Andrey Sergeev Joins Genoil as Chief Geologist

NEW YORK, NY / ACCESSWIRE / October 10, 2019 / Genoil Inc. (OTC PINK:GNOLF) is pleased to announce that Andrey Sergeev is joining Genoil Inc. (the "Company"), through its United States subsidiary, as Chief Geologist. Mr. Sergeev is a highly experienced geologist whose worldwide career has led him to be well-regarded by his peers throughout the industry.

He began his career as Facilities Engineer with Gazprom in 1988. He joined Amoco Eurasia Petroleum Company (a subsidiary of BP Plc) in 1993 as Production Engineer - Field Facilities Engineer, whereby he was based in Moscow and USA. He joined Pechoraneft Oil Co. (Moscow) in 2000 as Technical Director before being appointed as the Head of the Geology and Geophysics Department of West Siberian Resources Ltd in 2005. From 2007 to 2008, he was the Lead Geologist of the Moscow Representative Office of KazMunaiGaz EP. He became the Head of the Project Evaluation Department in KazMunaiGaz EP (based in Astana, Kazakhstan) in 2008 before being promoted to Senior Advisor to the Chief Financial Officer on Geology and Field Development in 2010, a position he held till 2017. Some of his responsibilities include providing valuation of oil and gas opportunities in the Commonwealth Independent States and worldwide as well as working out exploration strategies for new projects at KazMunaiGaz in Kazakhstan and abroad. From 2010 to 2015, he was also the Chief Geologist of the Walter Solutions Energy Division.

David Lifschultz states that "Andrey will be an immediate contributor to Genoil, enabling us to respond to worldwide opportunities for our Genoil GHU technology. His proficient knowledge and experience in geology that he gained working at KazMunaiGaz, as well as other significant petroleum companies, will benefit Genoil and our clients tremendously. Andrey's track record of success in geology should be easily replicated at Genoil to identify excellent oil field assets compatible for GHU technology."

Andrey Sergeev states "I am excited to join Genoil and I strongly believe that the Company's recent first-class results at the UFA Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan, which converted heavy sour crude oil to light oil, should enable us to put Genoil in a market leadership position."

Andrey obtained a Doctor of Philosophy in Geology and a Master of Science in Mechanical Engineering from Moscow Oil and Gas University in 2008 and 1987 respectively. Prior to that, he also earned a Master of Science in Production Engineering from the Tyumen Industrial Institution, Russia in 1994.

In connection with his employment, Andrey has been granted five hundred thousand (500,000) stock options pursuant to the Company's stock option plan, such options being exercisable at US $0.10 per share and vesting over five years, with 100,000 vesting at the anniversary date of each year of employment.

About Genoil

Genoil is an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. The company specializes in heavy oil development and is focused on long term growth. Genoil has developed a proprietary, state of the art patented advanced hydroconversion process technology (heavy to light & sour to sweet). This advanced Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery bottoms into clean crude that is much more valuable. This more valuable crude produces a higher value product slate meaning that this new crude oil refines into clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a common and proven desulfurization process, capable of processing various feedstocks ranging from crude oil to Naptha.

The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.

About The UFA Scientific Research Institute of Petroleum Refining and Petrochemistry

The State Unitary Enterprise ''Institute of Petroleum Refining and Petrochemistry of Republic of Bashkortostan'' is located in the capital of the Republic of Bashkortostan, Russian Federation. This massive state-of-the-art Institute covers more than 12 hectares of land (30 acres) and has 20 research buildings on site. The institute employs about 500 engineers and staff and has a history of more than 60-years of experience in the field of hydrocarbon processing technologies and well recognized by the Industry. UFA is the number one institute in Russia and is funded by the government of Russia. The institute specializes in refining and heavy residue processing. 03.07.2018 on the basis of the Order of the Ministry of Land and Property Relations of the Republic of Bashkortostan No. 218 of 02.03.2018 the State unitary enterprise "Institute of Petroleum Refining and Petrochemistry of the Republic of Bashkortostan" was recently converted to a Joint-stock company Institute of Petroleum Refining and Petrochemistry (JSC INKhP).

FORWARD LOOKING STATEMENTS

Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward-looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.

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

CONTACT:

David Lifschultz
Chairman and CEO
(212) 688-8868
(914) 393-5800

SOURCE: Genoil Inc.