CALGARY, ALBERTA--(Marketwire - Nov. 16, 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") (TSX VENTURE:GNF.S) is pleased to announce that it has completed its initial public offering of 4,235,000 common shares at a price of CDN$8.50 per common share for gross proceeds of CDN$35,997,500. The offering was carried out by a syndicate of investment dealers led by FirstEnergy Capital Corp. and including Raymond James Ltd. and Haywood Securities Inc. (collectively, the "Agents"). The Corporation has granted to the Agents an option, exercisable, in whole or in part from time to time, for up to 30 days following closing, to offer for sale up to an additional 635,250 common shares at a price of CDN$8.50 per common share to cover over allotments, if any, and for market stabilization purposes. If the over-allotment option is exercised in full, gross proceeds of the offering will be CDN$41,397,125. The common shares of the Corporation will commence trading today on the TSX Venture Exchange ("TSX-V") under the symbol "GNF.S".

The net proceeds to the Corporation from the initial public offering are estimated to be CDN$33,837,650, after deducting the Agents' fee and without giving effect to the over-allotment option. If the over-allotment option is exercised in full, the net proceeds to the Corporation, after deducting the Agents' fee, are expected to be CDN$38,913,298. The net proceeds of the offering will be used to fund the Corporation's ongoing development and expansion programs and for general corporate purposes. Proceeds realized upon exercise of the over-allotment option, if any, will also be utilized to fund the Corporation's ongoing development and expansion programs.

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, also known as "greenfields".

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.