CVR Canadian Oil Recovery and Remediation Enterprises Ltd

Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)
("CORRE" or the "Company") is pleased to announce that the Company has entered
into an agreement (the "Loan Re-structuring Agreement") to re-structure its loan
arrangement relating to the funding of its proportionate contribution to the
2013 operating budget of SAR-CORRE MENA ("SCM") (SCM is a private company that
operates independently of CORRE, executing on oil services contracts employing
CORRE's suite of oil waste management solutions in the MENA region). As
announced by press release dated May 22, 2013, a portion of CORRE's contribution
to SCM's operating budget was financed via a loan in the amount of $562,500 from
Mr. Ahmed Al-Hamdan. As partial consideration for the foregoing loan, CORRE
agreed to transfer 5% of its 45% interest in SCM to Mr. Al-Hamdan. Funds
advanced under the foregoing loan were delivered in stages, with the full amount
of the loan having been advanced by December 31, 2013. Rather than proceeding
with the transfer by CORRE to Mr. Al-Hamdan of 5% of CORRE's 45% interest in
SCM, the parties have entered into the Loan Re-structuring Agreement, which sets
out the following terms:




--  Mr. Al-Hamdan will be conveyed a 60% interest in Lamar Limited, a Jebel
    Ali Free Zone offshore company that owns and controls 10% of SCM; 
    
--  CORRE will deliver a promissory note in the amount of $138,750 to the
    holder of a 60% interest in Lamar Limited as consideration for the
    aforementioned transfer (such note shall mature on December 31, 2014,
    but shall be open for prepayment in full or in part at any time or times
    without interest, notice, or bonus); 
    
--  CORRE will settle the remaining balance of the loan owing to Mr. Al-
    Hamdan (in the aggregate amount of $423,750) via the issuance of
    3,138,889 units of CORRE at a price of $0.135 per unit, each such unit
    consisting of one common share of CORRE and one-half of one common share
    purchase warrant. Each whole common share purchase warrant will entitle
    the holder to acquire one additional common share of CORRE at a price of
    $0.235 for a period of 3 years from issuance. All of the foregoing
    common shares and warrants will be subject to a statutory four-month
    hold period in accordance with applicable securities laws; and 
    
--  The previously announced agreement for CORRE to transfer 5% of CORRE's
    45% interest in SCM to Mr. Al-Hamdan will be cancelled and CORRE will
    retain its 45% interest in SCM. 



The foregoing transactions are subject to the review and approval of the Board
of Directors and the TSX Venture Exchange.


About CORRE

CORRE 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CORRE Ltd.
John Lorenzo
Chairman & CEO
416-368-4027
jlorenzo@corre.com


CORRE Ltd.
David Freeman
Corporate Development & Shareholder Communications
416-368-4027
dfreeman@corre.com

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