Canadian Oil Recovery & Remediation Enterprises Ltd V.CVR.H

Industrials

Canadian Oil Recovery & Remediation Enterprises Ltd. is a Canada-based company, which provides full cycle oil waste management solutions to the petroleum industry. The company’s operating lines include remediating oil-contaminated soil; treating sludge, oil-based muds and drilling waste; oil recovery; industrial waste management; oil storage tank cleaning; oil and gas engineering, and project management. Soil remediation, sludge treatment and oil recovery are provided by Company through its Advanced Recovery Equipment Systems (ARES), which consists of two soil washing plants known as ARES I and ARES II. The Company’s primary customers are in the upstream petroleum sector (oil production and drilling companies) and downstream petroleum sector (oil refinery, transportation and distribution companies). The Company has three wholly owned subsidiaries, CORRE Inc., BDE Properties Inc. and Mentra Life Sciences Inc., which are located in Toronto, Ontario.

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Canadian Oil Recovery & Remediation Enterprises Ltd

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Comment by fattailon Sep 25, 2012 5:54pm

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Post# 20413346

RE: WHY THE DIFFERENCE?

Yes, the NR was poorly worded in the extreme and even downright misleading!

The $350K loss was from 100% SCM JV which included the one-time costs to which they referred.

CORRE's 45% share of this loss was $158K

In addtion to this, CORRE had ~$740K in corporate G & A expenses that brought CORRE's real loss for the quarter to $900K

I cannot believe that the M D & A did not comment on any of the following:

was this quarterly revenue representative of what we could expect ongoing from this project over next 2 years?
status of geo-sensing pilot test?
any request for bids on the horizon?

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