Canadian Oil Recovery & Remediation Enterprises Ltd. provided an update on the progress of its current activities and new opportunities it is pursuing within Kuwait and Saudi Arabia. The company is currently executing on a contract with BP Plc in Jordan for the cleaning and treatment of drill cuttings and is finalizing the results of its pilot project with EcoTecnos and the Kuwait Oil Company to demonstrate the capabilities of EcoTecnos' geo-sensing satellite detection service. Over the next twelve months, the company will continue to leverage the experience and relationships of its operational and strategic partners to bid and secure further contracts and partnerships. Details of new project opportunities and partnerships for 2013 include: Geo-Sensing Satellite Detection in Kuwait: the company currently has all samples necessary to complete the requirements of the pilot project and expects to present KOC with the results during the first quarter of 2013. The successful execution of this pilot project through EcoTecnos can eventually lead to the award of high value geo-sensing satellite detection contracts from KOC to map out all environmentally contaminated areas within Kuwait. SEED II in Kuwait: the company expects KOC to tender the second set of high value soil remediation contracts during the first half of 2013 and it is CORRE's intent, through its SCM operating partnership, to submit bids for all available tenders. Bidders are evaluated in multiple areas, including commercial terms (price), technology and operating process, effectiveness of land rehabilitation, and health and safety standards. Partnership in Saudi Arabia: the company is in the process of finalizing the details of its partnership with Petroleum, Chemicals and Mining Company Limited. Management has traveled to Saudi Arabia twice in the previous six weeks to finalize the terms of the partnership and expects to have a definitive agreement in place by the start of the first quarter of 2013. The operational partnership with PCMC will allow the company to penetrate the Saudi Arabian market through PCMC's local and well-known brand as well as get increased access to a large number of clients and companies. Oily Sludge in Saudi Arabia: the company through SCM's partnership with PCMC, is actively pursuing opportunities within the Saudi Arabian market to become in-house oil waste management providers for refineries and oil and gas companies to remediate tank bottom oily sludge, contaminated industrial wastewater, oily sludge from slop oil systems and legacy waste. Management believes these opportunities would be structured as long-term contracts with growth potential in both size and scope as local refineries increase the environmental standard at which they operate to prevent ground water contamination, costal water contamination and other hazards to the general population. Management intends on leveraging its relationship with PCMC to bid and secure several contracts during 2013.

Canadian Oil Recovery and Remediation Enterprises Ltd. announced the commencement of its previously announced pilot project with EcoTecnos and the Kuwait Oil Company (KOC). The pilot project will demonstrate the capabilities of using EcoTecnos' geo-sensing satellite detection service by creating 2D images of the sludge pits, lakes and underground terrain to better understand the scope and depth of environmental contamination. EcoTecnos has secured all necessary samples and has agreed to present KOC with the results of the pilot project during the fourth quarter of this year. The successful execution of this pilot project with EcoTecnos can lead to the award of high value geo-sensing satellite detection contracts to map out all environmentally contaminated areas within Kuwait. Additionally, this pilot project will increase the profile and demonstrate the capabilities of the geo-sensing satellite detection technology to other regional companies who can benefit from its use. CORRE believes the addition of the geo-sensing satellite detection technology to its existing line of services will both add an incremental revenue stream to CORRE's operations as well as accelerate the release of high value, oil waste management contracts that CORRE stands to directly benefit from as a bidder. CORRE has exclusive marketing rights to deploy EcoTecnos' technology within the Middle East, North Africa, the United States of America and Canada.

Canadian Oil Recovery & Remediation Enterprises Ltd. announced earnings results for the second quarter ended June 30, 2012. For the quarter, the company reported total revenue generated by its joint operating partnership with SAR AS and SAR-CORRE MENA LTD was $1,218,315, relating to SCM's first contract with BP PLC for cleaning and treating gas drill cuttings in Jordan. In addition to office, management, administration and travel expenses, SCM incurred $305,827 of one-time, upfront costs primarily relating to logistics and equipment relocation for this contract resulting in a total net loss of $350,286 for the quarter.