Greentree Reports Corporate and Operations Update

Duncan Hamilton, President of Greentree Gas & Oil Ltd. (TSX VENTURE:GGO)
("Greentree" or the "Company") is pleased to report a number of positive
activities with respect to operations and corporate development. Greentree's
production base continues to be solid with natural gas production of
approximately 475 mcf/d ( thousand cubic feet per day) and gross oil production
of approximately 45 bbls/d (barrels per day). Greentree's Rodney Unit 3 field is
currently producing approximately 30 bbls/d, which represents an increase of
200% from last year at this time. There is potential for significant additional
production increases in Unit 3, by performing acid stimulations on the company's
recently drilled ten wells (2008-2009) and upgrading the injection system. The
Company also anticipates natural gas production increases in its main Norfolk
pool by utilizing gas-lift technology in a number of the wells. 


Greentree is pleased to announce that its banking facility has recently been
renewed with no reductions and will be subject to review based on the Company's
2009 year-end reserves report. Greentree also reports that it has significantly
reduced operating costs in both its natural gas and oil operations by increased
efficiency and staff reductions. 


Greentree also announces that it has signed a letter of intent to purchase the
producing assets of Triton Oil & Gas Inc., an Ontario-based private company. The
properties are located in southwestern Ontario and produce primarily oil.
Current production from the properties is approximately 30 BOE/D (barrels of oil
equivalent per day). The Company is also reviewing two additional acquisition
candidates.


Greentree's current focus is to optimize existing corporate production and to
acquire other producing assets in Ontario with upside development potential. In
conjunction with the Company's current focus, Greentree is pleased to announce
that it has added Mr. John K. Thomson to the team. Mr. Thomson is a professional
Landman with over 30 years experience in Western Canada, Ontario and the U.S..
Mr. Thomson was recently General Manager for Torque Energy Inc.. Duncan Hamilton
states: "Mr. Thomson brings superior negotiating skills and business acumen to
the boardroom table and will be very instrumental in our quest to grow by
acquisition".


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.