GGO Galleon Gold Corp

Greentree Gas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company") is
pleased to report that it recently signed a non-binding letter of intent with an
Alberta-based public junior explorer to farm-out a selected portion of
Greentree's existing land base and to jointly pursue conventional and shale gas
opportunities. The transaction is subject to due diligence and the execution of
a formal joint venture agreement.


Greentree also recently signed an amendment to an existing operating agreement
with United States Steel Corporation (U.S. Steel) (formerly Stelco Steel)
whereby U.S. Steel will fund additional evaluation work on a deep test well
drilled by Greentree on U.S. Steel property in 2006. The well encountered a gas
show in a section of hydrothermal dolomite in the Ordovician Trenton-Black River
interval. The Trenton-Black river play remains very active in New York State.
The well has natural gas potential in an 18-meter thick tight sandstone interval
and the Ordovician "Blue Mountain" black shale section, which is equivalent to
the Ordovician "Utica" shale. A service rig has been contracted and the
evaluation work is expected to commence in August.


As previously announced the Company recently raised a total of $1,050,000, which
will be directed to Greentree's active drilling program in Rodney and to the
reworking of a number of natural gas wells in Norfolk County. The Company is in
the midst of the previously announced 6-well drilling program in Rodney Unit 3
and results to date indicate an average of 5 bbls/d of production potential per
new well. Based on detailed geological mapping of the pool a total of 32 infill
well locations have been identified. Drilling, completion, equipping and hook-up
costs are approximately $80,000 per well and, based on 5 bbls/d of production
and current oil prices, payout per well could occur as quickly as 6-months. The
company's target is to drill an additional ten, infill oil wells in Rodney Unit
3 by year-end. Greentree has contracted a service rig to complete workovers on a
number of its existing gas producers in Norfolk to enhance production. To date
seven gas wells have been completed with positive results. The plan is to
service an additional twenty gas wells over the course of the summer, which is
expected to increase natural gas production from the core area.


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.

Galleon Gold (TSXV:GGO)
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Galleon Gold (TSXV:GGO)
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