GIII Regen III Corp

Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is providing the following near-term milestones guidance:

Project Level Debt. The Company’s wholly-owned subsidiary, Gen III Oil (Alberta) Inc. (“Gen III Alberta”) received a senior credit facility term sheet from Export Development Canada (“EDC”), a financial Crown corporation, for a term loan for up to $72 million (the “Senior Credit Facility”) to finance up to 50% of our base oil re-refinery in Bowden, Alberta (the “Project”). This financing is non-dilutive to shareholders of the public Company. With EDC offering credit to Gen III Alberta against capital previously expended, we believe our current financing ratio is 55% debt to 45% equity. This ratio will continue to evolve.

Project Level Equity. Management and the Board of Directors decided earlier this year the goal of project financing was to minimize/eliminate dilution to shareholders of the public Company. We are actively working with private equity, family offices and strategic partners to finance the Project at the Gen III Alberta level.

Non-Brokered Private Placement (“NBPP”). The Company is in dialogue with a number of parties to ensure the second tranche of its NBPP is strategically placed.

FEED Study. Front-End Engineering and Design (“FEED”) study is nearing completion. We anticipate the FEED Study will be delivered to the Company in late Q4 2018.

Project Costing. Construction capex is estimated at $89.4 million and we have added a 22% margin for inflation, engineering/construction variables, carrying costs and G&A, resulting in a total Project capex of $119 million. A thorough review of the ongoing FEED study is being undertaken by our Engineering, Procurement and Construction (“EPC”) contractor, PCL Industrial Management Inc. (“PCL”). The Company anticipates securing an updated, fixed Project price from PCL in late Q4, 2018.

Feedstock. Senior management of the Company attended the NORA conference in early November, 2018. NORA membership includes all major participants in the used motor oil (“UMO”) collection and re-refining sectors. As a direct result of meetings held during the NORA conference, the Company is currently engaged in UMO supply negotiations with several of the largest collectors and re-refiners in North America.

Site Demolition. Tendering for site demolition is complete. The Company is finalizing its review of the submissions and we expect to make an award announcement shortly.

Project Commissioning. The targeted commissioning of the Project is Q1 2020.

Forward Looking Financial Projections. Based on the Bowden plant running for 330 days/annum; a 60/40 debt-to-equity ratio; using actual market contracted prices for Group II and Group III secured in Q3, 2018; and the Company’s financial model, we anticipate generating approximately $170 million in gross revenues and EBITDA of $85 million in our first full year of plant operations, subsequent to nameplate commissioning. EBITDA is a non-GAAP measure.

Future Facilities, Joint Ventures and Licensing of IP. The Company is actively engaged in discussions with parties in the USA and Europe for additional re-refining projects.

SUMMARY OF MILESTONES ACHIEVED SINCE SEPTEMBER, 2017:

Financial.

• Eliminated Company debt.
• Obtained a secured credit facility term sheet for CDN$72 million in February, 2018.
• Data room re-organized in June. Now contains >350 documents.
• Placed nine potential project level funding parties into the data room between Q2-Q4/18.
• Secured another senior credit facility term sheet in Q4/18 from EDC for >50% of project financing.

Site, Demolition and Construction.

• 20 years lease with Parkland Refining Ltd. signed in January, 2018.
• PCL selected as EPC contractor in March, 2018.
• Expert Rail Systems railcar and additional three-spur rail design ladder report accepted in May, 2018.
• Thurber Engineering’s Bowden site soils investigation and geotechnical report approved in July, 2018.
• Application made to Alberta Environmental and Parks for an Environmental and Enhancement Act Industrial Approval for the Bowden Facility in July, 2018.
• JADA Solutions (HSE) Inc. completed a semi-destructive pre-demolition hazardous abatement assessment for the Bowden facility. Final report submitted in June, 2018.
• Final demolition Request For Proposal (“RFP”) packages were secured in November, 2018.

Engineering.

• Stantec Consulting Ltd. selected in January, 2018 to complete FEED.
• Koch Modular selected as Engineering, Procurement and Fabrication subcontractor for Stage 2 in May, 2018.
• Stage 1 (Stantec) and Stage 3 (Process Dynamics) design packages (“PDP’s”) completed ahead of schedule and currently undergoing edits.
• Licensing being finalized with Process Dynamics.

