CORRE Invited by Chilean National Oil Company to Launch Oil Recovery & Soil Remediation Pilot Project
06 Mars 2012 - 3:00PM
Marketwired
Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX
VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") is pleased to
announce that the Chilean national oil company, Empresa Nacional
del Petroleo ("ENAP"), has formally invited CORRE to launch an oil
recovery and soil remediation pilot project. CORRE is launching
this pilot project in the second quarter of this year as a first
step before structuring a formal proposal for a long-term and
multi-phased contract to clean and treat hydrocarbon contaminated
soils located in the area of Punta Arenas, the capital city of the
southern region of Chile.
The main purpose of the pilot project is to demonstrate CORRE's
capabilities in oil recovery and soil remediation to ENAP. The
pilot project will further assist CORRE to determine the oil
recovery and soil remediation processing and logistics related
costs in anticipation of its ensuing contract price negotiations
with ENAP. After successful completion of the initial pilot
project, CORRE would negotiate the terms and execution of the
contract in two phases. The first phase would be to treat and clean
a minimum of 30,000 cubic meters of hydrocarbon contaminated soils
across 11 pits with the second successive phase increasing in scope
to treat and clean approximately 100,000 cubic meters across
hundreds of pits. The scope of the project will be to recover oil,
upgrading it to pump-able pipeline specifications, and remediating
the remaining oil contaminated soil to Alberta, Canada
environmental standards. CORRE will price the contract on a per ton
basis, including incremental charges for mobilization, logistics
and demobilization. CORRE anticipates that the range of the total
contract price - depending on the costs and scope of the related
logistics associated with the working conditions in such tundra
terrain - would be $25.0 to $35.0 million. The Company estimates
the length of the entire project would be between four to five
years. CORRE is currently in the process of assembling its smaller
pilot-size operating equipment in preparation for its mobilization
to Chile to execute the pilot project.
"We continue with our focus on the MENA region for the size and
depth of its oil recovery and soil remediation market. However, our
proven proprietary advanced oil recovery and remediation process
has great market potential for worldwide applications and projects.
So is the case with our technology and process of drill cuttings
where we are making tremendous inroads with super majors in the
MENA region," commented John Lorenzo, CORRE's CEO and Chairman. "We
intend to capitalize on the worldwide opportunities available for
both our advanced technologies and processes in the global market
for our oil recovery, soil remediation and drill cuttings."
The slop oil and heavy sludge pits in the areas of hydrocarbon
contamination are a result of crude petroleum discharge from
several historical oil wells that operated for decades in the
Magellan's region of southern Chile. ENAP has been under tremendous
pressure from the local farmers and other communities to clean-up
the Punta Arenas area. ENAP has publicly announced its intentions
to clean and treat this region under a program of social
responsibility and has reserved a budget for this important
environmental project.
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 LTD. Alex Gress CFO 416-368-4027agress@corre.com
CORRE LTD. Lindsay Cross 416-368-3050lcross@corre.com KCSA
Strategic Communications Todd Fromer 212-896-1215 KCSA Strategic
Communications Phil Carlson 212-896-1233Corre@kcsa.com
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