Greenfields Petroleum Corporation
TSX VENTURE : GNF

Greenfields Petroleum Corporation

April 30, 2012 09:15 ET

Greenfields' Partners Change Ownership in Bahar Energy Limited

CALGARY, ALBERTA--(Marketwire - April 30, 2012) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) announced today that it has been advised that Baghlan Group Limited ("Baghlan") has executed a Share Purchase Agreement for the acquisition of Rafi Oil FZE's ("Rafi") 33.33% interest in Bahar Energy Limited ("BEL") for a purchase price of US $150 million. Baghlan is one of the Company's fellow shareholders in BEL and previously held a 33.34% interest. Rafi, Baghlan and a subsidiary of Greenfields were the initial three owners of BEL. After the completion of the transfer of shares, Baghlan will hold a 66.67% interest in BEL while Greenfields' interest will remain unchanged as a result of the acquisition.

BEL is a Dubai-based company which operates and participates in an oil and gas exploration, rehabilitation and development profit sharing agreement ("Bahar ERDPSA") in Azerbaijan. The state-owned oil company SOCAR and its affiliate SOA also participate in the Bahar ERDPSA. The proposed sale will have no effect on Greenfields with respect to its existing 33.33% ownership position in BEL, and it will have no effect on BEL's contractual rights or obligations under the Bahar ERDPSA.

John W. Harkins, President and Chief Executive Officer, commented "we are very pleased with Baghlan's announced intent to purchase the Rafi interest in Bahar Energy Limited, because it further indicates the significant value and future potential that exists in our Bahar ERDPSA project. We welcome the new arrangement and we are looking forward to a closer working relationship with our partner as together we implement our drilling and recompletion program in the coming months in the Gum Deniz oil field and the Bahar gas field".

About Greenfields Petroleum Corporation

Greenfields is a junior oil and natural gas corporation 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 Company's press releases contain forward-looking information that involve substantial known and unknown risks and uncertainties, most of which are beyond the control of Greenfields, including, without limitation, those listed under the headings "Risk Factors" in Greenfield's Annual Information Form, its Management Information Circular and similar headings in the Company's Management's Discussion & Analysis which may be viewed on www.sedar.com. Forward-looking information in this press release may include, but is not limited to, information concerning its future operations.

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. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, Greenfields does not assume any obligation to update or revise them to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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