GGO Galleon Gold Corp

Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company") is
pleased to report that the Company has commenced a 6-well drilling program with
the first of five infill locations within the Company's Rodney Unit 3 pool. With
the completion of the first infill well the contracted rig will move on to an
exploration well which will test a new shallow oil structure. Having completed
the exploration well the rig will return to Rodney Unit 3 to complete the
remaining 4 infill wells, which will allow the Company time to evaluate the
results from the first infill location.


The 5-well infill drill program will be conducted in Rodney Unit 3, which is
100% operated by Greentree. Rodney Unit 3 is part of the main Rodney pool, which
is also comprised of Units 1 and 2. The main Rodney pool (Units 1, 2 & 3) has
produced approximately 10.6 million barrels (MMBO) of light oil to date. Rodney
Units 1 and 2 have produced approximately 8.6 MMBO and Rodney Unit 3 has
produced 2.0 MMBO to date. Given the estimated oil recovery rates for each of
the Rodney water-flood units the Company believes that a significant amount of
potential reserves are recoverable from Rodney Unit 3. The 5-well program will
test this estimate, which is based on the varying nature of the water-flood
patterns utilized and the identification of poorly developed areas within the
Unit 3 section of the main Rodney pool.


Greentree plans to drill one exploration well into a new shallow oil structure
which is located along a regional structural trend which hosts the main Rodney
pool and the Company's Rodney South pool. Based on geological mapping the
structure may be in excess of 300 acres, which would put it in analogous size to
Rodney South and the Rodney Unit 3 portion of the main Rodney pool.


The Company is also pleased to announce that the Wavefront "Powerwave"
installations are now fully operational with early water injection results being
very encouraging versus non-Powerwave injection data. Both companies will
provide a progress report as additional injection and production data becomes
available.


Greentree also reports that it successfully conducted a sand fracture
stimulation treatment on GGOL#50 in Norfolk County prior to Christmas 2007.
Initial production data, which is prior to full cleanup of the fracture
stimulation fluids, has indicated an approximately 100% increase in natural gas
production.


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:

Investors are cautioned that the preceding statements of the Company may include
certain estimates, assumptions and other forward-looking information. The actual
future performance, developments and/or results of the Company 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 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.

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