NAT Naturally Advanced Technologies Inc.

Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)
("CORRE" or the "Company"), a provider of leading edge oil recovery and
remediation technologies and services, is pleased to announce that it has closed
on $1.5 million of its recently announced two-phase financing for aggregate
gross proceeds of up to $10 million (the "Financing") (see CORRE's press release
dated June 16, 2009 for further details of the Financing) and that the TSX
Venture Exchange has granted conditional approval in respect of remaining $8.5
million balance of the Financing.


As noted in CORRE's June 16, 2009 press release, the aggregate $1.5 million
financing commitment is from Hassan Dahlawi, an existing director of the
Company, based in Jeddah, Saudi Arabia. Phase I of this portion of the Financing
has now been completed, with a convertible debenture in the aggregate principal
amount of $750,000 (the "Dahlawi Debenture") being issued to Mr. Dahlawi,
together with a common share purchase warrant (the "Dahlawi Share Warrant"),
pursuant to which he has undertaken to subscribe for and fund $750,000 of common
shares of CORRE at a price of $0.20 per share.


The Dahlawi Debenture has a coupon of 10% (payable quarterly in arrears) and a
maturity date of one (1) year from the date of issuance, subject to extension
for one (1) additional year beyond the initial term. The Dahlawi Debenture is
convertible into common shares of the Company at a price of $0.20 per share at
any time prior to maturity at the option of the holder. The Debenture will
convert into common shares automatically upon review and acceptance by Al-Najah
Advanced Technology Co. Ltd. ("NAT") of CORRE's formal five-year business and
financial plan. CORRE is currently developing this business and financial plan
and will deliver it to NAT within three (3) months of closing of the NAT portion
of Phase I of the Financing. Following receipt of this plan, NAT will have two
(2) months to review the plan and provide comments to the Company. Provided that
NAT accepts the business and financial plan within this timeframe, the Dahlawi
Debenture will convert automatically into common shares of the Company. The
Dahlawi Debenture will be secured against the Company's ARES I Plant (currently
located in Kuwait) and ARES III Plant (currently located at CORRES's testing
facility in Montreal, Quebec). The security under the Dahlawi Debenture will be
subordinate to the security evidenced by the NAT Convertible Debenture upon
issuance thereof.


The Dahlawi Share Warrant shall be exercisable on or before the date that is one
(1) year from the date that the entire principal amount of the Dahlawi Debenture
is converted into common shares of CORRE (the "Dahlawi Phase II Financing Share
Warrant Commitment Date") and shall be funded over four stages as follows:


- $187,500 to be advanced within three (3) months of the Dahlawi Phase II
Financing Share Warrant Commitment Date;


- $187,500 to be advanced within six (6) months of the Dahlawi Phase II
Financing Share Warrant Commitment Date;


- $187,500 to be advanced within nine (9) months of the Dahlawi Phase II
Financing Share Warrant Commitment Date; and


- $187,500 to be advanced within twelve (12) months of the Dahlawi Phase II
Financing Share Warrant Commitment Date.


Notwithstanding the obligations on the part of Mr. Dahlawi to provide such
advances on or before the foregoing dates, Mr. Dahlawi shall be entitled to
provide any or all of the foregoing advances at any time prior to their
respective obligated dates of advance.


In accordance with applicable securities laws, the Dahlawi Debenture and the
Dahlawi Share Warrant, together with any common shares of the Company issued
upon conversion or exercise of either of the foregoing, are subject to
four-month hold periods that will expire on November 17, 2009.


The proceeds of the Financing will be used: (i) to fund the purchasing and
fabrication of plant and ancillary equipment as required in support of CORRE's
anticipated project pipeline; (ii) to fund bid and performance bonds, as well as
necessary mobilization and site commissioning costs as required for CORRE's
expected projects; (iii) to fund potential joint partnerships to expand the
Company's oil service product offerings; and (iv) for general working capital
purposes.


About CORRE

CORRE is a Canadian company that utilizes its proprietary Advanced Recovery
Equipment Systems ("ARES") program to provide five comprehensive solutions for
oil recovery and soil remediation. ARES I, II and IV are commercialized
technologies offering economically viable and environmentally safe sludge
treatment solutions and remediation of oil contaminated sand, soil and solids.
ARES III is currently being commercialized for the extraction of oil from tar
sands and ARES V represents a bioremediation technology in research and
development. CORRE plans to deploy ARES in the oil producing countries of the
Middle East and other regions where there is substantial demand for its oil
recovery and remediation services.


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.

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