PEORIA, Ill., April 27, 2011 /PRNewswire/ -- Oceanic Research and Recovery Inc. (OTC: ORRV), a marine salvage and exploration company, today announced that it has entered into a joint venture agreement with the Mares Del Sur Association to pursue shipwreck projects in Peru.

This project will focus on working in partnership with Mar Del Sur Association, a Peruvian based organization dedicated to locating and recovering Colonial era Spanish galleons lost along the coast.  Named Southern Cross, the venture is due to begin in the late May to early June timeframe.

During the colonial years of 1550 to 1800 what was then the Viceroyalty of Peru was one of the richest of Spain's possessions in the New World.  Tons of silver and gold regularly shipped out of Peru on board ships of the South Seas Armada which transported the vast wealth to Panama where it was then shipped across the isthmus and put on board ships bound for Spain.

"Southern Cross has been in development for almost three years," said Scott Heimdal, CEO of ORRV.  "This is only one of the exciting developments that will be announced in the coming weeks."

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About Oceanic Research and Recovery Inc.

Oceanic Research and Recovery Inc. (OTC: ORRV) is engaged in the exploration of shipwrecks and has multiple shipwreck projects in various stages of development around the world.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of risk factors inherent in doing business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

For additional information or to facilitate interviews, please contact:

Terry L. Towery
ORRV Communications Director
309-696-4249
Terry.Towery@orrvweb.com

Peter Tobia
ORRV Investor Relations
908-331-0669
Peter.Tobia@orrvweb.com

SOURCE Oceanic Research and Recovery Inc.