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Last C$0.06 CAD
Change Today +0.025 / 71.43%
Volume 16.0K
CVR On Other Exchanges
As of 10:59 AM 08/27/15 All times are local (Market data is delayed by at least 15 minutes).

canadian oil recovery & reme (CVR) Snapshot

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canadian oil recovery & reme (CVR) Details

Canadian Oil Recovery & Remediation Enterprises Ltd., a clean technology company, provides oil waste management solutions to the upstream and downstream petroleum sector, private and public companies, municipalities, and federal governments in the Middle East and North Africa. It offers sludge treatment, oil-contaminated soil remediation, and oil recovery services through its proprietary advanced recovery equipment systems. The company also provides oil storage and tanker tank cleaning services, including sludge minimization, de-sludging, tank cleaning, and oil recovery services. In addition, it offers drill cuttings waste treatment services; and industrial waste management solutions consisting of waste audits and brokerage, hazardous waste handling and treatment, recycling at waste transfer stations, sampling and analysis, hazardous liquid and solids disposal, and waste segregation and minimization. Further, the company provides oil and gas engineering services for oil and water separation facilities; and project management services. It has a strategic alliance with CANAR Trading and Contracting Company. The company is headquartered in Toronto, Canada.

canadian oil recovery & reme (CVR) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: C$415.8K
Chief Financial Officer
Total Annual Compensation: C$80.9K
Compensation as of Fiscal Year 2014.

canadian oil recovery & reme (CVR) Key Developments

Canadian Oil Recovery & Remediation Enterprises Ltd., Annual General Meeting, Jun 19, 2015

Canadian Oil Recovery & Remediation Enterprises Ltd., Annual General Meeting, Jun 19, 2015., at 14:00 US Eastern Standard Time. Location: 141 Adelaide Street West. Agenda: To receive the audited financial statements of the corporation as at and for the years ended December 31, 2014 and 2013; to fix the number of directors to be elected at the Meeting at eight; to elect the directors of the Corporation for the ensuing year; to appoint Kreston GTA LLP as the auditors of the corporation and to authorize the directors to fix the auditors' remuneration; to consider and, if deemed advisable, to pass an ordinary resolution, the full text of which is set forth in the accompanying Management Proxy Circular, ratifying, adopting and approving the Stock Option Plan of the corporation in the form set out in Schedule "A" to the Management Proxy Circular; and to transact such further or other business as may properly come before the Meeting or any adjournment(s) thereof.

Canadian Oil Recovery and Remediation Enterprises Ltd. Enter into Equipment Lease Agreement with HERA AG Ambiental S.L. to Lease its ARES I Soil Washing Plant

Canadian Oil Recovery and Remediation Enterprises Ltd. announced that it has entered into an equipment lease agreement with HERA AG Ambiental S.L. to lease its ARES I soil washing plant presently stored in Kuwait pending deployment in future soil remediation projects. HERA chose to lease and add CORRE's ARES I soil washing plant to their current facility in Kuwait for the purpose of increasing their overall soil washing capacity. The term of the Agreement is for 19 months. In the period of the first seven months of the term of the Agreement, HERA will be removing ARES I from storage, making any necessary electrical and mechanical repairs and upgrading the soil washing capacity of ARES I. Under the terms of the Agreement, all repairs, maintenance and upgrading costs which also include USD 1,014,000 for the purchase of new higher capacity pumps, parts and components, will be paid by HERA. Furthermore, HERA will pay CORRE a one-time payment of USD 80,000 to cover the lease and security deposit of ARES I for the Initial Period. Thereafter, and for a period of one year, HERA will start paying CORRE monthly lease payments calculated on the basis of a fixed daily rate of USD 690 plus USD 2.92 per cubic meter of oil-contaminated soil washed using the upgraded ARES I on condition that a minimum of 5,000 cubic meters and a maximum of 7,000 cubic meters of oil-contaminated soil is washed per month.

Canadian Oil Recovery and Remediation Enterprises Ltd. Announces Major Drill Cuttings Treatment Contract in Kuwait

Canadian Oil Recovery and Remediation Enterprises Ltd. announced that SAR AS, the MENA operating partner of CORRE in SAR-CORRE MENA Limited (SCM), has been awarded a major multi-million dollar contract by the Kuwait Oil Company (KOC) to treat oil based mud (OBM) drill cuttings (KOC Contract). The KOC Contract includes the mobilization and construction of a fully equipped permanent facility to treat 26,000 tons of drill cuttings per year as specified in the contract. This facility will be built using the proven drill cuttings treatment technology and process of SAR's world class facility currently operating in Averoy, Norway, which has the capacity to treat 50,000 tons of drill cuttings per year. The treatment capacity of the new facility can be increased if and when needed. The term of the KOC Contract is for 5 years with a one-year extension option during which 130,000-156,000 tons of drill cuttings are expected to be treated. The contract provides a 6 month mobilization period starting July 10, 2014. Accordingly, the permanent facility is expected commence operations on or before January 10, 2015. The company is unable to disclose the total contract amount at the present time in order to safeguard the confidentiality of its proprietary processing rate and its bidding prices for similar ongoing high value drill cuttings contracts in the Gulf. At the present time, the company's operating partner is in the process of bidding for another major onshore drill cuttings treatment contract, and is also preparing to bid on an equally major drill cuttings contract located offshore. Notwithstanding this current limitation for competitive purposes, the company is able to provide the following particulars pertaining to the KOC Contract: The estimated capital expenditures of the KOC Contract are approximately $8.5 million (45% of which will be CORRE's proportionate obligation in connection with its ownership interest in SCM); Upon completion of mobilization, a payment in the amount of $1.65 million will be due to SCM from KOC; Based upon company management's review of contracts awarded in the MENA and other regions for drill cuttings tenders during the past 4 years, the estimated range of the service industry average operating cost under such agreements is between $120 and $275 per ton and SCM's costs will be within this range. The three primary factors affecting the actual cost of operators under such agreements are: a. volume (economies of scale may result in lower operational costs); b. the technology being employed (for example, direct thermal desorption, as compared to indirect thermal desorption); and c. total overhead costs; and though the absolute contract value cannot be disclosed at this time, the company is able to confirm that the total revenue payable under the KOC Contract exceeds $18 million.


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