Greenfields Petroleum Corporation Announces Issuance of Options

Houston, Texas – (January 4, 2017) – Greenfields Petroleum Corporation ("Greenfields" or the "Company"; TSX-VENTURE: GNF) announces that it has granted options to acquire 650,000 common shares of Greenfields (“Common Shares”) pursuant to its stock option plan, 450,000 of which were granted to officers of Greenfields. Each grant ofoptions is for a5 year term, expiring on January 1, 2022.

The options shall vest 1/2 upon January 1, 2018 and 1/2 upon January 1, 2019. The options are exercisable at a Canadian dollar price of $0.29 per Common Share, which was the closing price on the TSX Venture Exchange on December 30, 2016. There are now options outstanding to purchase a total of 1,370,000.

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.

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.

For more information, please contact

Greenfields Petroleum Corporation

John W. Harkins A. Wayne Curzadd

Chief Executive Officer Chief Financial Officer

(832) 234-0836 (832) 234-0835

www.greenfields-petroleum.com info@greenfieldspetroleum.com