GGO Galleon Gold Corp

Duncan Hamilton, President of Greentree Gas & Oil Ltd. (TSX VENTURE:GGO)
("Greentree") and Charles Edey, President of Echo Energy Canada Inc. (TSX
VENTURE:EEI) ("ECHO") announced today that they have entered into formal
negotiations about possible joint operations.


Greentree and Echo each recognize that there are opportunities to reduce costs
and improve operating efficiency by sharing management and operational staff and
resources. The parties have agreed to enter into exclusive negotiations with
each other regarding contractual arrangements for sharing of staff and
resources.


"Our field staffs criss-cross each other at regular intervals as they service
our contiguous wells, so it makes sense to talk about some form of cost sharing
arrangement," Hamilton said.


Greentree and Echo also recognize that there may be opportunities for even
greater cost reductions and efficiencies if their operations were merged or if
one company were to acquire the gas and oil operating assets of the other, as
this could reduce the significant management, regulatory and compliance costs
currently being incurred by each party.


"With high compliance costs and low gas prices, we want to look at the
significant cost savings that could come from some form of amalgamation or
merger," Edey said.


About Greentree Gas and Oil Ltd.

Greentree Gas & Oil Ltd. is based in London, Ontario and is an explorer and
producer of oil and natural gas in southwestern Ontario.


About Echo Energy Canada Inc.

Echo Energy Canada Inc. is a publicly traded energy company with revenue
producing natural gas production operations near Port Burwell Ontario, Canada on
the shores of Lake Erie.


Statements in this news release that are not historical facts, including
statements about plans and expectations regarding properties, reserves,
transactions and opportunities, capital resources and future financial results
are forward-looking. Forward-looking statements involve risks and uncertainties,
which may cause the Company's actual results in future periods to differ
materially from those expressed. These uncertainties and risks include changing
gas and commodity prices and currency exchange rates, demand for gas, lack of
success of future exploration and development, competition and other factors
discussed from time to time in the company's filings with the Ontario Securities
Commission.


Greentree Gas & Oil Ltd: Issued Common Shares: 54,038,463

Echo Energy Canada Inc.: Issued Common Shares: 60,208,086

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