SOURCE: Ethanoil and Gas Corp.

November 21, 2007 16:01 ET

Ethanoil Acquires Fuel Cell Rights

LAS VEGAS, NV--(Marketwire - November 21, 2007) - Ethanoil and Gas Corp. (PINKSHEETS: EGCP) today announces that its majority-owned subsidiary, Polygenic Power Systems Inc. ("PPS"), has completed an agreement by which PPS has acquired the exclusive rights to develop and market unique Direct Methanol Fuel Cell ("DMFC") technologies. As part of the agreement, PPS has also acquired the right to develop and market certain flat-plate rechargeable alkaline battery technologies for use in fuel cell hybrid power systems.

Under the terms of the agreement, EGCP, through PPS, has acquired the licenses for cash payments that will total CDN $1,000,000 and for the issuance of 12,000,000 common shares of the company. The Master License grants the development and commercialization rights to a Flowing Electrolyte Direct Methanol Fuel Cell and it also provides for PPS to purchase all rights to the fuel cell technologies for a nominal price upon achievement of certain milestones and approvals.

John Davenport, EGCP president, stated, "This DMFC represents an exciting opportunity for our company and its shareholders. There is increasing demand for environmentally friendly alternative power systems. We believe that the Flowing Electrolyte DMFC is a very unique solution for a wide variety of uses and that the flat-plate rechargeable alkaline battery technology will be an effective and economical alternative to current battery technologies when used in fuel cell hybrid power systems."

Ethanoil and Gas Corporation (EGCP) is an independent energy company focused on innovative strategies that directly respond to the most recent developments in the energy and technology sectors.

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

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