Greentree Announces Asset Sale

Attention Business/Financial Editors:

Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company")
announces that on April 12, 2011, the Company filed a notice of intention to
make a proposal to its creditors under the Bankruptcy and Insolvency Act
(Canada). In conjunction with this filing, Greentree completed a sale of all its
oil and gas assets to On-Energy Corp for a gross purchase price of $2.575
million on April 15, 2011. Greentree's intention is to file a proposal to its
creditors with the proposal being funded from the net funds remaining from the
asset sale after paying amounts owing to the Company's secured creditors.


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: 

Some statements in this news release that are not historical facts, including
statements about plans and expectations regarding meeting filing deadlines,
payment of obligations, regulatory actions and filing of Annual Filings are
forward-looking. Investors are cautioned that the forward-looking statements of
the Company may include certain estimates, assumptions and other forward-looking
information. The actual future events, performance, developments and/or results
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
potential actions by securities regulatory authorities, 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.