The heavy oil produced in the alkali catalyzed thermal liquefaction of Japanese Oak in the aqueous organic alcohol solvent system of water/2-propanol was partially characterized using an acid base fractionation and GC-MS. The acidic fraction comprised 25-30% of the recovery, and the neutral material was 13-20%. The amount of basic material was less than 1% of the original material. Proton and carbon NMR and the GC-MS identification of the composition of these fractions confirmed the presence of about 25% aromatics with most of the aromatics being mono- or di-substituted.