Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

January 31, 2008 06:00 ET

Genoil and Aquamation Announce Site Preparation and Transport of Major Equipment for Abeokuta and Geregu

Companies working to complete two Nigerian Gas Company Natural Gas Metering Facilities for Zakhem Construction - Nigeria

CALGARY, ALBERTA--(Marketwire - Jan. 31, 2008) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) and Aquamation Inc. announced today that site work at the Abeokuta Gas Metering Plants in Nigeria is underway and gas plant equipment is being installed. The plant is expected to be commissioned in 60 to 90 days.

Further major equipment for the Geregu Gas Metering Plant has been engineered, fabricated and shipped from Houston to Lagos, Nigeria. Both projects are underway for the Nigerian Gas Company (a wholly owned subsidiary of Nigerian National Petroleum Company) and on behalf of Zakhem Construction - Nigeria. Aquamation and Genoil are performing these projects under the previously announced Joint Operating Agreement between the companies.

Genoil's Chief Operating Officer, James Runyan, said: "Both Genoil and Aquamation are working as a team to successfully deliver these projects and develop additional projects on which we will collaborate. We believe our relationship with Aquamation will help drive growth and revenues."

Aquamation Chief Operating Officer, Anthony Lewis said, "Our successful collaboration on these projects should allow us to jointly tackle a growing pipeline of prospective projects."

About Aquamation

Aquamation, Inc. was founded in 1998 and is an engineering company & global supplier of process plants and industrial water treatment solutions to the petrochemical and oil & gas industries. Aquamation has provided these plants to major customers including international and national oil companies operating in Indonesia, Malaysia, Saudi Arabia, China, Taiwan, Nigeria and the United States.

About Genoil

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

About Zakhem Construction

Zakhem Construction - Nigeria is part of the Zakhem Group, a large contracting company whose core business is the construction of Oil and Gas related projects throughout Africa and the Middle East. With over forty years experience in the region Zakhem has proved to be highly adept at meeting the challenging needs that are required by the growth of the economies in the region.

ADVISORY: Certain information regarding the company, including management's assessment of future plans, strategic partnerships, operations, financing outcomes and the ability to negotiate a definitive agreement on terms acceptable to both parties may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and the ability to access sufficient capital from internal and external sources. When used in this press release, such statements use words such as "intend", "may", "will", "expect", "believe", "plan" and other similar terminology. As a consequence, actual results may differ materially from those anticipated. The Corporation 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. Additionally, 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. Further information on potential risk factors that could affect the company's financial results can be found in the company's disclosure materials filed on SEDAR at and with the Securities and Exchange Commission.

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

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