Greenfields Petroleum Corporation: Bahar Operations Update - March 2013

CALGARY, ALBERTA--(Marketwire - March 6, 2013) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) (TSX VENTURE:GNF.DB) 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 drilling on Gum Deniz Well 715 on Platform 2 using the PSG1 drilling rig. The well is currently at a true vertical depth of 3,491 meters and is being logged. Initial analysis of open hole wireline logs indicates an estimated 159 meters of potential pay in eleven different zones. Pressure measurements in these potential pay zones are underway using an XPT wireline tool. After setting a 7 inch liner, the well will be completed and put on production.

Greenfields and its partners in BEL have approved a 3D seismic program for the Gum Deniz oil field based on the recent 2D seismic results and the start of the development drilling program. This is the first 3D seismic to be acquired in the oil field and acquisition operations are scheduled to begin in the summer of 2013, after obtaining the necessary regulatory and government approvals.

Total 2013 production through February averaged 3,215 BOE/d (net Greenfields 1,018 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.