GGO Galleon Gold Corp

Duncan Hamilton, President of Greentree Gas & Oil Ltd. (TSX VENTURE:GGO)
("Greentree" or the "Company") announced today that the Company intends to
undertake a non-brokered private placement to raise up to $600,000. The private
placement offering (the "Offering") will consist of up to $300,000 of
Flow-through Units and up to $300,000 of Ordinary Units or such other
combination or amounts of Flow-through Units and Ordinary Units as the Company
may at any time determine. The Offering is only available to 'accredited
investors' or other investors permitted to subscribe for securities on an exempt
basis in compliance with applicable securities laws.


Each Flow-through Unit will be priced at $0.05 and will consist of one (1)
flow-through common share and one (1) share purchase warrant (a "Warrant"). Each
Ordinary Unit will be priced at $0.04 and will consist of (1) common share and
one (1) Warrant. Each Warrant will entitle the holder to purchase one common
share for $0.10 within 12 months after closing.


The Company will pay finders fees of up to 10% on the gross proceeds of the
Offering in cash and/or, subject to compliance with all regulatory requirements,
other compensation, to brokers or others qualified to receive a commission or
finders fee in connection with the Offering. 


All terms of the Offerings are subject to the approval of the TSX Venture Exchange.

Proceeds from this financing will be used in part to continue with Greentree's
successful infill drill program in its 100%-owned Rodney Unit 3. To date, in the
past eleven months, a total of ten new oil producers have been drilled and
placed on production. Oil production has steadily increased and is currently
fluctuating between 16 and 32 barrels per day. Production is expected to
continue to increase as the new wells clean up and the water-flood system is
fully optimized. Four of the new wells were completed in the upper portion of
the oil reservoir unit and are producing close to 100% oil. The Company intends
to focus on exploiting the upper reservoir interval with future infill drill
completions. As previously announced, management believes that the upside
potential of this program is significant as Greentree's portion of the Rodney
pool has recovered an estimated 28% of the original oil-in-place as compared to
the north end of the pool (currently operated by Taqa North) which has recovered
an estimated 56% of the original oil-in-place in that section of the pool.
Greentree's portion of the Rodney pool has produced approximately 2 million
barrels of oil to date as compared to the north end of the pool, which has
produced approximately 8.6 million barrels of oil to date. 


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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