GNO Genoil

Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) ("Genoil") has been invited to open the market on Thursday, March 31st, with the other top companies from each sector from this year's Venture 50. David Lifschultz, CEO of Genoil, is scheduled to be participating in the opening the TSX Venture stock exchange on behalf of Genoil.

TSX Venture 50 Spotlight

Genoil has also been invited to present at the TSX Venture 50 Spotlight on March 31st in Toronto to members of the investment community. TSX Venture 50 companies will be presenting to an audience including portfolio managers, investment bankers, research analysts and investment advisors. The event will feature award presentations, Q&A sessions, speaking opportunities and will conclude with a networking reception. The event will be held at the TMX Broadcast Centre Gallery, 130 King Street West, Toronto, ON. Genoil will present at 2.35pm. At 5.30pm, the "Pick of the Street" will be announced.

The conference will highlight some of the promising companies selected as part of the TSX Venture 50. Genoil was selected as a member of the TSX Venture 50 for 2011, which annually ranks Canada's top 50 emerging companies listed on TSX Venture Exchange. These emerging companies have proven themselves to be the rising stars of Canada's public markets.

About the TSX Venture Top 50

TSX Venture 50® is a ranking of strong performers on TSX Venture Exchange. These promising companies have seen tremendous growth over the past year, offered remarkable return to their shareholders, are actively traded in the market and are well-covered by the analyst community. In short, they have proven themselves to be the rising stars of Canada's public markets. The TSX Venture 50 includes the top 10 companies in 5 major industry sectors that have been identified as leaders in enhancing shareholder value on Canada's junior stock exchange.

On average, these companies have delivered a return of 260% in 2010. The shares of these companies also enjoy a highly liquid market with a total of 3.0 billion shares traded over the course of 2010.

The TSX Venture Exchange is a unique incubator of public companies and the TSX Venture 50 achievements are strong evidence of the opportunities in this market.

Corporate Update:

Genoil has installed two Crystal Sea Separator, the last on board a 2,000,000 barrel Middle East based VLCC tanker. The Genoil team has been working with the client and has been reducing their operating costs. Genoil is also continuing to work on other projects in the Middle East for both GHU upgrading business and Crystal Sea projects and at this stage does not feel that the recent activity in the region will interfere with any of their projects. David Lifschultz, CEO of Genoil states "I believe that Genoil is very close to a contract in the Middle East for both the Genoil Hydroconversion Upgrader and the Crystal Sea separator".

Genoil Inc. also announced today that the Board of Directors of the Corporation has approved a grant of an aggregate 4,250,000 options to consultants to acquire up to 4,250,000 common shares of the Corporation as compensation for services provided. These options were approved with an exercise price of C$0.20, being above the closing price of Genoil's shares on the TSX Venture Exchange on the date preceding this press release. All of the options approved have a term of five years from the date of grant and vest immediately. A larger amount of options granted by Genoil had recently expired.

About Genoil Inc.:

Genoil is a publicly traded Canadian engineering technology development company headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and Dubai & Abu Dhabi. Genoil offers an array of clean tech petroleum technologies. Committed to sustainability, Genoil operates two major research facilities located Canada and Romania. It owns and operates a world class 10 bpd hydroconversion upgrader located on 147 acres, complete with independent water electrolysis unit for high purity hydrogen supply, hydrogen compressor, electrical substation, fired heater, low-pressure separator for vapor-liquid separation, and a PLC for automated operational control in Two Hills, Canada. Genoil's research and development (R&D) personnel develop cutting edge methods and new breakthrough patents to find solutions to the world's complex energy problems. Genoil also owns several patents related the GHU, its water purification, well testing, sand cleaning technologies, and environmental remediation, and centrifuge technologies. Genoil has been successful in patenting these new environmental technologies and with a most recent patent on its sand cleaning technology. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.

For more information on Genoil Inc. visit www.Genoil.ca.

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. 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 www.sedar.com and with the Securities and Exchange Commission.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Genoil Inc. David Lifschultz Chairman & CEO (914) 393-5800 DKLifschultz@genoil.net www.Genoil.ca