CORRE Announces Agreement to Acquire Mentra

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CANADIAN OILRECOVERY & REMEDIATION ENTERPRISES LTD. (the "Corporation" or"CORRE") (TSX VENTURE: CVR ) is pleased to announce that it has entered into an agreement toacquire Mentra Life Sciences Inc. ("Mentra"), a private companythat provides engineering services in connection with thecommercialization of high level, new technologies through thedesign, fabrication and development of project equipment andfacilities on a turnkey basis.

Mentra has been a key strategicpartner of the Corporation, having provided all necessaryengineering services to date. This acquisition will bring these keyservices (that include project planning and management) in-housefor the Corporation and will also provide the Corporation with newand immediate income streams from Mentra's established businessoperations.

The total purchase price for Mentra will be $490,000,$340,000 of which shall (subject to regulatory approval) be paidthrough the issuance of 523,077 common shares of the Corporation atan ascribed price of $0.65 per share. Mr. Wayne McKinnon, whocurrently serves as a director of the Corporation and is thePresident and sole shareholder of Mentra, has agreed to serve asPresident of the Corporation and has entered into a writtenemployment agreement with the Corporation and Mentra for a term ofthree (3) years at a combined annual salary of $150,000 per annum.Mr. John Lorenzo, the current President and Chief Executive Officerof the Corporation, will continue to serve as the Chief ExecutiveOfficer of the Corporation following completion of thisacquisition.
 
As noted above, the relationship between CORRE and Mentra has beenan integral one, with Mentra having provided assistance with thedesign and fabrication of CORRE's proprietary Oxidation Strippingequipment and having acted as CORRE's key consultant innegotiations, discussions and supervision in connection with thedevelopment of CORRE's 20-ton APEX process equipment. Thisacquisition will result in valuable synergies for both companies.