Greenfields Announces Exercise of Over-Allotment Option

Greenfields Petroleum Corporation Announces Full Exercise of the Agents' Over-Allotment Option

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2010) -

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 ("Greenfields" or the "Corporation") is pleased to announce that the agents of its recent initial public offering (the "Offering") have exercised the full over-allotment option and have purchased an additional 635,250 common shares at a price of CDN$8.50 per common share. Gross proceeds of CDN$5,399,625.00 were received on exercise of the over-allotment option. The syndicate for the Offering was led by FirstEnergy Capital Corp. and included Raymond James Ltd. and Haywood Securities Inc.

Net proceeds of the Offering, including the over-allotment option, of CDN$38,913,298 will be used to fund the Corporation's ongoing development and expansion programs and for general corporate purposes.

The Corporation has 14,866,021 shares outstanding after exercise of the over-allotment option.

United States Advisory

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. 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.

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 Corporation 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 undeveloped international oil and gas fields.

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 "Notice to Investors – Special Note Regarding Forward-Looking Statements" and "Risk Factors" in Greenfields final prospectus. Forward-looking information in this press release includes, but is not limited to, information concerning the exercise of the over-allotment option. 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.