HOUSTON, TEXAS--(Marketwired - Oct. 11, 2013) -
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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent exploration and production company with assets in Azerbaijan, announces that it has granted options on October 11, 2013 to acquire up to 630,000 common shares of Greenfields ("Common Shares"), 459,000 of which were granted to directors and officers of Greenfields. Each grant of options is for a five year term, expiring on October 11, 2018.
The options vest as to 1/3 on the date Greenfields reaches a certain production target ("Production Target"), 1/3 on the first anniversary of reaching the Production Target and the final 1/3 on the second anniversary of reaching the Production Target. The options are exercisable at a price of $3.20 per Common Share. There are now options outstanding to purchase a total of 1,735,000 Common Shares, or approximately 9.4% of the issued and outstanding Common Shares.
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.
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.