Petroleum asphaltenes have been precipitated in solvent mixtures of n-heptane and toluene at various temperatures, likewise n-heptane asphaltenes have been dissolved in under similar conditions. This give added evidence to apparent hysteresis phenomenon between the two processes. The Asphaltenes have been characterized showing that although data is scattered convergence to certain structural parameters as incipient flocculation is approached. The asphaltenes are seen to consist of an associating and a non-associating part. The solubility of asphaltenes has been correlated/modelled using the Flory-Huggins equation using two different terms for the Flory parameter. A process for evaluation of best choice of solubility parameter and molar volume for the asphaltenes is proposed. Dissolution processes are seen to be best fitted by the equations. Based on these findings the asphaltenes are proposed to be formed by a colloidal and a true solution part.