Pilot Testing. Koch Modular completed additional pilot tests during August, 2018, confirming Group III yield outputs.

Patents. Seventh patent awarded in July, 2018 with nine still pending.

UMO Supply. First formal UMO supply LOI signed in August, 2018 for up to 2.3 million gallons.

Offtake. In September, 2017 the Company signed an initial five-year Purchase and Sale Agreement (“PSA”) with Elbow River Marketing Ltd., for the majority of Gen III’s finished products.

Carbon Credits. Cap-Op Energy engaged in January, 2018 for the development of a government-approved Carbon Offset Quantification.

Marketing.

• Canaccord Genuity initiated analyst coverage in May, 2018.
• Hybrid Financial hired in April, 2018 for a three-month’s contract to cover North America and Europe.
• Five-day marketing tour undertaken throughout Canada and London (UK) during July, 2018.
• Company sponsored events at the NORA conferences in Baltimore (June, 2018) and Rancho Mirage (November, 2018).

Political Outreach.

• All 86 Alberta MLA’s approached in May, 2018.
• 10 Federal Cabinet Ministers, including the PMO’s office, were introduced to our project in July, 2018.
• Project acknowledgement letter received from Canada’s Minster of the Environment, The Honourable Catherine McKenna in November, 2018.

Management and Consultants.

• Gordon Driedger appointed President & COO in Q1/18.
• Mark Redcliffe appointed Executive Vice President, Corporate Finance in April, 2018.
• Placed lubes, UMO and rail industry consultants LabineDionne on retainer in July, 2018.
• Senior industry executive, Mike Ebert, retained as a re-refinery operations and technical advisor in September, 2018.

About Gen III Oil Corporation

Gen III Oil Corporation is an innovative oil processing company with the most advanced re-refining technology in the industry. The Company’s patented ReGen™ technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high-quality base lubricating oils than traditional re-refineries, including 55% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Company currently holds 5 patents issued in North America, 2 patents issued overseas and has 9 patent applications, patents pending or under review in strategic countries around the world. The Company’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in Q1 of 2020 (the “Project”). With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all of its finished products when commercial production begins at its Bowden facility. The Bowden facility is being designed to process 2,800 bpd of used motor oil into a range of base stocks and related petroleum products. For more information about the Company, please visit www.geniiioil.com.

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On Behalf of the Board of Gen III Oil Corporation“Greg Clarkes”Greg ClarkesChief Executive OfficerFor further information, contact Greg Clarkes at (604) 806-5275.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

Certain information set forth in this news release may contain forward-looking statements that involve financial projections, substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These include, but are not limited to, the statements regarding the quantity and quality of the re-refined products that might be produced; the construction of the first ReGen™ re-refinery in Bowden, Alberta; targeted production dates for the Project; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; off-take agreements for all finished products from the Project; and the anticipated annual recurring revenue and EBITDA derived from those operations. Actual results may differ materially from the forward-looking information contained herein. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise. Undue reliance should not be placed on these forward-looking statements and information as they are based on assumptions made by Gen III as of the date hereof regarding, among other things, the ability to secure sufficient debt and equity financing for the ReGen Facility, ability to secure and protect Gen III’s proprietary technology and intellectual property, that favourable growth parameters continue to exist in respect of current and future growth projects (including the ability to finance such projects on favorable terms), future cash flows, prevailing commodity prices, margins and exchange rates, that Gen III’s businesses will achieve sustainable financial results, and that the Company’s future results of operations will be consistent with management expectations in relation thereto, the availability and sources of capital, operating costs, ongoing utilization and future expansion, ongoing utilization and future expansion, the ability to reach required commercial agreements, delays in plant construction, issues obtaining sufficient feedstock, and unexpected facility downtime and the ability to obtain required regulatory approvals as and when required. Readers are directed to, and are encouraged to read, Gen III’s management discussion and analysis for the six-months period ended June 30, 2018 (the “Q2 MD&A”), and year ended December 31, 2017 (the “Annual MD&A”) including the disclosure contained under the heading “Risk Factors” therein. The Company assumes no obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.