tjodel
13 years ago
CORRE Provides Update on Kuwait Operations
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is pleased to provide an update on the Company's current business developments in Kuwait. As previously reported by CORRE on April 11th, the Kuwait Oil Company ("KOC") issued three tenders with a total expected value of US $210 million to perform clean-up services, which include remediation of oil-contaminated soil and oil recovery, relating to environmental damage in oil fields located in the Southeast of Kuwait. Through the Company's SAR-CORRE MENA Ltd. ("SCM") operating partnership with SAR AS, a leading Norwegian-based oil waste management company, the Company was part of a select group of invited bidders. Since the launch of these tenders, the Company has been actively preparing its bids through SCM, including recently being part of a limited group participating at the on-site pre-tender meetings and site evaluations in Kuwait during the week of May 2nd. To maximize these tender opportunities for CORRE and leverage SCM's preparation for these extensive tenders, SCM is not only preparing to be a direct bidder, but is currently evaluating several additional subcontracting opportunities as part of pre-arranged bidding consortiums. The closing date of the three tenders is currently June 14th, 2011.
http://ih.advfn.com/p.php?pid=nmona&article=47677125&symbol=CRVYF
Maybe we'll see a little action here shortly.
Expediter
13 years ago
News!!!!
CORRE Selects Lead Agent to Arrange Financing
2/8/2011 4:19:18 PM - Market Wire
TORONTO, ONTARIO, Feb 08, 2011 (MARKETWIRE via COMTEX News Network) --
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") announces that it has selected Harris Brown & Partners Limited to act as lead agent to arrange an equity financing through a private placement of up to $3.5 million of common shares of the Company. Pricing will be determined in the context of the market. The offering will be subject to the approval of the TSX Venture Exchange and other customary conditions. CORRE will continue to keep its shareholders and the market updated accordingly on this and other developments.
The net proceeds from the private placement will be used to directly fund additional capital assets required as part of CORRE's 2011 anticipated contract execution pipeline, strategic operating partnerships and working capital. CORRE, through its SAR-CORRE MENA Ltd. ("SCM") operating partnership, is one of a few global operating companies that are pre-approved service providers and general contractors to the Kuwait Oil Company ("KOC") in three distinct services-soil remediation (which includes oil recovery), waste management and the treatment of drill cuttings. KOC is expected to issue its first set of tenders for approximately $200 million of soil remediation contracts within the next 3-4 weeks.
These tenders will be followed later this year by even larger soil remediation and oil recovery contracts for the clean-up of the Kuwait Oil Lakes left by Saddam Hussein's army in 1991. According to a very recent article in Upstream, a leading international oil and gas publication that featured CORRE and the SCM partnership as having a head start for these contracts by building and operating the ARES I soil washing and oil recovery facility in Kuwait, these contracts "will involve the biggest clean-up operation in the world to put right the damage caused when retreating Iraqi troops torched Kuwait's oilfields." The article notes that the massive clean-up of the Kuwait Oil Lakes would cost about $3.5 billion, funded out of the United Nations war reparation funds, and entails decades of work.
About CORRE
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 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 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.
Contacts: CORRE Alex Gress CFO, Senior V-P & Director (416) 368-4027 agress@corre.com CORRE Lindsay Cross (416) 368-4027 lcross@corre.com Harris Brown & Partners Limited Larry Kennelly - SVP Capital Markets (416) 850-1564 ext 11702 lkennelly@harrisbrownpartners.ca
SOURCE: Canadian Oil Recovery & Remediation Enterprises Ltd.
mailto:agress@corre.com mailto:lcross@corre.com mailto:lkennelly@harrisbrownpartners.ca
Copyright 2011 Marketwire, Inc., All rights reserved.
Expediter
13 years ago
just got back and I really like this article! Looks like we'll be moving big time soon! "These contracts "will involve the biggest clean-up operation in the world "
Upstream Article Describes Upcoming Kuwait Soil Remediation Contracts and Highlights CORRE
TORONTO, ONTARIO, Jan 17, 2011 (MARKETWIRE via COMTEX News Network) --
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") reports that Upstream, a leading international oil & gas publication, published in its January 14th weekly edition that the Kuwait Oil Company ("KOC") will issue its first set of tenders for about $200 million of soil remediation work later this month or in early February. These tenders will be followed later this year by even bigger soil remediation and oil recovery contracts for the clean-up of the Kuwait Oil Lakes left by Saddam Hussein's army in 1991. According to industry sources noted in the article, these contracts "will involve the biggest clean-up operation in the world to put right the damage caused when retreating Iraqi troops torched Kuwait's oilfields." The article notes that the massive clean-up of the Kuwait Oil Lakes would cost about $3.5 billion, funded out of the United Nations war reparation funds, and entails decades of work.
