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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Vanoil Energy Ltd.

Friday, October 07, 2011

Pinetree Capital Ltd. Acquires Securities of Vanoil Energy Ltd.15:02 EDT Friday, October 07, 2011TORONTO, ONTARIO--(Marketwire - Oct. 7, 2011) -Pinetree Capital Ltd. (TSX:PNP), announces that on October 6, 2011, it acquired ownership of 1,000,000 common shares ("Common Shares") and 500,000 common share purchase warrants (the "Warrants") of Vanoil Energy Ltd. ("Vanoil"). Each Warrant entitles the holder to acquire one common share of Vanoil at a price of $0.75 until October 6, 2013. In the event that the Warrants are fully exercised, these holdings represent approximately 3.8% of the total issued and outstanding common shares of Vanoil as of October 6, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. As a result of this transaction, Pinetree and its joint actors collectively held, as at October 6, 2011, an aggregate of 4,400,000common shares of Vanoil, including the Common Shares, and the Warrants. Of these totals, Pinetree owns 3,400,000 common shares, including the Common Shares, and all of the Warrants directly. In the event that the Warrants are fully exercised, the holdings of Pinetree and its joint actors represents a total of 4,900,000 common shares of Vanoil, or approximately 12.5% of all issued and outstanding common shares as at October 6, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. In the event that the Warrants are fully exercised, the direct holdings of Pinetree represents a total of3,900,000 common shares of Vanoil, or approximately 10.0% of all issued and outstanding common shares as at October 6, 2011, calculated on a partially diluted basis assuming the exercise of the Warrants only. These transactions were made for investment purposes and Pinetree or its joint actors could increase or decrease their investment in Vanoil depending on market conditions or any other relevant factor.About PinetreePinetree Capital Ltd. ("Pinetree") was incorporated under the laws of the Province of Ontario and its shares are publicly-traded on the Toronto Stock Exchange ("TSX") under the symbol "PNP". Pinetree is a diversified investment and venture capital firm focused on the small cap market. Pinetree's investments are primarily in the resources sector: Precious Metals, Base Metals, Oil and Gas, Potash, Lithium and Rare Earths, Uranium and Coal. Pinetree's investment approach is to develop a macro view of a sector, build a position consistent with the view by identifying micro-cap opportunities within that sector, and devise an exit strategy designed to maximize our relative return in light of changing fundamentals and opportunities. Pinetree is recognized as a value-added partner in the resource industry. FOR FURTHER INFORMATION PLEASE CONTACT: Sheldon InwentashPinetree Capital Ltd.Chairman & CEOwww.pinetreecapital.comORPinetree Capital Ltd.Investor Relations:Richard Patricio, Vice President, Legal and Corporate Affair416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com