James Runyan Joins Genoil as Senior Vice President of Engineering and Operations; Genoil Selected to Present at 4th Russian & CIS Refining & Petrochemical Conference

EDMONTON, ALBERTA, Mar 10, 2006 (CCNMatthews via COMTEX)

Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that James Runyan who has been in a management consulting role has joined Genoil as Senior Vice President of Engineering and Operations effective immediately. James Runyan has significant engineering, procurement, and construction experience, as well as an impressive track record of growing companies. “Mr. Runyan has the management talent that can lead Genoil effectively. His experience in refining and with refinery managers as well as his tremendous track record growing other hydrocarbon companies from initial stages into established companies with significant revenues will benefit Genoil and our shareholders greatly,” stated Chairman and CEO David Lifschultz. Mr. Runyan stated that he is “excited at the opportunity and after reviewing the Genoil technology and its possible applications is looking forward to providing hands on management to help open doors that will facilitate the expansion of the Genoil technology on a global scale and help Genoil execute projects more efficiently.”

Genoil was selected to present on their leading hydroconversion (GHU) technology at the 4th Russian & CIS Refining & Petrochemical Conference, a key conference with special presentations by: YUKOS, SIBNEFT, LUKOIL, TATNEFT, SIBUR, FOSTER WHEELER, UOP and others, that will be attended by refinery managers and petroleum executives. Mr. Runyan will be attending the conference and presenting the GHU technology for upgrading Russian crude on Genoil’s behalf.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader (GHU) can economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulphur, nitrogen and other contaminants in the oil.

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.

Genoil Inc.
David Lifschultz
Chairman and CEO
(212) 688-8868
(914) 393-5800
Website: www.genoil.net

Statements included in this release may constitute forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development and performance, market demand, and the company’s ability to obtain new contracts. 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 applicable securities regulators.

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 related technologies, production, marketing and transportation; as a consequence, actual results and outcomes 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.