Genoil Inc.: Completion of Proposed Creditor Settlement.

CALGARY, Alberta -- Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF.OB) announces that it has issued 358,259 common shares at a deemed price of 0.26 per share to conclude part of a previously announced definitive shares for debt settlement agreement with a related party for prior cash advances. The total amount of indebtedness settled in this regard is 93,147.30. The shares issued in connection with the settlement of this debt are subject to a four month hold period from their date of issuance.

Genoil is an international technology development company providing solutions to the oil and gas industries through the use of proprietary technologies, which represent significant breakthroughs in commercial applications. The company's flagship product, the Genoil Hydroconversion Upgrader (GHUTM), combines hydrogen with carbon in order to convert bitumen, heavy oil and refinery residue into light, sweet synthetic oil with higher yields of transportation fuels. The GHUTM also eliminates a majority of contaminants such as sulfur and nitrogen from the feed, and can either be easily integrated into existing refinery infrastructures or be built as a stand alone unit. Genoil believes that by upgrading the 13 million bbls/d of refinery residuals into lighter distillates, the dependency of the world on Middle Eastern light oil can be significantly decreased. The company is headquartered in Alberta, Canada with offices in New York, Mexico, Columbia, Ecuador, Peru, Russia, Saudi Arabia, and Bahrain, with coverage in numerous other countries.

To learn more about Genoil, visit www.genoil.net.

Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Certain information regarding the company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

Genoil Inc. (TSX VENTURE:GNO) (OTC Bulletin Board:GNOLF)