Greentree Gas & Oil Ltd. Reports Update From Field Operations

Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company") is
pleased to announce that the Company has completed the drilling of the first
well of a 6-well drilling program. GGOL#77 was completed as an oil producer and
is the first of five infill locations within the Company's Rodney Unit 3 pool.
GGOL#77 tested approximately 4 bbls/d of 38 API oil which is a very encouraging
result given the well is located in close proximity to the existing peripheral
water-flood injectors.


Rodney Unit 3 is 100% operated by Greentree and is part of the main Rodney pool,
which is also comprised of Units 1 and 2. The main Rodney pool (Units 1, 2 & 3)
has produced approximately 10.6 million barrels (MMBO) of light oil to date.
Rodney Units 1 and 2 have produced approximately 8.6 MMBO and Rodney Unit 3 has
produced approximately 2.0 MMBO to date. Recovery factors to date have been
approximately 46% in Rodney Units 1 and 2, utilizing a 5-spot injection system
compared to an estimated 28 % in Rodney Unit 3, which was developed with a
peripheral water injection system. Given the discrepancy in recovery rates for
each of the Rodney water-flood units and the identification of poorly developed
areas within the Unit 3 section of the main Rodney pool, the Company believes
that a significant amount of reserves remain to be recovered from Unit 3.


Greentree is also pleased to report it is preparing to commence drilling an
exploration well into a new shallow oil structure which is located along a
regional structural trend which hosts the main Rodney pool and the Company's
Rodney South pool. Based on geological mapping and the integration of
geophysical databases, the structure may be in the analogous size range of
Rodney South and the Rodney Unit 3 portion of the main Rodney pool. The Company
is expecting results from this location by months-end, at which time the
contracted rig will return to Rodney Unit 3 to complete the preliminary infill
drill program.


Greentree Gas & Oil Ltd. is based in London, Ontario and is an explorer and
producer of oil and natural gas in southwestern Ontario.


Reader advisory:

Investors are cautioned that the preceding statements of the Company may include
certain estimates, assumptions and other forward-looking information. The actual
future performance, developments and/or results of the Company may differ
materially from any or all of the forward-looking statements, which include
current expectations, estimates and projections, in all or part attributable to
general economic conditions and other risks, uncertainties and circumstances
partly or totally outside the control of the Company, including natural gas/oil
prices, reserve estimates, drilling risks, future production of gas and oil,
rates of inflation, changes in future costs and expenses related to the
activities involving the exploration, development and production of gas and oil
hedging, financing availability and other risks related to financial activities.


THIS PRESS RELEASE WAS PREPARED BY GREENTREE GAS & OIL LTD., WHICH ACCEPTS
RESPONSIBILITY AS TO ITS ACCURACY.

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