Greenfields Petroleum Corporation Announces the Resignation of CTO

CALGARY, ALBERTA--(Marketwire - Jan. 5, 2012) -

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 (the "Company" or "Greenfields") (TSX VENTURE:GNF) announced today that the Board of Directors has regretfully accepted the resignation of Mr. Alex T. Warmath from the position of Senior Vice President and Chief Technical Officer, effective immediately. Alex will continue in his role as a Director and active member of the Board of Directors of Greenfields.

John W. Harkins, President and Chief Executive Officer, commented "We want to thank Alex for his leadership and commitment to co-found Greenfields and implementing the greenfields growth model over the past four years. Alex has made significant contributions in identifying and capturing projects for the Company. His work will contribute greatly to our future growth plans in the Gum Deniz oil field and the Bahar gas field in Azerbaijan. We wish him all the best in his future endeavors and hope he has more time to spend with his family." Alex will become a technical consultant to the Company and assist from time to time with identifying greenfields opportunities for future evaluation.

The company is concluding an active search to fill this executive position. In the interim Mr. Douglas A. Pollak, Vice President of Exploration and Development, will oversee the reserves and exploitation work on the Azerbaijan Bahar project.

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.