Greentree Announces Completion of the Second Tranche of a Private Placement Offering

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
the closing of a second tranche of its previously announced private placement
(see Greentree's news releases dated February 26, 2008 and April 10, 2008) (the
"Offering"). The second closing consisted of 720,000 units at a price of $0.12
per unit for aggregate gross proceeds of $86,000. The first and second closing
aggregated $269,000. Each Unit consists of one (1) flow-through common share and
one-half (1/2) of one common share purchase warrant ("Warrant"). Each whole
Warrant issued in the second tranche entitles the holder to purchase one common
share of Greentree at a price of $0.15 at any time until November 20, 2009. All
the securities issued pursuant to the private placement are subject to a four
(4) month hold period - for the second tranche, the hold period expires
September 22, 2008.


Greentree agreed to pay finder fees of $8,640 in cash (representing 10% cash of
the gross proceeds of the Offering) and, subject to regulatory approval 67,000
broker compensation warrants (representing 10% of the number of Units sold).
Each broker's warrant entitles the holder to purchase one Greentree common share
at a price of $0.12 at any time on or before November 20, 2009.


The net proceeds to Greentree from the Offering will be used to finance
evaluation of additional shallow oil properties, to rework and re-stimulate
existing producing wells, to enhance production and to reduce outstanding debt.


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.


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
47,577,478 common shares outstanding.

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