Greentree Gas & Oil Ltd.
TSX VENTURE : GGO

Greentree Gas & Oil Ltd.

October 10, 2007 16:41 ET

Greentree Gas & Oil Ltd. Announces Commencement of Production in Tilbury West

LONDON, ONTARIO--(Marketwire - Oct. 10, 2007) - Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company") is pleased to announce that the Company's Tilbury West well was recently placed on production. GGOL#71 is producing from the Ordovician Trenton formation and is located between four significant Trenton-Black River pools that are operated by Talisman Energy (Goldsmith-Lakeshore, Renwick Fargo and the Rochester pools). The Goldsmith-Lakeshore and Renwick-Fargo pools are located to the southeast of GGOL#71 and have produced approximately a combined 8.7 million barrels to date. The Rochester pools are situated to the northwest of GGOL#71 and to date have produced a combined 1.5 million barrels of light oil.

The Company expects that it will take several weeks for the well to unload the fracture stimulation fluids and to establish a stabilized production rate. GGOL#71 represents a new pool discovery for Greentree and the Company has additional properties along the seismically-defined structural trend with the potential for additional drill locations. Greentree will direct the expected increase in cash flow to operating purposes and development efforts.

Greentree Gas & Oil Ltd. is based in London, Ontario and is an explorer and producer of oil and natural gas in southwestern Ontario. Greentree currently has 38,444,247 common shares outstanding.

THIS PRESS RELEASE WAS PREPARED BY GREENTREE GAS & OIL LTD. WHICH ACCEPTS RESPONSIBILITY AS TO ITS ACCURACY. NO REGULATORY AUTHORITY OR SIMILAR BODY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

Contact Information

  • Greentree Gas & Oil Ltd.
    Duncan Hamilton, M.Sc., P. Geol.
    President
    (519) 681-9355
    or
    Greentree Gas & Oil Ltd.
    207-209 Consortium Court,
    London, Ontario, N6E 2S8
    (519) 681-3887
    Email: Greentree.gas@greentreegas.on.ca