Genoil Announces Grant of Stock Options

   Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) announced today that the Board of Directors of the Corporation has approved a grant of an aggregate 3,500,000 options to directors and consultants to acquire up to 3,500,000 common shares of the Corporation as compensation.

The two outside directors of the Corporation, Alan Heller was granted 1,150,000 and David A. Johnson, have each been granted 1,000,000 options in consideration for serving on the board for 2011. Brian Korney, Chief Financial Officer was granted 200,000 options. The remaining 950,000 of such options have been granted to employees and consultants of the Corporation.

2,950,000 options were approved with an exercise price of C$0.11 including all Officers of the Corporation, being the closing price of Genoil's shares on the TSX Venture Exchange on the date of this press release and the balance of 250,000 options to a Consultant were approved with an exercise price of C$0.20. All of the options approved have a term of five years from the date of grant and vest immediately, and are conditional upon the receipt of all necessary regulatory and stock exchange approvals.

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

ADVISORY: 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 [phone] [e-mail] www.Genoil.ca