GENOIL INC. ANNOUNCES CHANGES IN MANAGEMENT AND PROVIDES UPDATE ON CRYSTAL SEA SEPARATOR STRATEGY|GenOil Inc.

GENOIL INC. ANNOUNCES CHANGES IN MANAGEMENT AND PROVIDES UPDATE ON CRYSTAL SEA SEPARATOR STRATEGY
2008-06-02

Calgary, Alberta, Canada – June 2, 2008 – Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) is pleased to announce the appointment of Mr. Thomas Bugg as President of the Corporation. Mr. Bugg has been involved in both the oil industry and with technology business for the last 25 years through previous direct involvement with the Corporation and through various public and private companies. During that time he has been involved in several acquisitions and consolidations of companies.

Mr. Bugg has been intimately involved with the oil and gas and upgrading industries as well as the technology business through a variety of different companies. Mr. Bugg has also been involved in attempting to develop an efficient portable upgrader and has experience with many different types of upgraders including ultrasonic, chemical reactions and small pressure vessels.

Mr. Bugg was one of the original founders of Ensign Drilling Limited, currently one of the largest drilling contractors in North America. Subsequent to that time Mr. Bugg was involved in several private companies including small oil and gas companies and oil tool manufacturers before commencing Beau Canada Exploration Limited (“Beau”) as a public company listed on the Toronto Stock Exchange, for which he acted as Chairman, CEO and President, taking the company from no production in 1988 to over 18,000 BOE by the year 2000. Beau was subsequently purchased by a large independent US company for over $750MM including debt.

In the late 1990s, Beau took over majority interest of the Corporation and under Mr. Bugg’s leadership changed Genoil’s mandate to become a technology company focused on the development of small economic upgraders. Mr. Bugg was initially President and CEO of this company and following Beau’s purchase in late 2000 Mr. Bugg continued to manage the operations of the Corporation until December 31, 2005 whereafter he acted as a consultant to the Corporation until June 30, 2006.

Mr. Bugg has served on the board of several private and public companies and has additionally served on the Board of Governors for the Canadian Association of Petroleum Producers.

The Corporation has additionally announced that following an internal review it has determined to adopt a new marketing strategy in respect of its Crystal Sea separator for marine use. As a result of such review the Corporation will be reducing the price of its Crystal Sea separator by as much as 40% with additional discounts provided for volume purchases.

Further, and in connection with the reorganization of the Corporation’s management, the Corporation has announced that Mr. James Runyan has ceased all duties with the Corporation and as such, no longer serves as the Corporation’s Chief Operating Officer and Executive Vice President.

About Us

Genoil Inc. is an international engineering technology development company based in Alberta, Canada, that develops innovative hydrocarbon, oil and water separation, and marine technologies.

For further information contact:

David Lifschultz

Chairman and CEO

(212) 688-8868

www.genoil.net

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

FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, 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 Genoil’s financial results can be found in Genoil’s disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.