Genoil Inc GNOLF

NR

[funfinder]

March 3, 2006 Genoil Inc. Announces Compensation of Consultant CALGARY, ALBERTA--(CCNMatthews - March 3, 2006) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil" or the "Corporation") hereby announces the issuance of 36,144 shares to Emil Pena as compensation for consulting services provided to the Corporation during 2005. These shares are issued at 0.83 per share being the closing price on March 2, 2006. These shares have been issued pursuant to the terms of a letter agreement entered into between Mr. Pena and Genoil dated January 1, 2005. Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader can economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants in the oil. Statements included in this release may constitute forward-looking statements. Such statements involve a number of risks and uncertainties such as competitive factors, technological development and performance, market demand, and the company's ability to obtain new contracts. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the applicable securities regulators. ADVISORY: Certain information regarding the company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas related technologies, production, marketing and transportation; as a consequence, actual results and outcomes may differ materially from those anticipated. The company 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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. CONTACT INFORMATION Genoil Inc. David K. Lifschultz Chairman and CEO [phone] Website: www.genoil.net