Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)
("CORRE" or the "Company") is pleased to announce that the Company has entered
into formal loan agreements in connection with the previously announced funding
of the SAR-CORRE MENA ("SCM") partnership's $2.5 million operating budget for
2013. SCM is a private company that operates independently of CORRE, executing
on oil services contracts employing CORRE's suite of oil waste management
solutions in the MENA region. With a 45% interest in SCM, CORRE's proportional
contribution to SCM for the 2013 operating budget is $1,125,000, which is being
advanced to SCM by way of shareholder's loan. The two loan agreements entered
into by CORRE are with Ahmed Al-Hamdan (in respect of the advance of $562,500)
and with Hassan Dahlawi, a director and Insider of CORRE (in respect of the
advance of $100,000). The foregoing transactions are subject to the review and
approval of the Board of Directors and the TSX Venture Exchange.


The loan contributed by Mr. Al-Hamdan will partially fund CORRE's shareholder
loan to SCM. The Al- Hamdan loan is unsecured and bears no interest and is
repayable upon the earlier of: (i) five (5) years from the date of the
Agreement; and (ii) the repayment by SCM of the shareholder's loan to CORRE. As
further consideration for the foregoing loan, CORRE has agreed to transfer 5% of
its 45% interest in SCM to Mr. Al-Hamdan. Funds to be advanced under this loan
are deliverable in stages, from now through December 31.


The loan agreement with Mr. Dahlawi represents his proportionate contribution to
the SCM operating budget in his capacity as an owner of 40% of the corporate
entity that owns 10% of SCM. This obligation of Mr. Dahlawi is being funded
through CORRE primarily for administrative ease. The loan through CORRE is also
unsecured, and bears no interest and is repayable upon the earlier of: (i) two
and one half (2 1/2) years from the date of the Agreement; and (ii) the
repayment by SCM of all shareholders' loans to shareholders of SCM. As Mr.
Dahlawi is a director and Insider of the Company, the foregoing loan is
considered to be a related party transaction and is therefore subject to the
provisions of Multilateral Instrument 61-101 - "Protection of Minority Security
Holders in Special Transactions", however exemptions are available from the
minority shareholder approval and valuation requirements set forth in the
foregoing Multilateral Instrument.


The Corporation also confirms that its previously announced private placement
financing of units (each an "Equity Unit"), for total proceeds of $750,000 is
ongoing. Investors under the equity financing will be issued up to 5,000,000
Equity Units at a price of $0.15 per Equity Unit, with each Equity Unit
consisting of one common share of CORRE (a "Common Share") and one-half of one
common share purchase warrant. Each whole warrant issued from the equity
financing will entitle the holder to acquire one additional Common Share at a
price of $0.25 for a period of 3 years from closing. All of the Common Shares
and warrants issued in connection with this financing will be subject to a
statutory four-month hold period in accordance with applicable securities laws.
The capital raised under this financing will be utilized by CORRE to fund the
balance of its shareholder loan obligations to SCM and for working capital. It
should be noted that funds secured to the Equity Financing to date are
sufficient to fund balance of the Company's shareholder loan obligations to SCM.


CORRE also would like to announce that Mr. Alex Gress is stepping down as Senior
Vice President and CFO. Mr. Gress will continue with the Company as a Director.
Mrs. Ying Chen Young is replacing Mr. Alex Gress in the interim as CFO with a
mandate to organize the accounting department of SCM in Dubai.


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: 
CORRE LTD.
John Lorenzo
Chairman & CEO
416-368-4027
jlorenzo@corre.com


CORRE LTD.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027
dfreeman@corre.com