GENOIL ANNOUNCES TESTING AGREEMENT WITH HEBEI ZHONGJIE
TSX.V SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
Calgary, Alberta, Canada.- Genoil Inc. (“Genoil” or the “Corporation”) is pleased to announce that it has entered into a definitive testing agreement with Hebei Zhongjie Petrochemical Group Company Ltd. (“HZ”) for testing of their heavy oil at Genoil’s pilot plant. This agreement was signed on April 16, 2007 and the oil samples of the M180 blend and HZ refining residual oil are to be shipped to the Genoil Two Hills, Alberta, pilot facility at beginning of May, with arrival estimated in early June. The test run at the pilot facility will allow Genoil to complete its feasibility study and determine the final catalyst selection, operating conditions and optimization of the Genoil GHUTM process required to move this project into the Front End Engineering and Design (“FEED”) phase, subject to final project funding once the FEED study is complete. The Hebei Zhongjie GHUTM project is currently on schedule and slated to begin plant start up as planned. Genoil plans to begin working with EPC (Engineering, Procurement & Construction) contractors upon completion of the FEED study and once final project funding has been secured.
“We are very pleased with the progress made to date and are eager to continue with the testing and FEED studies to keep this project moving on schedule. Hebei Zhongjie has been and continues to be an excellent client to work with and we look forward to their continued involvement and support on this project”, stated Genoil’s COO and Executive Vice President, James Runyan.
Genoil is a technology development and engineering company providing sound solutions to the oil and gas industry through the use of proprietary technologies. The GHUTM is designed to economically convert high sulphur heavy oil into more valuable light upgraded oil, high in yields of transportation fuels, while significantly reducing the sulphur, nitrogen and other contaminants. Genoil’s shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.
To learn more about Genoil visit www.genoil.net or contact:
Chief Operating Officer and Executive Vice President
Phone (780) 416-5590