CORRE Provides Update On Contract Bidding

CORRE FINALIZING CONTRACT TERMS WITH OIL SUPERMAJOR AND PROVIDES UPDATE ON KUWAIT CONTRACT BIDDING Toronto, Ontario, January 4, 2012- Canadian Oil Recovery and Remediation Enterprises Ltd. (TSX-V: CVR, OTCQX: CRVYF) ("CORRE" or the "Company") is pleased to announce the Company is the winning bidder and is currently finalizing an oil waste management contract for the treatment of drill cuttings with an oil supermajor for operations in the Middle East. Additionally, CORRE is providing an update on the Company's active bidding progress for a soil remediation and oil recovery contract (the "SEED Contract") tendered by the Kuwait Oil Company ("KOC").

CORRE, through its SAR-CORRE MENA ("SCM") operating partnership established with SAR AS ("SAR"), a leading Norwegian oil waste management operating company, is the winning bidder and is currently finalizing a contract with a petroleum supermajor to clean and treat oil and gas drill cuttings in Jordan. The contract, which is expected to be finalized during this January, will have a two year term with an optional 1 year extension by the customer. It will not be a fixed price contract, but based on a daily operating rate payable for days of normal operation or otherwise, a daily standby rate. In addition there will be a fixed lump sum payment for equipment mobilization and demobilization. Commencement of mobilization is anticipated during January and operations under this contract are expected to commence by the beginning of the second quarter of 2012. CORRE will provide further details when the contract is fully finalized.
In addition to the Company's soil remediation and oil recovery service line, CORRE believes the opportunity to provide treatment of drill cuttings for an oil supermajor is significant as this creates further oil waste management opportunities with this customer in the Middle East. Additionally, this will provide a successful operating track record for drill cuttings treatment that the Company will leverage into the Kuwait and Saudi Arabian markets where CORRE believes it has a competitive advantage through its strategic shareholders and longstanding alliances.

Update on KOC Seed Contract

As previously announced, CORRE, through its SCM operating partnership, submitted bids for three SEED Contracts during the third quarter of 2011. Since the Company's tender submission, KOC has written to us twice requesting clarification of certain specific items in our bid documents. We responded to KOC with comprehensive clarifications and confirmed our compliance with all their tender's terms and conditions. As previously stated, bidders are being evaluated in multiple areas, including commercial terms (price), technology and operating process, effectiveness of land rehabilitation, and health and safety standards.
Subsequently, we have received two requests from KOC to extend our bid bond with respect to one of the SEED contracts (a "Lot") with a value of approximately $90 million. Most recently KOC has requested and we have since extended our bid bond with respect to this Lot from January 3, 2012 to March 3, 2012. As each bidder is eligible to win only one Lot (as KOC wants to evaluate several operators and technologies), CORRE believes the extension of the bid bond for this Lot indicates continued active evaluation of the narrowing field of remaining bidders and further indicates significant interest in the SCM tender as not all bidders have had their bid bonds extended.
These released tenders are the first of a series of SEED contracts expected to be issued by KOC and represent only a very small portion of an approximate 6,000 oil pits on the KOC properties. These contracts are also a precursor to larger soil remediation and oil recovery contracts with aggregate values estimated to be in excess of $3 billion for the clean-up of the Kuwait Oil Lakes.
For further information on the SEED Contracts, please refer to the Company's press
releases dated September 9, July 18, May 13 and April 11, 2011.
SCM's senior management team (which include CORRE's CEO and CFO) will be in the Middle East during the second half of January finalizing details for the drill cuttings contract and completing the operating structure of the Company's operations in the Kingdom of Saudi Arabia through the Company's largest shareholder, Al-Najah Advanced Technology Co. Ltd., a subsidiary of the largest construction company in the Kingdom.

About CORRE

CORRE (www.corre.com) is a Canadian-based clean technology company that provides innovative and complete oil waste management and environmental solutions to its customers. 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 services through its owned and operated Advanced Recovery Equipment Systems ("ARES") and through strategic operating partnerships. ARES is a platform of services and operating equipment facilities based on proven technologies and innovative operating processes. 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).

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.

Contacts: CORRE LTD.

Alex Gress - CFO
416-368-4027 [e-mail]
Lindsay Cross
416-368-3050 [e-mail]

KCSA Strategic Communications

Todd Fromer / Phil Carlson
212-896-1215 / 1233 / 1232
[e-mail]