Genoil Receives TSX Second Place Ranking in Diversified Industries Sector

   TSX Venture Exchange has selected Genoil (TSX VENTURE: GNO)(OTCBB: GNOLF) as a member of the TSX Venture 50 for 2011; an annual ranking of Canada's top 50 emerging companies listed on TSX Venture Exchange. The Venture 50 includes the top ten companies in five major industry sectors that have been identified as leaders in providing shareholder value on Canada's TSX exchange. David K. Lifschultz who is deeply concerned about environmental sustainability has led Genoil in developing technologies which can benefit the environment. He has pushed Genoil's engineering department to innovate and expand its technologies into different sectors.

"The second place selection of Genoil by the TSX in the diversified industries sector recognizes Genoil's achievements. Our research and development team has been pushing hard to develop new applications for our technologies. As an example, Genoil had earlier developed land based oil water separation units. Then diversified this product line by miniaturizing it for ship bilge water systems and submarines and adapting it for wastewater treatment, and port cleaning applications. This creates three different and separate product lines. Genoil's efforts have been recognized by Sheikh Sultan bin Khalifa Bin Zayed Al Nahayan, the first born son of the ruler of Abu Dhabi, who established a parnership named Genoil Emirates to roll out these environmentally friendly technologies. Abu Dhabi is extremely concerned about the environment and sustainability," says Mr. Lifschultz.

Genoil has recently created a system to handle large oil spills with the capacity to clean 165,000 barrels per day of oily water for less than $5,000,000.00 which would reduce the contamination level in the water to less than 5 parts per million. The separated oil from a spill can be sold commercially to pay for the costs of the operation.

Furthermore Genoil has developed an unparalleled upgrading technology and adapted its use in oil fields where there was no hydrogen supply. This gives the GHU an enormous advantage as it can upgrade and desulfurize fields that have no localized source of hydrogen. This opens up billions of barrels of otherwise stranded oil. The GHU is the worlds first "zero waste" upgrading technology.

In addition in its research to develop a commercial hydrogen source through electrolysis, Genoil invented the worlds fasted disk stack centrifuge capable of 30,000 revolutions per minute.

TSX Venture 50 Spotlight

Genoil has been invited to attend the TSX Venture 50 Spotlight on March 31st in Toronto with members of the investment community. TSX Venture 50 companies will be presented to an audience including portfolio managers, investment bankers, research analysts and investment advisors. The event will feature award presentations, Q&A sessions and speaking opportunities, and will conclude with a networking reception.

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, it's 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. Investor Relations [phone] [e-mail] www.Genoil.ca