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.