Greenfields Announces Results of First Two Recompletions in the Gum Deniz Oil Field
Greenfields Petroleum Corporation Announces 422 Feet and 193 Feet of Behind-Pipe Pay Thickness in Its First Two Recompletions in the Gum Deniz Oil Field
CALGARY, ALBERTA--(Marketwire - Sept. 15, 2011) -
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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF), an independent exploration and production company with assets in Azerbaijan, announces that it has confirmed 422 feet and 193 feet of behind-pipe pay thickness based on cased hole production logs in the first two of its thirty-six planned recompletions in the Gum Deniz oil field. Greenfields participates in the Bahar Exploration, Rehabilitation, Development and Production Sharing Agreement through its 33.33%-owned joint venture, Bahar Energy Limited ("BE"), and BE's operating subsidiary, Bahar Energy Operating Company Limited ("BEOC").
Cased hole logging (PNN & Carbon/Oxygen) has been completed on wells #464 and #449. In well #464, four zones (X, IX, VIII and VI) have been confirmed to have approximately 422 feet of behind-pipe pay thickness from the cased hole logging program. In well #449, three zones (IX, VIII and VI) have been confirmed to have approximately 193 feet of behind-pipe pay from the cased hole logging program.
During the next thirty days, completion activities will be underway to test the various zones in each well. In well #464, completion of zones X and IX are set to be tested together and then later evaluations of zones VIII and VI will be made. In well #449, Zone IX will be the only zone to be completed. BE intends to evaluate zones VIII and VI at a later date.
As previously announced, BEOC has contracted two new western-style workover rigs, the first to arrive before year-end and the second in early 2012. After these two rigs arrive, Greenfields intends to proceed with twenty-four recompletions in the subsequent twelve-month period in the Gum Deniz oil field and the Bahar gas field.
About Greenfields Petroleum Corporation
Greenfields is an 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 and 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.
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.
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer