Mr. John Lorenzo reports

CORRE ENTERS INTO LOAN AGREEMENTS TO PARTIALLY FUND SAR-CORRE MENA 2013 OPERATING BUDGET, ONGOING EQUITY FINANCING

Canadian Oil Recovery & Remediation Enterprises Ltd. (CORRE) has entered into formal loan agreements in connection with the previously announced financing of the SAR-CORRE MENA (SCM) partnership's $2.5-million operating budget for 2013. 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. With a 45-per-cent interest in SCM, CORRE's proportional contribution to SCM for the 2013 operating budget is $1,125,000, which is being advanced to SCM by way of a shareholder loan. The two loan agreements entered into by CORRE are with Ahmed Al-Hamdan (in respect of the advance of $562,500) and with Hassan Dahlawi, a director and insider of CORRE (in respect of the advance of $100,000). The foregoing transactions are subject to the review and approval of the board of directors and the TSX Venture Exchange.

The loan contributed by Mr. Al-Hamdan will partially finance CORRE's shareholder loan to SCM. The loan from Mr. Al-Hamdan is unsecured, bears no interest, and is repayable upon the earlier of: five years from the date of the agreement; and the repayment by SCM of the shareholder's loan to CORRE. As further consideration for the foregoing loan, CORRE has agreed to transfer 5 per cent of its 45-per-cent interest in SCM to Mr. Al-Hamdan. Funds to be advanced under this loan are deliverable in stages, from now through Dec. 31.

The loan agreement with Mr. Dahlawi represents his proportionate contribution to the SCM operating budget in his capacity as an owner of 40 per cent of the corporate entity that owns 10 per cent of SCM. This obligation of Mr. Dahlawi is being financed through CORRE primarily for administrative ease. The loan through CORRE is also unsecured, bears no interest, and is repayable upon the earlier of: 2.5 years from the date of the agreement; and the repayment by SCM of all shareholder loans to shareholders of SCM. As Mr. Dahlawi is a director and insider of the company, the foregoing loan is considered to be a related-party transaction and is therefore subject to the provisions of Multilateral Instrument 61-101, however exemptions are available from the minority shareholder approval and valuation requirements set forth in MI 61-101.

The corporation also confirms that its previously announced private placement financing of units for total proceeds of $750,000 is continuing. Investors under the equity financing will be issued up to five million equity units at a price of 15 cents per equity unit, with each equity unit consisting of one common share of CORRE and one-half of one common share purchase warrant. Each whole warrant issued from the equity financing will entitle the holder to acquire one additional common share at a price of 25 cents for a period of three years from closing. All of the common shares and warrants issued in connection with this financing will be subject to a statutory four-month hold period in accordance with applicable securities laws. The capital raised under this financing will be utilized by CORRE to finance the balance of its shareholder loan obligations to SCM and for working capital. It should be noted that funds secured to the equity financing to date are sufficient to finance the balance of the company's shareholder loan obligations to SCM.

CORRE also would like to announce that Alex Gress is stepping down as senior vice-president and chief financial officer. Mr. Gress will continue with the company as a director. Ying Chen Young is replacing Mr. Gress in the interim as CFO with a mandate to organize the accounting department of SCM in Dubai.

We seek Safe Harbor.