Greenfields Petroleum Corporation

Greenfields Petroleum Corporation

April 07, 2014 16:15 ET

Greenfields Petroleum Corporation Provides Operational Update for the Bahar Project in Azerbaijan

HOUSTON, TEXAS--(Marketwired - April 7, 2014) -


Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent exploration and production company with assets in Azerbaijan, is pleased to provide an operational update for the Bahar project in Azerbaijan.

Field production increased again in March 2014 over the prior month as a result of continuing workover operations in the two fields. For March 2014, Greenfields' 33.33% share of Bahar Energy Limited's entitlement volumes have averaged approximately 11 mmcf/d for natural gas and 504 bbl/d for oil, a 25% and 23% increase, respectively, over February 2014.

The operating company of the Bahar project, Bahar Energy Operating Company, continues its work in the redevelopment of the Gum Deniz and Bahar fields.

Workovers and recompletions have been responsible for most of the recent production additions in both fields. The BH-208 well was worked over with new perforations added in the I series sands and is currently producing 5 mmcf/d. The 3-Phase pump was reinstalled on GD-456 well and production has increased an additional 100 bbl/d.

While workovers are proceeding on Platform 2, the PSG 1 rig had been preparing to do further testing in the V-VIII series sands in the recently drilled GD-774 well prior to possible sidetracking. The PSG 3 rig has not completed technical and insurance certification to date, so drilling has not started in the eastern flank of the Gum Deniz field.

The acquisition of the 200 square kilometer 3-D survey over the Gum Deniz field area by PGS-Khazar continued in March. Weather conditions again impeded production, with high winds and seas limiting the contractor to only 7 days of shooting for the month, during which 6.1 square kilometers were acquired. The total 3-D seismic acquired to date is 13.8 square kilometers. With the anticipated arrival of improving weather conditions during spring and summer months, the production is expected to improve.

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

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release may include, but is not limited to, statements concerning: increased average production, drilling and completion plans and the expected timing thereof, seismic acquisition and weather conditions. In addition, the use of any of the words "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "should", "forecast", "future", "continue", "may", "expect", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation, receipt of required regulatory approval, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services, weather conditions and prevailing commodity prices. Although the Company 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 the Company 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These 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 and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Company's operations and financial results are included 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

The forward-looking statements contained in this press release are made as of the date hereof and the Company 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.

Notes to Oil and Gas Disclosures

Barrels Oil Equivalent or "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf: 1bbl is typically used in oil and gas reporting and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6mcf: 1bbl ratio to calculate its share of entitlement sales from the Bahar Project for its financial reporting and reserves disclosure.

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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