Greentree Gas & Oil Ltd.

Greentree Gas & Oil Ltd.

April 12, 2010 15:00 ET

Greentree Announces Inability to Meet Filing Deadlines

LONDON, ONTARIO--(Marketwire - April 12, 2010) - 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or contents of this release.

Contact Information

  • Greentree Gas & Oil Ltd.
    Duncan Hamilton, M.Sc., P. Geol.
    (519) 681-9355
    (519) 681-3887 (FAX)
    Greentree Gas & Oil Ltd.
    207-209 Consortium Court
    London, Ontario, N6E 2S8