CORRE Preparing High Value Bid for Kuwait Oil Company
April 18 2013 - 6:10PM
Marketwired Canada
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)
("CORRE" or the "Company") is pleased to announce that, through its MENA
operating partnership company, SAR-CORRE MENA LIMITED ("SCM"), it has formally
received from the Kuwait Oil Company ("KOC") the Request For Proposal ("RFP")
document describing the general terms and conditions of the tender that is now
issued by KOC for the Oil Based Mud ("OBM") Cutting Treatment Services contract.
The Company's technical team will be attending the pre-tender meeting on May
7th, 2013 in Kuwait and will be submitting the completed tender documents to KOC
on June 4th, 2013; the tender's first closing date.
This drill cuttings contract is for a period of five years with one-year
renewals at the request of KOC. Due to the high value of this contract, the bid
bond alone exceeds US $1.0 million. The tender documents provide that the OBM
drill cuttings and sludge treatment services have to be continuously available
24 hours a day, seven days a week. The tender documents specify that the
required OBM drill cuttings and sludge treatment capacity is 26,000 cubic meters
per year.
As soon as the Company reviews and completes the tender documents, it will
provide a more detailed synopsis of this high value drill cuttings contract.
This tender is the first of the drill cuttings tenders to be released this year
by KOC, along with additional SEED and Oil Lakes soil remediation tenders.
About CORRE
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oil Recovery and Remediation Enterprises Ltd.
John Lorenzo
Chairman & CEO
416-368-4027
jlorenzo@corre.com
Canadian Oil Recovery and Remediation Enterprises Ltd.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027
dfreeman@corre.com