Last C$0.07 CAD
Change Today -0.005 / -6.67%
Volume 37.7K
CVR On Other Exchanges
As of 3:59 PM 07/11/14 All times are local (Market data is delayed by at least 15 minutes).

canadian oil recovery & reme (CVR) Snapshot

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canadian oil recovery & reme (CVR) Details

Canadian Oil Recovery & Remediation Enterprises Ltd., a clean technology company, provides environmental services for the upstream and downstream petroleum sectors, governments, and municipalities in the Middle East and north Africa. It offers sludge treatment, oil contaminated soil remediation, and oil recovery services through its proprietary advance recovery equipment systems. The company also provides storage tank cleaning services, including sludge minimization, de-sludging, tank cleaning, and oil recovery services. In addition, it offers drill cuttings waste treatment services, as well as provides industrial waste management solutions consisting of initial assessment and categorization, collection, and packaging and transportation for recycling, remediation, and disposal. Further, the company provides oil and gas engineering services for oil and water separation facilities; and oil and gas engineering design and project management services. It has a strategic alliance with CANAR Trading and Contracting Company. The company is headquartered in Toronto, Canada.

canadian oil recovery & reme (CVR) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: C$347.6K
Compensation as of Fiscal Year 2012.

canadian oil recovery & reme (CVR) Key Developments

Canadian Oil Recovery and Remediation Enterprises Ltd. Announces Major Drill Cuttings Treatment Contract in Kuwait

Canadian Oil Recovery and Remediation Enterprises Ltd. announced that SAR AS, the MENA operating partner of CORRE in SAR-CORRE MENA Limited (SCM), has been awarded a major multi-million dollar contract by the Kuwait Oil Company (KOC) to treat oil based mud (OBM) drill cuttings (KOC Contract). The KOC Contract includes the mobilization and construction of a fully equipped permanent facility to treat 26,000 tons of drill cuttings per year as specified in the contract. This facility will be built using the proven drill cuttings treatment technology and process of SAR's world class facility currently operating in Averoy, Norway, which has the capacity to treat 50,000 tons of drill cuttings per year. The treatment capacity of the new facility can be increased if and when needed. The term of the KOC Contract is for 5 years with a one-year extension option during which 130,000-156,000 tons of drill cuttings are expected to be treated. The contract provides a 6 month mobilization period starting July 10, 2014. Accordingly, the permanent facility is expected commence operations on or before January 10, 2015. The company is unable to disclose the total contract amount at the present time in order to safeguard the confidentiality of its proprietary processing rate and its bidding prices for similar ongoing high value drill cuttings contracts in the Gulf. At the present time, the company's operating partner is in the process of bidding for another major onshore drill cuttings treatment contract, and is also preparing to bid on an equally major drill cuttings contract located offshore. Notwithstanding this current limitation for competitive purposes, the company is able to provide the following particulars pertaining to the KOC Contract: The estimated capital expenditures of the KOC Contract are approximately $8.5 million (45% of which will be CORRE's proportionate obligation in connection with its ownership interest in SCM); Upon completion of mobilization, a payment in the amount of $1.65 million will be due to SCM from KOC; Based upon company management's review of contracts awarded in the MENA and other regions for drill cuttings tenders during the past 4 years, the estimated range of the service industry average operating cost under such agreements is between $120 and $275 per ton and SCM's costs will be within this range. The three primary factors affecting the actual cost of operators under such agreements are: a. volume (economies of scale may result in lower operational costs); b. the technology being employed (for example, direct thermal desorption, as compared to indirect thermal desorption); and c. total overhead costs; and though the absolute contract value cannot be disclosed at this time, the company is able to confirm that the total revenue payable under the KOC Contract exceeds $18 million.

Canadian Oil Recovery & Remediation Enterprises Ltd. Announces Resignation of Two Directors

Canadian Oil Recovery & Remediation Enterprises Ltd. announced the resignation of Dr. Edward Gress and Mr. Alex Gress as Directors of the company.

Canadian Oil Recovery & Remediation Enterprises Ltd., Annual General Meeting, Oct 25, 2013

Canadian Oil Recovery & Remediation Enterprises Ltd., Annual General Meeting, Oct 25, 2013., at 16:00 US Eastern Standard Time. Location: 141 Adelaide Street West, Suite 110. Agenda: To receive the audited financial statements of CORRE as at and for the years ended December 31, 2012 and 2011; to fix the number of directors to be elected at the Meeting at eight (8); to elect the directors of the Corporation for the ensuing year; to appoint BDO Canada LLP, Chartered Accountants as the auditors of the Corporation and to authorize the directors to fix the auditors' remuneration; to consider the ratifying, adopting and approving the Stock Option Plan of the Corporation in the form set out in Schedule 'A' to the Management Proxy Circular; and to transact such further or other business as may properly come before the Meeting or any adjournment(s) thereof.


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