TORONTO, ONTARIO--(Marketwired - May 31, 2016) - Canadian Oil Recovery and Remediation Enterprises
Ltd. (TSX VENTURE:CVR) ("CORRE" or the "Company") is pleased to announce that it has received payment of USD 431,505
(CAD 557,280) in full payment of its outstanding equipment lease with HERA AG Ambiental S.L. of Spain ("HERA") as per the Final
Settlement Agreement entered into between CORRE and HERA. CORRE's ARES I facility and ancillary equipment is currently in the
process of being dismantled by HERA in preparation for their return to CORRE's storage facility in Kuwait. The details concerning
the settlement with HERA and the impairment of CORRE's ARES I were announced in the Company's press release dated May 18th,
2016.
Moreover, the impairment of the Company's ARES I and ancillary equipment has been reversed in CORRE's financial statements for
the Q1 period ending March 31, 2016. Accordingly, the proper book value of ARES 1 and ancillary equipment has been reinstated in
the Company's books and records.
About CORRE
CORRE (www.corre.com) is a Canadian-based oil services company which trades
on the TSX Venture Exchange under the symbol CVR. CORRE provides full cycle oil waste management solutions to the petroleum
industry. 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). 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 advanced environmental solutions through strategic operating
partnerships with some of the most distinguished companies throughout the world.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions
"may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, the
potential for obtaining successful contracts via the tendering processes discussed herein and negotiations regarding potential
projects. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can
be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out
in the forward-looking information.
Forward-looking information is 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 anticipated in the forward-looking information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada, the United States, the MENA region and globally; industry
conditions, governmental regulation, including environmental regulation; unanticipated operating events or performance; failure
to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on
acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for,
among other things, capital, skilled personnel and supplies; changes in laws; and the other risk factors disclosed under our
profile on SEDAR at www.sedar.com. Readers are cautioned that this list
of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in
our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue
reliance on forward-looking information.
Neither the 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 this release.