GENOIL INC. ANNOUNCES APPROVAL OF GRANT OF STOCK OPTIONS

TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB

Calgary, Alberta, Canada: Genoil Inc. (the “Corporation”) reports that the board of directors of the Corporation (the “Board”) has conditionally approved the grant of 400,000 options for common shares of the Corporation, to be exercised at a price of $0.57 and expiring on March 10, 2012, to one of the Corporation’s employees. 25% of such options will vest on March 10, 2008 with an additional 25% to vest annually on March 10 in each of 2009, 2010, and 2011. The granting of these options is conditional upon the receipt of all necessary regulatory and stock exchange approvals and upon the receipt of disinterested shareholder approval for the increase in options available for grant under the Corporation’s stock option plan at the Corporation’s next annual and special meeting of shareholders.

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

For more information on Genoil Inc. visit www.genoil.net
David Lifschultz
Chairman and CEO
(212) 688-8868

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.