The article further highlights that CORRE, through its SAR-CORRE MENA ("SCM") operating partnership, has taken a head start by building a pilot plant in Kuwait. The pilot plant, using CORRE's proprietary ARES I soil washing and oil recovery technology, has a capacity of 15 tonnes per hour, expandable to 40 tonnes per hour. Through SAR AS, SCM is a pre-qualified and approved contractor to KOC for contracts relating to soil remediation, waste management and drill cuttings.
The full text of the article is available to subscribers of Upstream and can be found at: http://www.upstreamonline.com/live/article241610.ece
About CORRE
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 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 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.
Contacts: CORRE Alex Gress CFO, Senior V-P & Director (416) 368-4027 agress@corre.com CORRE Lindsay Cross (416) 368-4027 lcross@corre.com
SOURCE: Canadian Oil Recovery & Remediation Enterprises Ltd.
mailto:agress@corre.com mailto:lcross@corre.com
Copyright 2011 Marketwire, Inc., All rights reserved.
ragmuff
13 years ago
CORRE Covers Another Crucial Operational Milestone and Finalizes Its Facilities for the Forthcoming Kuwait Contracts
Date : 01/04/2011 @ 6:18PM
Source : MarketWire
CORRE Covers Another Crucial Operational Milestone and Finalizes Its Facilities for the Forthcoming Kuwait Contracts
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE: CVR)(OTCQX: CRVYF) ("CORRE" or the "Company") is very pleased to announce that it has achieved another operational milestone. CORRE, through its SAR-CORRE MENA Ltd. ("SCM") operating partnership, is now officially a pre-qualified and approved service provider and general contractor to the Kuwait Oil Company ("KOC") for the treatment of drill cuttings. This additional pre-qualification is significant as SCM is now one of a few global operating companies that are pre-approved service providers and general contractors to KOC in three distinct services - soil remediation (which includes oil recovery), waste management and now treatment of drill cuttings.
The achievement of pre-qualification status in these distinct service areas provides an affirmation of the strength and operating depth of the SCM partnership, as well as a validation of the underlying technologies and operating facilities that SCM will deploy in these areas. In short, being pre-qualified means that whenever KOC decides to issue a tender requiring the pre-qualified services, it will invite SCM to bid for the tendered project. Otherwise, companies that are not pre-qualified will not be invited or allowed to bid for a tendered project which concerns these services.
The market for CORRE to provide oil waste management services, including oil contaminated soil remediation, sludge and drill cuttings treatment, and oil recovery is lucrative and growing, particularly in CORRE's initial target markets of Kuwait and Saudi Arabia. As CORRE enters 2011 with developed technologies, optimized processing facilities, and pre-qualification status in hand, it is well-positioned to bid anytime for upcoming KOC tenders. Equally, SCM is equally able to leverage its pre-qualification status with KOC across these service lines to access oil waste management contracts with other national oil companies.
During the first half of 2011 SCM is prepared to be actively bidding on several tenders, including KOC's soil remediation and oil recovery contracts expected to be released during the first quarter of 2011 and contracts for the treatment of drill cuttings from KOC expected to be released during the second quarter of 2011.
CORRE will keep its shareholders and the market updated accordingly on these and other operating contract developments.
About CORRE
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.
Contacts:
Canadian Oil Recovery and Remediation Enterprises Ltd.
Alex Gress
CFO, Senior V-P & Director
(416) 368-4027
agress@corre.com
Canadian Oil Recovery and Remediation Enterprises Ltd.
Lindsay Cross
(416) 368-4027
lcross@corre.com
www.corre.com
Expediter
14 years ago
CORRE in Dialogue With Leading International Oil and Gas Contractors
TORONTO, ONTARIO, Dec 08, 2010 (MARKETWIRE via COMTEX News Network) --
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.
About CORRE
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.
Contacts: CORRE Alex Gress CFO, Senior V-P & Director (416) 368-4027 agress@corre.com CORRE Lindsay Cross (416) 368-4027 lcross@corre.com
SOURCE: Canadian Oil Recovery & Remediation Enterprises Ltd.
mailto:agress@corre.com mailto:lcross@corre.com
Copyright 2010 Marketwire, Inc., All rights reserved.
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