Canadian Oil Recovery & Remediation Enterprises Ltd. Announces Completion of Phase I of Aggregate $10 Million Financing

Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)
("CORRE" or the "Company"), a provider of leading edge oil recovery and
remediation technologies and services, is pleased to announce the closing of
Phase I of its two-phase financing of up to $8.5 million (the "NAT Financing")
with Al-Najah Advanced Technology Co. Ltd. ("NAT"). This is in addition to the
two-phase financing of up to $1.5 million (the "Dahlawi Financing") CORRE
recently closed with Hassan Dahlawi, a founding shareholder and director of the
Company.


John Lorenzo, President and Chief Executive Officer of CORRE, commented that "We
are extremely pleased to have NAT not only as a financial partner for CORRE, but
as a partner who we expect will add to CORRE's extremely unique and strong
position in the Middle East and North Africa markets and, more particularly,
within Saudi Arabia, a prime potential market for our products and services."


Mr. Lorenzo added, "The Company continues to pursue a number of business
opportunities which are in varying stages of development. We look forward to
working together with NAT, further strengthening our relationship, as we develop
our business and financial plan to capitalize on the opportunities that are
ahead for us. We wish to extend our thanks to NAT's principals and executives
for their significant support and vote of confidence."


The financings provide CORRE with potentially up to $10 million of new capital
(if fully exercised) that the Company will use to fund the immediate phases of
its business and financial plan. As CORRE will further report, the proceeds will
be used to fund the purchasing and fabrication of additional plant and ancillary
equipment, as required, in support of upcoming tenders, as well as to fund joint
partnerships that will strategically expand CORRE's oil service product
offerings and operational capabilities.


As part of Phase I of the NAT Financing, CORRE issued to NAT a convertible
secured debenture (the "Convertible Secured Debenture") in the principal amount
of $4.25 million (the "Principal Amount"). Additionally, as part of Phase I of
the NAT Financing, CORRE issued to NAT warrants to purchase common shares of
CORRE in the amount of an additional $4.25 million (the "NAT Share Warrants").
The exercise of such NAT Share Warrants comprises Phase II of the NAT Financing.
The entire Principal Amount has been deposited in escrow with NAT's Canadian
counsel and $1.4 million of the Principal Amount has been released and delivered
to CORRE. This is in addition to $750,000 already advanced to CORRE under the
Dahlawi Financing. The balance of the remaining $2.85 million of the Principal
Amount of the NAT Financing will remain in escrow until such time as NAT
approves, at its sole option, CORRE's five-year business and financial plan,
which CORRE is currently developing. Upon approval of the plan by NAT, the
remaining $2.85 million will be released to CORRE and the full Principal Amount
of $4.25 million will automatically be converted into common shares of CORRE at
a price of $0.20 per share. Additionally, NAT will then be eligible to exercise,
at its option, the NAT Share Warrants, which enable NAT to purchase an
additional $4.25 million of common shares of CORRE at $0.20 per share for a
period of one year following the conversion of the entire Principal Amount into
common shares of CORRE. In the event that NAT, in its sole option, does not
accept CORRE's business and financial plan (which will automatically be deemed
to have occurred if NAT has not accepted the plan on or before May 16, 2010),
such $2.85 million will be immediately released from escrow and returned to NAT
as a partial repayment of principal under the Convertible Secured Debenture.


For further details concerning the financings and all related matters and
ancillary agreements, please refer to our press releases dated June 16, July 16,
August 14 and October 7, 2009.


Concurrent with the Phase I advance under the NAT Financing, CORRE has paid a
cash fee in the amount of $140,000 to Al-Hamdan Group, the Company's Jeddah
based financial and business advisor.


The Company also announces the resignation of Mr. David Carbonaro from his
position as a director of CORRE. Mr. Carbonaro has resigned this position in
order to focus on his international law practice that is placing significant
demands on his time, however he will continue to serve in a financial and legal
consultancy capacity as required by the Company. The board of directors of CORRE
expresses it utmost sincere thanks to Mr. Carbonaro for years of faithful
service and for his efforts and stewardship of the Company throughout its
infancy and initial developmental stages.


About CORRE

CORRE is a Canadian company that utilizes its proprietary Advanced Recovery
Equipment Systems ("ARES") program to provide five comprehensive solutions for
oil recovery and soil remediation. ARES I, II and IV are commercialized
technologies offering economically viable and environmentally safe sludge
treatment solutions and remediation of oil contaminated sand, soil and solids.
ARES III is currently being commercialized for the extraction of oil from tar
sands and ARES V represents a bioremediation technology in research and
development. 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.