TORONTO, ONTARIO, Dec. 8, 2010 (Marketwire) -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is providing an update further to the Company's November 18, 2010 press release.
The market for CORRE to provide oil waste management services, including oil-contaminated soil remediation, sludge treatment and oil recovery, is lucrative and growing. The World Bank has estimated the need for environmental services and products across the Middle East and North Africa ("MENA") regions at US $100 billion over the next 10 years. Kuwait alone represents in excess of US $3.5 billion in large-scale soil remediation projects primarily to clean and treat over 114 km2 of oil-contaminated Kuwait lands as a result of the 1991 Gulf War and the detonation of 798 oil wells. Up to 5 million barrels of crude oil burned and spilled into the desert soil on a daily basis for approximately 9 months until extinguished forming what is known today as the Kuwait Oil Lakes.
The clean-up of the Kuwait Oil Lakes represents one of the largest environmental remediation projects in history and the funding for Kuwait is fully in place through war reparation funds from the United Nations. Equally the Kuwait Oil Lakes sit atop the Burgan oil reserves, a source of light crude oil in Kuwait. Kuwait has publicly announced its intentions to increase daily oil production from 2.6 million barrels per day to approximately 4 million barrels per day and the clean-up of the Kuwait Oil Lakes help facilitate this objective. CORRE, through its SAR-CORRE MENA ("SCM") operating partnership, is one of a select group of global companies that are fully pre-qualified and approved by the Kuwait Oil Company ("KOC") to directly bid on the clean-up of the Kuwait Oil Lakes, tenders begin to be released in early 2011.
CORRE's proprietary ARES I soil washing and oil recovery operating facility is the preferred technology for these contracts. CORRE maintains in Kuwait a recently commercialized 15 ton per hour ARES I facility and the Company (through its partnership with TG Engineering, an international oil and gas engineering firm) will refabricate further ARES I operating facilities as contract demands require. CORRE has now been approached by and is currently in dialogue with pre-qualified international companies seeking to utilize CORRE's ARES I as part of their Kuwait Oil Lakes bids. SCM now has the opportunity to directly bid for the Kuwait Oil Lakes contracts, as well as operate as a technology sub-contractor of choice to the other pre-qualified contractors. KOC intends to announce a series of Kuwait Oil Lakes tenders starting early in 2011. The companies that CORRE is in dialogue with represent large international environmental, construction and oil service contractors with strong logistical capabilities.
CORRE will keep its shareholders and the market updated accordingly on these and other operating contract developments.
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 service 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; as well as waste 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.
CFO, Senior V-P & Director