Greenfields Petroleum Corporation
TSX VENTURE : GNF
TSX VENTURE : GNF.DB

Greenfields Petroleum Corporation

September 13, 2012 11:07 ET

Greenfields Petroleum Corporation: Bahar Development Operations Update

CALGARY, ALBERTA--(Marketwire - Sept. 13, 2012) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) (TSX VENTURE:GNF.DB) announced that Bahar Energy Operating Company (BEOC), the operating company for Bahar Energy Limited (BEL) in which Greenfields owns a 33.33% interest, has set intermediate casing (9 5/8 inch) at 1,895 meters (6,218 feet) true vertical depth ("TVD") on the Gum Deniz 601 well. The well was spud on August 20, 2012 from a pad on Gum Deniz Island in Azerbaijan utilizing the Great Wall 88 rig to develop a field extension in the north of Gum Deniz field that is expected to be un-drained. The well has a target depth of 3,500 meters (11,483 feet) TVD. A second location is being prepared as a follow up well.

Greenfields also announces the two new modern Western-style workover rigs are being deployed offshore and commissioned by the rig contractor. One rig is being located on Platform 196 for workover and recompletion operations on the Bahar gas field and is scheduled to commence work at the end of September. The rig will repair and recomplete gas-condensate wells that have, in most cases, been shut in for years due to operational difficulties. These wells are believed by management of Greenfields to have significant potential in untested behind-pipe zones. Two or three recompletions in the Bahar field are expected to be performed this year.

The second rig is being located on Platform 2 for drilling operations in the Gum Deniz oil field. The rig contractor is continuing with modifications to the mud system and the top drive to accommodate the drilling operations. These offshore rig modifications have been impacted by severe weather during the past two weeks. When the rig is certified and available to BEOC, drilling operations will begin with a current spud target date of mid-October 2012. This rig will drill development wells in the under-developed northern area of the Gum Deniz field. One or two wells are expected to be drilled with this rig in 2012, and additional drilling activity will continue into 2013 and beyond.

Greenfields also announces the completion of the 3D seismic project acquisition program is targeted for October 2012, weather permitting. Processing and interpretation will follow during the fourth quarter. If the interpretation confirms an attractive exploration prospect in the Bahar-2 exploration area, BEL intends to develop an appropriate drilling strategy to evaluate any such prospect. Drilling in the Bahar-2 area could occur in late 2013 or early 2014.

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.

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.

Contact Information

  • Greenfields Petroleum Corporation
    John W. Harkins
    Chief Executive Officer
    (832) 234-0800

    Greenfields Petroleum Corporation
    A. Wayne Curzadd
    Chief Financial Officer
    (832) 234-0800

    Greenfields Petroleum Corporation
    Robin Cook
    CHF Senior Account Manager
    (416) 868-1079 x 228
    info@greenfieldspetroleum.com
    www.greenfields-petroleum.com