Genoil is a Canadian engineering technology development company with a portfolio of petroleum technologies. The company operates two major research facilities in Canada and Romania where it focuses on developing cutting edge methods and new breakthrough patents to address the world’s energy problems.
In line with its operational mission, Genoil has entered into an agreement to acquire a 100 percent interest in Two Hills Environmental Inc., in which Genoil will pay a cash deposit of $100,000; issue 2.5 million common shares of Genoil; and also issue a warrant to purchase 250,000 common shares at market price upon closing to the former shareholder of Two Hills.
Two Hills’ location near Fort McMurray Alberta, Canada’s premiere tar sands production site, makes it an ideal location for Genoil to establish a significant upgrader. The acquisition gives Genoil the surface title to 147 acres of land, certain mineral rights on 2,500 adjacent acres, and access to 388,550 cubic meteres of “valuable” water from an adjacent river.
Utilizing these assets, Genoil said it plans to recover hydrocarbons and other products from the waste oil and wastewater to develop local brine and to dispose and process the tar sands and oil well production waste by environmentally friendly standards.
Ultimately, Genoil’s goal is to convert the site to a state of the art waste oil and waste water disposal and treatment facility with a convenient, central locale for several waste disposal companies.
“This is an exciting new chapter in Genoil’s History” Genoil President Thomas Bugg stated in the press release. “With the recent price of oil climbing over $86.00 and with Alberta oil production on the rise, it is clearly the right time to take advantage of this outstanding opportunity.”
For more information visit www.genoil.ca