Greenfields Petroleum Corporation
TSX VENTURE : GNF

Greenfields Petroleum Corporation

January 30, 2012 20:17 ET

Greenfields Petroleum Corporation: Bahar Energy Operating Company Limited to Start Two Workover Rigs in May 2012

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2012) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) announced that their operating division, Bahar Energy Operating Company Limited (BEOCL), will receive two rigs in March for doing workovers in the Gum Deniz Oil field and the Bahar Gas field, offshore Azerbaijan. One of these rigs is being configured to drill wells in Gum Deniz to provide for greater flexibility in the overall development of the fields in the Bahar Exploration, Rehabilitation, Development and Production Sharing Agreement.

When the rigs arrive in Azerbaijan, they will be commissioned in April and ready for operations at the first of May. The one rig being configured for drilling will have a top drive installed and larger mud pumps added to insure adequate capability for both effective drilling and workover operations. In addition, BEOCL is preparing to use a coiled tubing unit with specialty downhole mud motors to drill multilateral drain holes in existing wells starting in the beginning of the second quarter of this year.

John W. Harkins, President and Chief Executive Officer, commented "although the installation of the top drive and larger mud pumps postpones the operating start date of the first workover rig, the additional drilling capability will help us begin the drilling program in the oil field sooner than previously planned. Also, using the immediately available coiled tubing unit will allow us to improve the productivity in many of the older damaged wells".

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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