TORONTO, ONTARIO--(Marketwire - Aug. 31, 2012) - Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX VENTURE:CVR)(OTCQX:CRVYF) ("CORRE" or the "Company") announces that the Company's application to applicable securities commissions for the imposition of a Management Cease Trade Order, in accordance National Policy 12-203 has been granted. The Management Cease Trade Order applies in respect of John Lorenzo, President and Chief Executive Officer of the Company, and Alex Gress, Senior Vice-President and Chief Financial Officer of the Company. As noted in the Company's press release dated August 27, 2012, the foregoing relief was requested by the Company as it was unable to file its financial statements and corresponding management discussion and analysis for the second quarter ended June 30, 2012 (the "Financial Statements") on or before the filing deadline of August 29, 2012. The delay in filing the Financial Statements is due to the fact that the Company received material revenues for the first time during the quarter ended June 30, 2012 pursuant to the BP PLC contract with CORRE's operating partner, SAR AS ("SAR"), with respect to the cleaning and treatment of drill cuttings for BP PLC in Jordan (for details concerning this contract, see CORRE's press release dated February 1, 2012). SAR is responsible for the accounting of the SAR-CORRE MENA ("SCM") partnership, as well as the project accounting under the foregoing contract. As SAR recently completed a major buy-out transaction, whereby it was purchased by Stirling Square Capital Partners out of London and new financial personnel have been employed by SAR, complete and accurate financial information was not available to CORRE in order for CORRE to accurately complete the Financial Statements prior to the filing deadline.

As noted in the Company's press release dated August 27, 2012, management of the Company will be meeting with SAR during the beginning of September 2012 in Norway to discuss the project accounting (including the allocation of certain costs among the parties) and anticipates filing the Financial Statements within 30 days of the filing deadline. CORRE re-affirms that it intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.


CORRE is a Canadian-based company which trades on the TSX Venture Exchange under the symbol CVR and on the OTCQX®, the highest tier of the U.S. OTC market, under the symbol "CRVYF". 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.

Contact Information:

Alex Gress
CFO, Senior VP and a Director

David Freeman
Corporate Development & Shareholder Communications