R.I.P. GreentreeHopefully, more care will be taken in picking joint venture partners going forward.
For those interested in tragic comedy.....
TSX VENTURE:
GGO
Apr 12, 2010 15:00 ET
Greentree Announces Inability to Meet Filing Deadlines
LONDON, ONTARIO--(Marketwire - April 12, 2010) - GreentreeGas & Oil Ltd. (TSX VENTURE:GGO) ("Greentree" or the "Company")announces that it will not be able to meet the filing deadline of April30, 2010 to file its annual audited financial statements and ManagementDiscussion and Analysis on the System for Electronic Document Analysisand Retrieval (SEDAR) (collectively the "Annual Filings").
Although the Company is generally able to meet itsobligations as they come due, there are a number of historicalobligations, including amounts owed to Canada Revenue Agency and itsauditors, that remain outstanding. The Company's credit facilities withits banker have recently been renewed (see Greentree news release datedMarch 17, 2010) and are being fully utilized. As well, there appears tohave been some confusion regarding the status of the Company'srelationship with its transfer agent and, in this regard, the Companyreports that it is currently in good standing with its transfer agent.In the event that the Annual Filings are not filed by April 30, 2010,the Company expects that securities regulatory authorities will issue"cease trade orders" to prohibit further trading in the Company'sshares. The Company further expects that the TSX Venture Exchange wouldthen suspend trading. The Company intends to complete its Annual Filingsin due course when resources are available to do so, although thetiming for that is unknown at this time due, in part, to depressednatural gas prices – Greentree's production base is currently 72%weighted to natural gas. In the interim, the Company intends to continueto focus its human, financial and other resources on its business ofproduction of oil and gas.