Greenfields Petroleum Corporation: Bahar Operations Update-April 2013-Gum Deniz Well 715 Flowing at 700 bopd

CALGARY, ALBERTA--(Marketwired - April 10, 2013) - Greenfields Petroleum Corporation (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB) -

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Greenfields Petroleum Corporation ("Greenfields") today announced that Bahar Energy Operating Company (BEOC), the operating company for Bahar Energy Limited (BEL) in which Greenfields owns a 33.33% interest, has completed the Gum Deniz (GD) 715 well on Platform 2 using the PSG1 drilling rig. The well was completed in 58 meters (190 feet) of pay in all lower zones and after an initial rate of 1047 bopd, has been flowing at an average rate of 700 bopd of 34 API gravity with casing-head pressure of 56 atm (823 psi) and tubing-head pressure of 15 atm (220 psi). The GD 715 well has an additional 100 meters (328 feet) of pay that will be developed in future wells. The SP horizon in the GD 715 well was found un-depleted and the next well, the GD 716, will target this horizon in an up-dip and favorable position. The rig is currently being skidded to commence drilling the GD 716 well.

Rich MacDougal, Greenfields COO, commented, "We are very pleased with the start of the development drilling and workover programs. The initial production rates of this GD 715 well have exceeded our pre-drill estimates by almost three times and we are looking forward to other new development wells in the near future in our Bahar ERDPSA project." The BEL shareholders have a Phase 1 development drilling program that has identified almost ninety development oil well locations to be drilled over the next 3 to 5 years.

Based on this positive start to the development drilling program, BEL shareholders have approved the award of another drilling rig contract for the Gum Deniz oil field. The PSG3 rig will be located on the Gum Deniz platform 208 after completion of platform upgrades and should be available for drilling in Q3 2013.

In addition, BEL shareholders have also approved the award of a 3-D seismic program of 200 sq. km. to further define the drilling opportunities in the Gum Deniz oil field. Last year, the first seismic was acquired on this oil field and the interpretation has identified numerous drilling opportunities that will be better defined with the upcoming 3-D seismic program.

Total production for March 2013 averaged 3,387 boe/d (net Greenfields 1,073 boe/d).

About Greenfields Petroleum Corporation

Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins, and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.

Forward Looking Statements

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Greenfields. Although Greenfields believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greenfields can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety, political and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading "Risk Factors" in Greenfields' Annual Information Form and similar headings in Greenfields' Management's Discussion & Analysis which may be viewed on www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement.

The term "barrels of oil equivalent" or "boe" may be misleading, particularly if used in isolation. A "boe" conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.