Canadian Oil Recovery and Remediation Enterprises Ltd. (CORRE) announced that the company has entered into formal loan agreements in connection with the previously announced funding of the SAR-CORRE MENA (SCM) partnership's $2.5 million operating budget for 2013. With a 45% 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 shareholder's 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 fund CORRE's shareholder loan to SCM. The Al- Hamdan loan is unsecured and 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% of its 45% interest in SCM to Mr. Al-Hamdan. Funds to be advanced under this loan are deliverable in stages, from now through December 31. The loan agreement with Mr. Dahlawi represents his proportionate contribution to the SCM operating budget in his capacity as an owner of 40% of the corporate entity that owns 10% of SCM. This obligation of Mr. Dahlawi is being funded through CORRE primarily for administrative ease. The loan through CORRE is also unsecured, and bears no interest and is repayable upon the earlier of: two and one half years from the date of the Agreement; and the repayment by SCM of all shareholders' loans to shareholders of SCM.

CORRE announced that Mr. Alex Gress is stepping down as Senior Vice President and CFO. Mr. Gress will continue with the company as a Director. Mrs. Ying Chen Young is replacing Mr. Alex Gress in the interim as CFO with a mandate to organize the accounting department of SCM in Dubai.