TORONTO, ONTARIO -- (Marketwired) -- 04/26/13 -- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR) ("CORRE" or the "Company") is pleased to announce that CORRE and EcoTecnos had several meetings last week with the Kuwait Oil Company ("KOC") officers responsible for the satellite detection pilot project to review and discuss the finer technical details of its previously announced satellite detection report submitted to KOC. The report clearly demonstrated the capabilities of the EcoTecnos satellite detection technology and service in identifying, locating and quantifying the various types of oily sludge (light, intermediate and heavy) and oil-contaminated soil contained in a pit as well as providing 2D images of the studied pit or oil lake. This information provides KOC a much better understanding of the scope and depth of the types, nature and quantities of the contaminants in any sludge pit or oil lake targeted for treatment and clean-up.
EcoTecnos showcased the results of the pilot project to KOC, presenting the project details, their technology, technical aspects and results of the studied pit that has been designated by KOC. After several meetings during the week, KOC decided to extend the pilot project for a period of 2 months and requested that the pilot project take a second phase whereby: (1) EcoTecnos will identify and quantify new samples of crude oil and contaminated soil given by KOC to EcoTecnos; and, (2) map out certain underground pipelines in the vicinity of the initial pilot project site, indicating the location and depth of these pipelines. The successful completion of this second phase can lead to a second high value contract to map the underground pipelines across Kuwait.
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' satellite detection technology will provide more precise information in tender documents about the contaminated area, pit or oil lake. Such information, assisted with 2-D images, will further assist in the preparation of tender documents that contain more defined and precise scope of oily sludge treatment and soil remediation work for the bidders. Furthermore, such thorough understanding of the scope of an oily sludge treatment and soil remediation project will support price optimization and afford bidders better preparation to execute contracts efficiently and economically.
"We are excited with the results of the meetings with KOC concerning the EcoTecnos satellite detection pilot project. The prospect of multiple high value contracts is now closer to reality with this expansion of the satellite pilot project to include the mapping of pipelines," commented John Lorenzo, CORRE's CEO, who concluded by saying: "Both CORRE and EcoTecnos are very pleased with the results and progress of our pilot project with KOC and with our ability to demonstrate the versatile uses of our satellite detection technology."
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.
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.
Canadian Oil Recovery and Remediation Enterprises Ltd.
Chairman & CEO
Canadian Oil Recovery and Remediation Enterprises Ltd.
Corporate Development & Shareholder Communications
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