Genoil Inc. GNOLF is pleased to announce that the United States Patent and Trademark Office has
approved the patent of its innovative upgrading technology, the GHU
(Genoil Hydroconversion Upgrader).
The GHU patent was officially issued on February 21, 2006 and it
means a great step in the commercialization of the upgrader. Genoil
is proud of offering this technology as an alternative to other
upgrading process and as a solution to the existing problems of the
oil and gas production and refinery industry. The GHU uses hydrogen
addition to convert heavy oil fractions into a lighter synthetic
crude, with reduced sulphur and nitrogen contents that can be
pipelined from the field without the need for mixing lighter oil or
adding diluents and bring a higher price that the heavy crude with
high sulphur content. The GHU process can not only increase the value
of the oil, but also increase the volume output, while eliminating
sulphur, nitrogen, metals and other contaminants from the oil, and
helping to meet tight environmental regulations for clean
transportation fuel. The GHU produces no coke in the upgrading
process unlike traditional upgrading schemes that use the coking
technology to upgrade, and the heavy residue fraction left after
upgrading is reused as a gasifier to product the required hydrogen to
operate the process.
Genoil has been working since the filing of this patent on
improvements in its process, and is planning additional patents to
cover those improvements in the near future.
"We are very excited about our newly issued US patent and
Genoil's outlook for the use of the GHU technology to help relieve
the current crude supply restrictions and allow the heavier crude
fractions to be upgraded into a more useful synthetic crude which in
turn will allow for increased production of motor fuels with reduced
sulphur content. The world's oil supply is getting heavier every year
and the GHU technology will allow producers to utilize their
production of heavy crude, receive a high price for the upgraded
crude and assist in keeping up with the increasing demand to find
more crude sources to meet the demand." said James Runyan, Genoil's
Senior Vice President of Operations and Engineering in Alberta.
Genoil is a technology development company providing solutions to
the oil and gas industry through the use of proprietary technologies.
Genoil's shares are listed on the TSX Venture Exchange under the
symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.
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
exploration, production, marketing and transportation such as loss of
market, volatility of prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other
producers and ability to access sufficient capital from internal and
external sources; as a consequence, actual results 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.
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 in the sponsoring client. 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 Securities and Exchange
Commission.
The TSX Venture Exchange has neither approved nor disapproved of t
he information contained herein.
Genoil Inc. (TSX VENTURE:GNO) (OTC Bulletin Board:GNOLF)
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES CANADA
INDUSTRY KEYWORD: ENERGY OIL/GAS PRODUCT/SERVICE
SOURCE: Genoil Inc.
CONTACT INFORMATION:
Genoil Inc.
James Runyan
Senior Vice President
(780) 416-5590
Website: www.genoil.net
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