Greentree Announces Inability to Meet Filing Deadlines

Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company")
announces that it will not be able to meet the filing deadline of April 30, 2010
to file its annual audited financial statements and Management Discussion and
Analysis on the System for Electronic Document Analysis and Retrieval (SEDAR)
(collectively the "Annual Filings").


Although the Company is generally able to meet its obligations as they come due,
there are a number of historical obligations, including amounts owed to Canada
Revenue Agency and its auditors, that remain outstanding. The Company's credit
facilities with its banker have recently been renewed (see Greentree news
release dated March 17, 2010) and are being fully utilized. As well, there
appears to have been some confusion regarding the status of the Company's
relationship with its transfer agent and, in this regard, the Company reports
that it is currently in good standing with its transfer agent. In the event that
the Annual Filings are not filed by April 30, 2010, the Company expects that
securities regulatory authorities will issue "cease trade orders" to prohibit
further trading in the Company's shares. The Company further expects that the
TSX Venture Exchange would then suspend trading. The Company intends to complete
its Annual Filings in due course when resources are available to do so, although
the timing for that is unknown at this time due, in part, to depressed natural
gas prices - Greentree's production base is currently 72% weighted to natural
gas. In the interim, the Company intends to continue to focus its human,
financial and other resources on its business of production of oil and gas.


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.