CALGARY, ALBERTA--(Marketwire - Feb. 7, 2013) -
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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, continues drilling on Gum Deniz Well 715 on Platform 2 using the PSG1 drilling rig. The rig is currently drilling 8-3/8" hole out of the 9-5/8" casing (set at 2,072 meters), and is currently at a depth of 2,464 meters. The target objectives will be encountered over the next 1,500 meters. The current rate of penetration is 10 meters per hour.
The PSG2 workover rig is currently fishing tubing on the Bahar well 198. The Bahar well 196 was recently recompleted and is now waiting on high pressure nitrogen to kick the gas well off. Work continues on upgrading and refurbishing Platforms 208a and 168 for future drilling and workover possibilities using another drilling rig and the workover rig PSG2, respectively.
Total production for December 2012 averaged 3,589 BOE/d (net Greenfields 1,137 BOE/d) and average 2012 production was 3,460 BOE/d (net Greenfields 1,095 BOE/d).
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.
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.
The term "barrels of oil equivalent" or "BOE" may be misleading, particularly if used in isolation. A "BOE" conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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.