Greenfields Announces Exercise of Warrants for Proceeds of CDN$2,650,000

HOUSTON, TEXAS--(Marketwire - Feb. 29, 2012) -

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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF) is pleased to announce that all of the holders of the 530,000 share purchase warrants to acquire Greenfields' common stock at a price of CDN$5.00 per share (the "Warrants") have exercised all of their Warrants. As a result of the exercise of the Warrants, Greenfields raised CDN$2,650,000 (about US$2,655,000 at today's exchange rate).

The Warrants were issued two years ago on February 24, 2010 as a part of a private placement of units by Greenfields when Greenfields was still a private company.

Greenfields intends to use the proceeds from the exercise of the Warrants to fund its development program in Azerbaijan, as well as for general corporate purposes.

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.