Genoil’s technology GHU(TM) patent approved by United States Patent

TSX.V SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB

CALGARY, AB, March 15, 2006 – Genoil Inc. is pleased to announce that the United States Patent and Trademark Office has approved the patent of its innovative upgrading technology, the GHU (Genoil Hydroconversion Upgrader). The GHU patent was officially issued on February 21, 2006 and it means a great step in the commercialization of the upgrader. Genoil is proud of offering this technology as an alternative to other upgrading process and as a solution to the existing problems of the oil and gas production and refinery industry.

The GHU uses hydrogen addition to convert heavy oil fractions into a lighter synthetic crude, with reduced sulphur and nitrogen contents that can be pipelined from the field without the need for mixing lighter oil or adding diluents and bring a higher price than the heavy crude with high sulphur content. The GHU process can not only increase the value of the oil, but also increase the volume output, while eliminating sulphur, nitrogen, metals and other contaminants from the oil, and helping to meet tight environmental regulations for clean transportation fuel. The GHU produces no coke in the upgrading process unlike traditional upgrading schemes that use the coking technology to upgrade, and the heavy residue fraction left after upgrading is reused as a gasifier to produce the required hydrogen to operate the process.

Genoil has been working since the filing of this patent on improvements in its process, and is planning additional patents to cover those improvements in the near future. “We are very excited about our newly issued US patent and Genoil’s outlook for the use of the GHU technology to help relieve the current crude supply restrictions and allow the heavier crude fractions to be upgraded into a more useful synthetic crude which in turn will allow for increased production of motor fuels with reduced sulphur content. The world’s oil supply is getting heavier every year and the GHU technology will allow producers to utilize their production of heavy crude, receive a higher price for the upgraded crude and assist in keeping up with the increasing demand to find more crude sources to meet the demand” according to James Runyan, Senior Vice President of Operations and Engineering in Alberta.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. 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 FURTHER INFORMATION PLEASE CONTACT:
James Runyan
Senior Vice President
Tel: 780-416-5590
www.genoil.net

ADVISORY: 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 exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers 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. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client.

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