GENOIL AND AQUAMATION ANNOUNCE COMMENCEMENT OF WORK
Companies to collaborate on two Nigerian Gas Company (a wholly owned subsidiary of Nigerian National Petroleum Company) Natural Gas Metering Facilities for Zakhem Construction – Nigeria
Calgary, Alberta, Canada— December 5th, 2007 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) and Aquamation, Inc. announced today that Genoil has commenced work on Aquamation’s Geregu and Abeokuta Gas Metering Plants in Nigeria. Both projects are underway for the Nigerian Gas Company (a wholly owned subsidiary of Nigerian National Petroleum Company) and on behalf of Zakhem Construction – Nigeria. Aquamation and Genoil will perform these projects under the previously announced Joint Operating Agreement between the companies.
Genoil Chief Operating Officer, James Runyan, said: “We are excited about building our revenues in our process equipment division and expanding our capabilities to deliver solutions to clients in the oil and gas industry. We believe our Joint Operating Agreement with Aquamation will help drive future growth and revenues.”
Aquamation Chief Operating Officer, Anthony Lewis said: “We are very pleased to have Genoil join with our staff to complete these two strategic multi-million dollar projects. Gas Metering facilities reduce pressures and flow rates coming off of gas pipelines, clean the gas to make it useable and measure how much gas is being sold by the gas company to the end user (e.g. Power Plants, Industrial facilities requiring gas, etc.). Nigeria’s immediate electricity demand is for approximately 70,000 megawatts while current capacity is around 7,000 megawatts. Aquamation, with Genoil’s support, can now consider more of these projects.”
Aquamation, Inc. was founded in 1998 and is an engineering company & global supplier of process plants and industrial water treatment solutions to the petrochemical and oil & gas industries. Aquamation has provided these plants to major customers including international and national oil companies operating in Indonesia, Malaysia, Saudi Arabia, China, Taiwan, Nigeria and the United States.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation and marine technologies for the oil and gas and commercial marine industries.
About Zakhem Construction
Zakhem Construction – Nigeria is part of the Zakhem Group, a large contracting company whose
core business is the construction of Oil and Gas related projects throughout Africa and the Middle East. With over forty years experience in the region Zakhem has proved to be highly adept at meeting the challenging needs that are required by the growth of the economies in the region.
CONTACT: Genoil Inc.
James Runyan, Chief Operating Officer & Executive Vice President
Phone: (780) 416-5590
CONTACT: Aquamation, Inc.
Anthony Lewis, Chief Operating Officer
Phone: (713) 914-9300
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, revenues, strategic partnerships, operations, financing outcomes and the ability to negotiate definitive agreements on terms acceptable to both parties may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and the ability to access sufficient capital from internal and external sources. When used in this press release, such statements use words such as “intend”, “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. As a consequence, actual results may differ materially from those anticipated. The Corporation 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. Additionally, 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. Further information on potential risk factors that could affect the company’s financial results can be found in the company’s disclosure materials filed on SEDAR at www.sedar.com and with the Securities and Exchange Commission.