Greentree Gas & Oil Ltd. Signs Shale Gas Exploration Joint Venture Agreement

Duncan Hamilton, President of Greentree Gas & Oil Ltd. (TSX VENTURE:GGO)
("Greentree" or the "Company") is pleased to announce that Greentree has signed
a joint venture agreement (the "Agreement") with Mooncor Oil & Gas Corp.
("Mooncor")(through its wholly owned operating subsidiary Mooncor Energy Inc.),
an Alberta based junior oil and gas explorer, to farm into a selected portion of
Greentree's existing land base in South Western Ontario.


Pursuant to the terms of the Agreement, Mooncor shall, on or before December 31,
2009, subject to surface access, regulatory approval and rig availability,
expend $2,000,000 on qualifying expenditures (e.g. costs of acquiring title
documents, drilling, completion, capping and seismic acquisition and processing
costs). Mooncor has the option to expend an additional $1,500,000 in each
subsequent year commencing January 1, 2010. Mooncor shall initially earn an
undivided 100% of the working interest of the lands which shall, upon payout,
convert to an undivided 60% working interest. 


In addition, pursuant to the terms of the Agreement, Mooncor will undertake to
use commercially reasonable best efforts to acquire up to 100,000 acres of
petroleum and natural gas rights in the South Western Ontario Basin for which
Greentree will be entitled to an undivided 10% working interest. Subject to the
terms of the Agreement, Greentree may elect to expend $1,000,000 per year (to
earn 60%) on qualifying expenditures on the new lands which may be acquired by
Mooncor.


Greentree is appointed operator. Mooncor will review and approve all earning
projects and expenditures related to the joint venture.


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.