Edmonton, Alberta, Canada. – September 19, 2007 – Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) is pleased to announce the successful completion of our test run of the heavy crude and residual oil blend previously provided for testing by Hebei Zhongjie Petrochemical Group Company Ltd. (“HZ”).
The final design and operating conditions for the Genoil GHU® upgrader installation will be established based on the data gathered during this testing phase, allowing Genoil to proceed with completion of the FEED (Front End Engineering & Design) package for the proposed 20,000 BPD Genoil GHU® upgrading complex at Hebei Zhongjie’s refinery in Nampaihe Town, Huanghua City, Hebei, China. The construction of the proposed upgrading complex remains subject to the completion of the definitive agreement between the parties and appropriate financing. The project is on schedule with an estimated completion and start-up date of late 2009 or beginning of 2010.
James Runyan, COO Genoil, stated “the testing and upgrading of the blended M180 crude and residue oil was completed with expected results. The blended feed was upgraded and contaminants such as sulfur and nitrogen were reduced, delivering a suitable product for the new distillation columns downstream of the GHU® upgrader. The unit can deliver usable high value products directly from the GHU® and associated distillation section into the existing refinery product pool. This is expected to give the HZ refinery an increased capacity of 20,000 BPD without the need to expand other units in the refinery to handle the increased volume of feed. We have the preliminary results and some lab analysis completed indicating the testing went very well with preliminary results showing a significant improvement in the quality of upgraded oil versus feed stock after processing through the GHU®. We are very pleased with the early results and plan to have completed all laboratory analysis in the coming weeks. Genoil Inc. has also sent separate samples to a laboratory in China for a second round of testing and verification of the GHU® upgrading results.”
Genoil Inc. is an international engineering technology development company based in Alberta, Canada that owns, developed and continues to develop innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries
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Chief Operating Officer & Executive Vice President
ADVISORY: Certain information regarding the company, including management’s assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company’s technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company’s technologies 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.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 and with the Canadian Securities Administrators.
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