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Genoil Appoints Slobodan Puhalac to the Board of Directors

CALGARY, ALBERTA  (Marketwired – Jul 16, 2013) –  (TSX VENTURE:GNO)(GNOLFGenoil announced today that it has appointed Slobodan Puhalac, former Minister of Economy, Energy and Development in Bosnia to the Company‘s Board of Directors. Additionally, Slobodan Puhalac will play critical energy infrastructure role for Genoil and is instrumental in the development of the South Stream pipeline, which by circumventing the Ukraine is one of the most important Russian energy projects.

In line with this Slobodan Puhalac revived Lukoil‘s interest in Genoil’s upgrader for the Yarega Field in the Komi region of Russia. This resulted in Lukoil submitting a new request for proposal (RFP) for a Genoil Upgrader at the Yarega field in November 2012. Discussions are ongoing with Lukoil and others.

Slobodan Puhalac’s directorship will be reviewed by the TSXV in accordance with TSXV policies, including customary background checks.