Toronto, Ontario - October 12, 2012 (Investorideas.com Energy Newswire) Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX-V: CVR, OTCQX: CRVYF) is pleased to announce the commencement of its previously announced pilot project with EcoTecnos and the Kuwait Oil Company (“KOC”). The pilot project will demonstrate the capabilities of using EcoTecnos’ geo-sensing satellite detection service by creating 2D images of the sludge pits, lakes and underground terrain to better understand the scope and depth of environmental contamination. EcoTecnos has secured all necessary samples and has agreed to present KOC with the results of the pilot project during the fourth quarter of this year (for details concerning this pilot project, see CORRE’s press release dated June 25, 2012).
The successful execution of this pilot project with EcoTecnos can lead to the award of high value geo-sensing satellite detection contracts to map out all environmentally contaminated areas within Kuwait . Additionally, this pilot project will increase the profile and demonstrate the capabilities of the geo-sensing satellite detection technology to other regional companies who can benefit from its use. CORRE believes the addition of the geo-sensing satellite detection technology to its existing line of services will both add an incremental revenue stream to CORRE’s operations as well as accelerate the release of high value, oil waste management contracts that CORRE stands to directly benefit from as a bidder.
CORRE has exclusive marketing rights to deploy EcoTecnos' technology within the Middle East, North Africa, the United States of America and Canada . EcoTecnos' advanced technology has the potential to modernize the method KOC presently uses to tender remediation contracts. EcoTecnos' geo-sensing technology will provide both tendering and bidding parties more precise information of the contaminated area, better revealing depth, size and density of the area; whether the area contains foreign objects such as land mines; and the biological makeup of the oily sludge. It is the belief of CORRE and KOC that with clear 2D imaging of the areas which need to be remediated, KOC will have the ability to be more precise in defining and assessing the fair value and scope of projects, facts which accelerate the timeline for the release, review and award of high value tenders. In addition to CORRE benefiting from a quicker release and evaluation of tenders, this will allow bidding parties such as CORRE to optimize their pricing and be better prepared to execute on contracts as a more thorough understanding of the scope of a project will enable optimization of both labour and equipment procurement.
CORRE, through its partnerships, has been prequalified by KOC and is awaiting the release of high value contracts for soil remediation and the cleaning and disposal of drill cuttings in Kuwait . In addition to operating in Jordan , CORRE has identified and is presently bidding on projects in Saudi Arabia and shortly in Oman . Kuwait has approximately 6,000 oil pits and large oil lakes consisting of 64 million square meters of contaminated soil which covers more than 120 square kilometers of the country. During the next decade over USD$4 billion worth of remediation contracts will be awarded with the United Nations having already made available USD$3.0 billion for the clean-up of the Kuwait oil lakes. The average tendered contract size in Kuwait to date has been approximately $50 million and expected to increase substantially over time. CORRE is currently deploying incremental resources within the Middle East to assist with the execution of tenders and operating contracts.
CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol “CRVYF”. 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.
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