Greenfields Petroleum Corporation Announces Receipt of Shareholder Approval in Respect of the Previously Announced Corporate Redomestication

HOUSTON, TEXAS--(Marketwire - Aug. 11, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Greenfields Petroleum Corporation (TSX VENTURE:GNF.S) (the "Company" or "Greenfields"), an independent exploration and production company with assets in Azerbaijan, is pleased to announce that the previously announced corporate redomestication (the "Redomestication") of Greenfields to the Cayman Islands has been approved at a meeting of the shareholders of Greenfields ("Greenfields Shareholders") held on August 11, 2011. Details of the transaction are reflected in the management information circular of Greenfields, dated July 13, 2011, which is available electronically on SEDAR at www.sedar.com.

It is expected that all transaction steps with respect to the Redomestication will be completed on or about August 18, 2011.

Subject to the completion of the Redomestication on or about August 18, 2011, it is expected that the redomesticated company, which will be named "Greenfields Petroleum Corporation", will commence trading on the TSX Venture Exchange under the symbol "GNF" on or about August 23, 2011, with no ".S" qualifier on the symbol.

If any registered shareholders require assistance with respect to the transmittal of share certificates for conversion, they may contact Wayne Curzadd, Interim Chief Financial Officer, or Janet Nussbaum, General Counsel, at 832-234-0800.

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.

United States Advisory

The securities referred to herein have not been and will not be registered under the United States Securities Act, have been offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Greenfields, including, without limitation, those listed under the headings of "Risk Factors" in Greenfields annual information form, its management information circular and similar headings in the Corporation's Management's Discussion& Analysis which may be viewed on www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning potential future acquisitions.

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.