Greentree Gas & Oil Ltd.
TSX VENTURE : GGO

Greentree Gas & Oil Ltd.

December 21, 2007 17:11 ET

Greentree Announces Completion of the Third Tranche and Closing of its Private Placement Offering

LONDON, ONTARIO--(Marketwire - Dec. 21, 2007) -

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 that it successfully closed its private placement offering (the "Offering"). The third and final tranche consisted of 275,000 units at a price of $0.11 per unit, for aggregate gross proceeds of $30,250. Each unit consists of one common share and one common share purchase warrant ("Warrant") of Greentree. Each whole Warrant issued entitles the holder to purchase one common share of Greentree at a price of $0.16 at any time until December 20, 2008. All the securities issued pursuant to the third tranche of the private placement are subject to a four (4) month hold period expiring April 21, 2008. Proceeds from the first, second and third tranches of the Offering aggregate $748,924.

The Offering was non-brokered. Finder's fees of 10% of the gross proceeds of the Offering, excluding proceeds from insiders, are payable in cash to Capital Street Group Investment Services, Inc.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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