Greentree Announces Completion of the First Tranche of a Private Placement Offering

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
NOR FOR DISSEMINATION IN THE UNITED STATES.


Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree") is pleased to announce
closing of a previously announced private placement (see Greentree's news
release dated February 26, 2008) (the "Offering"). The closing consisted of
1,524,999 units at a price of $0.12 per unit for aggregate gross proceeds of
$183,000. Each Unit consists of one (1) flow-through common share and one-half
(1/2) of one common share purchase warrant ("Warrant"). Each whole Warrant
issued entitles the holder to purchase one common share of Greentree at a price
of $0.15 at any time until October 9, 2009. All the securities issued pursuant
to the first tranche of the private placement are subject to a four (4) month
hold period expiring August 11, 2008.


Finder's fees of $12,810 (7% of the gross proceeds of the Offering) are payable
in cash to Howco Ventures Inc. and 45,750 common shares were issued to Howco
Ventures Inc. (representing 3% of the number of Units sold).


The net proceeds to Greentree from the Offering will be used to finance
evaluation of additional shallow oil properties, to rework and re-stimulate
existing producing wells, to enhance production and to reduce outstanding debt.


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


Greentree Gas & Oil Ltd. is based in London, Ontario and is an explorer and
producer of oil and natural gas in southwestern Ontario. Greentree currently has
45,286,729 common shares outstanding.

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