Greenfields Petroleum Corporation
TSX VENTURE : GNF

Greenfields Petroleum Corporation

January 31, 2012 20:18 ET

Greenfields Petroleum Corporation Announces the Appointment of Mr. George M. Greene as Senior Vice President for Exploration and Exploitation.

HOUSTON, TEXAS--(Marketwire - Jan. 31, 2012) -

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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF) is pleased to announce that it has appointed Mr. George M. Greene as Senior Vice President for Exploration and Exploitation of the Company. In conjunction with his appointment, the Board of Directors has authorized an award of 80,000 stock options to purchase that number of common shares of the Company at the closing price on the TSX-V on January 31, 2012, and a grant of 40,000 common shares, both subject to three-year vesting periods and regulatory approvals including approval of the TSX-V.

Mr. Greene brings 35 years of leadership and technical experience in international oil and gas exploration management, geology and geophysics. Mr. Greene played a significant role in the growth of Jubilant Energy NV in his position of Chief Operating Officer. Earlier during his tenure at Enron Global Exploration and Production Inc. ("EGEP") he led a multiple-rig drilling program that resulted in over sixty successful horizontal and deviated wells in the Bombay offshore area in India. Mr. Greene also helped to build a working relationship with the Indian government authorities and establish EGEP's in-country team.

Prior to EGEP, Mr. Greene performed technical evaluations of international opportunities for Elf Aquitaine (now Total S.A.) and held various positions in exploration management with Stratum Energy Group Ltd., Monsanto Company, Santa Fe Energy Resources and Cities Services Company. George holds a Master of Science in Geology degree from the University of Houston.

John W. Harkins, CEO of Greenfields stated "We are very pleased to appoint George as Senior Vice President for Exploration and Exploitation. With his extensive background in the exploitation for and development of hydrocarbons, he provides exceptional expertise to lead our Bahar ERDPSA efforts. His experience in redeveloping oil and gas fields in Bombay offshore, India will apply directly to our offshore Azerbaijan project. I again thank Alex T. Warmath for his important role in co-founding Greenfields and his continued role as a Director and as an active advisor and consultant to our ongoing business development programs."

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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