"
or the "Company") is pleased to announce that, following a detailed review of
CORRE's five-year Business and Financial Plan by Al-Najah Advanced Technology
Co. Ltd. ("NAT"), NAT has confirmed its acceptance of this plan and has
exercised its right to convert the full amount of its previously issued
$4,250,000 secured convertible debenture (the "NAT Debenture") into common
shares of CORRE. As part of the NAT Debenture conversion, NAT will now release
to CORRE $2,850,000 of escrowed funds and the full principal amount of the NAT
Debenture will convert into 21,250,000 new common shares of CORRE at a price of
$0.20 per share. NAT is a private company based in Jeddah, Kingdom of Saudi
Arabia whose focus is on investments in technology and technology-based ventures
and companies.


CORRE is also pleased to report the automatic conversion, simultaneous with the
NAT Debenture conversion, of its previously issued $750,000 subordinate, secured
debenture (the "Subordinate Debenture"), which is held by a director of the
Company. The Subordinate Debenture will convert into 3,750,000 new common shares
of CORRE at a price of $0.20 per share.


Mr. Alex Gress, Senior Vice-President of CORRE, commented: "We are extremely
pleased with the conversion of the debentures and availability of new capital.
We would like to thank NAT for their support and confidence in our business
plan, management team and board of directors. With very volatile capital
markets, CORRE is happy to have in place a long-term and strategic equity
financing plan as we focus on securing our first remediation contracts."


In addition to acquiring shares under the NAT Debenture conversion, NAT is also
eligible to exercise, at its option, up to 21,250,000 warrants to purchase
additional common shares of CORRE at an exercise price of $0.20 per share.
Should NAT fully exercise the warrants, NAT would own in aggregate of 42,500,000
CORRE common shares, representing approximately 43% of CORRE's issued and
outstanding common shares on a partially-diluted basis. In addition, the holder
of the Subordinate Debenture also holds share purchase warrants that are
exercisable into an additional 3,750,000 common shares of CORRE at an exercise
price of $0.20 per share.


For further details concerning the financing and all related matters and
ancillary agreements, please refer to our press releases date June 16, July 16,
August 14, October 7, November 17, 2009 and May 17, 2010.


About CORRE

CORRE is a Canadian company that utilizes its proprietary Advanced Recovery
Equipment Systems ("ARES") for sludge treatment, soil remediation and oil
recovery. As part of ARES, CORRE owns exclusive licenses to use innovative
technologies and has developed proprietary processes for oil recovery, sludge
and drill cuttings treatment and remediation of oil-contaminated sites. CORRE is
deploying ARES in the oil producing countries of the Middle East and other
regions where there is substantial demand for its services.


Through strategic operating partnerships with multi-national oil services
companies, CORRE is significantly expanding its line of oil services across the
Middle East and North Africa to include waste management, oil storage and oil
tankers tank cleaning, water treatment, and oil and gas engineering and project
management.


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.