Greentree Gas & Oil Ltd.
TSX VENTURE : GGO

Greentree Gas & Oil Ltd.

January 31, 2007 10:38 ET

Greentree Gas & Oil Ltd. Completes Shares-for-Debt Conversion and Announces Grant of Stock Options

LONDON, ONTARIO--(CCNMatthews - Jan. 31, 2007) -

/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

Greentree Gas & Oil Ltd. ("Greentree" or the "Company") (TSX VENTURE:GGO) announces that the Company has completed its previously announced shares for debt conversion with Sheldon Huxtable Professional Corporation, a corporation of which Donald A. Sheldon, one of the directors of Greentree, is an executive officer and significant shareholder. Greentree issued 320,000 common shares at a price of $0.25 per share to Sheldon Huxtable Professional Corporation to settle debt in the aggregate amount of $80,000.00. In accordance with TSX Venture Exchange policies, the securities issued under the debt conversion are subject to a hold period and cannot be traded before June 1, 2007.

The Company also announces that it has granted incentive stock options to purchase an aggregate of 575,000 common shares pursuant to its stock option plan. Options were issued to certain officers, directors and employees of the Company as follows: Gary Bean, 100,000; Robert Down, 100,000; Donald Sheldon, 100,000; Duncan Hamilton, 100,000; Patrick O'Meara, 100,000; Patrick Uzan, 50,000; and John Morse, 25,000. The options will expire on January 30, 2012 and are exercisable at a price of $0.25 per share. Any shares issued on the exercise of these stock options will be subject to a four (4) month hold period commencing on the date the stock options were granted.

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 (including those issued today pursuant to the shares for debt conversion).

THE 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.Geo.
    President
    (519) 681-9355
    (519) 681-3887 (FAX)
    or
    Greentree Gas & Oil Ltd.
    Patrick E. Uzan, B.A., C.A.
    Chief Financial Officer
    (519) 681-9355
    (519) 681-3887 (FAX)
    or
    Greentree Gas & Oil Ltd.
    207-209 Consortium Court
    London, Ontario, N6E 2S8
    Email: greentree.gas@greentreegas.on.ca