Genoil Closes Arms-Length Acquisition Of Canadian Waste Disposal Co.

Closed arms-length acquisition of oilfield waste disposal co.

Genoil Inc., Calgary, (Toronto Venture: GNO) has closed its arms-length acquisition of oilfield waste disposal company Two Hills Environmental Inc. for C$100,000 in cash and 5 million restricted shares.

Half of the restricted shares were issued to Two Hills, with the remaining half issued to a debtor and litigant against Two Hills. Thomas Bugg, president of Genoil, repurchased 1 million of the shares from the debtor for C$0.295 per share; according to Genoil, an associate of Mr. Bugg's purchased the remaining 2.5 million restricted shares.

The acquisition includes 147 acres of land near Two Hills, Alberta, and certain subsurface mineral rights within 2,500 adjacent acres. Two Hills' asset base comprises a site under which three large salt caverns have been formed in the Lotsberg formation. Genoil says it plans to recover hydrocarbons and other products from the waste oil and wastewater that otherwise would be injected into the giant caverns.