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Press release from Marketwire

Pinetree Capital Ltd. Acquires Securities of Vanoil Energy Ltd.

Thursday, January 19, 2012

Pinetree Capital Ltd. Acquires Securities of Vanoil Energy Ltd.13:09 EST Thursday, January 19, 2012TORONTO, CANADA--(Marketwire - Jan. 19, 2012) -Pinetree Capital Ltd. (TSX:PNP), announces that on January 18, 2012, it acquired ownership of 750,000 common shares ("Common Shares") of Vanoil Energy Ltd. ("Vanoil") representing approximately 1.7% of the total issued and outstanding common shares of Vanoil as of January 18, 2012. As a result of this transaction, Pinetree and its joint actors collectively held, as at January 18, 2012, an aggregate of 5,900,000 common shares of Vanoil, including the Common Shares, and rights to acquire an additional 500,000 common shares of Vanoil upon exercise of certain convertible securities (the "Convertible Securities"). Of these totals, Pinetree owns 4,150,000 common shares, including the Common Shares, and the Convertible Securities directly. In the event that the Convertible Securities are fully exercised, the holdings of Pinetree and its joint actors represents a total of 6,400,000 common shares of Vanoil, or approximately 14.6% of all issued and outstanding common shares as at January 18, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities only. In the event that the Convertible Securities are fully exercised, the direct holdings of Pinetree represents a total of 4,650,000 common shares of Vanoil, or approximately 10.6% of all issued and outstanding common shares as at January 18, 2012, calculated on a partially diluted basis assuming the exercise of the Convertible Securities 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 & CEO416-941-9600ORGerry FeldmanPinetree Capital Ltd.CFO & Vice President, Corporate Development416-941-9600ORRichard PatricioInvestor Relations: Pinetree Capital Ltd.Vice President, Legal and Corporate Affairs416-941-9600ir@pinetreecapital.comwww.pinetreecapital.com