Greenfields Announces Third Quarter 2010 Results

Greenfields Petroleum Corporation Announces Third Quarter Results

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2010) -
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Greenfields Petroleum Corporation (TSX VENTURE:GNF.S) -

SUMMARY OF KEY RESULTS

For the third quarter ended September 30, 2010

• On September 29th, 2010, the Greenfields Petroleum Corporation's ("Greenfields" or the "Corporation") 33.33% indirectly owned subsidiary, Bahar Energy Ltd. was notified by the State Oil Company of Azerbaijan that all conditions precedent of the Exploration, Rehabilitation, Development and Production Sharing Contract were satisfied and the contract would become effective as at October 1, 2010.
• In advance of its initial public offering, Greenfields successfully completed a private placement of 1,984,077 common shares on September 14, 2010 at CDN$6.50 per share raising CDN$12.9 million (US$11.6 million) in net proceeds after fees and expenses and contributing to a cash balance of US$13.1 million as at September 30, 2010.
• Subsequent to third quarter balance sheet date, on November 16, 2010, Greenfields completed its initial public offering of 4,235,000 common shares at a price of CDN$8.50 per share for gross proceeds of CDN$35,997,500 and net proceeds of CDN $33,837,650 (US$32,641,527) after deducting agents fees. 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. The common shares began trading on November 16, 2010 on the TSX Venture Exchange ("TSX-V") under the symbol "GNF.S". The Company plans to use the net proceeds to implement its Phase I Development Plan in Azerbaijan as well as other business development and general corporate purposes.

Full details on the above are contained in the Corporation's consolidated financial statements and management's discussion and analysis ("MD&A") for the third quarter ended September 30, 2010, which are filed with the securities regulatory authorities in Canada. These documents will be available for review under the Corporation's SEDAR profile at www.sedar.com.

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". More information about the Corporation may be obtained on the Greenfields website at www.greenfields-petroleum.com.

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 and in the Corporation's third quarter MD&A which may be viewed on www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning the use of the proceeds from the Corporation's initial public offering. 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.