Greentree Announces Asset Sale
06 Mai 2011 - 4:41PM
Marketwired
Attention Business/Financial Editors:
Greentree Gas & Oil Ltd. (TSX VENTURE: GGO) ("Greentree" or
the "Company") announces that on April 12, 2011, the Company filed
a notice of intention to make a proposal to its creditors under the
Bankruptcy and Insolvency Act (Canada). In conjunction with this
filing, Greentree completed a sale of all its oil and gas assets to
On-Energy Corp for a gross purchase price of $2.575 million on
April 15, 2011. Greentree's intention is to file a proposal to its
creditors with the proposal being funded from the net funds
remaining from the asset sale after paying amounts owing to the
Company's secured creditors.
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:
Some statements in this news release that are not historical
facts, including statements about plans and expectations regarding
meeting filing deadlines, payment of obligations, regulatory
actions and filing of Annual Filings are forward-looking. Investors
are cautioned that the forward-looking statements of the Company
may include certain estimates, assumptions and other
forward-looking information. The actual future events, performance,
developments and/or results 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 potential actions by securities
regulatory authorities, 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.
Contacts: Greentree Gas & Oil Ltd. Duncan Hamilton, M.Sc.,
P. Geol. President (519) 681-9355 (519) 681-3887 (FAX) Greentree
Gas & Oil Ltd. 207-209 Consortium Court London, Ontario N6E 2S8
Greentree.gas@greentreegas.com
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