Canadian Oil Recovery and Remediation Enterprises Ltd. announced that it has concluded a settlement with HERA AG Ambiental S.L. of Spain (HERA) over its equipment lease agreement whereby CORRE leased its ARES I equipment to HERA. The final settlement agreement provides for a payment by HERA to CORRE of USD 431,505 (CAD 557,280) which includes costs and all outstanding lease payments owing by HERA to CORRE. The full settlement amount will be paid by HERA no later than May 23, 2016 according to the terms of the settlement agreement.