HOUSTON, TEXAS--(Marketwire - May 3, 2012) -

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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF), an independent exploration and production company with producing assets in Azerbaijan, announced today that the two modern Western-style workover rigs arrived in Poti, Georgia on April 6, 2012, and the shipment has now arrived at a staging area at Fisherman's Wharf in Baku. Greenfields participates in the Bahar Exploration, Rehabilitation, Development and Production Sharing Agreement ("ERDPSA") through its 33.33%-owned joint venture, Bahar Energy Limited, and its operating subsidiary, Bahar Energy Operating Company Limited.

The rigs are designed for the operational requirements of the Gum Deniz and Bahar fields and are on three-year contract. They are now undergoing a commissioning process, and will then be mobilized and installed on offshore platforms using a heavy-lift crane barge. The rigs will initially operate from Platform 2 in the Gum Deniz oil field and Platform 196 in the Bahar gas field. To accommodate the rigs, significant modifications were made to the platforms. Except for pile caps, this work has been completed. Pile caps will be installed ahead of rig mobilization. Drilling and recompletion operations are expected to start in June.

The rig assigned to the Bahar gas field will work at recompleting gas wells that, in most cases, have been shut in due to operational difficulties. These wells are expected to have significant potential in untested zones. Five wells are expected to be recompleted in 2012.

The rig assigned to the Gum Deniz oil field will be engaged in drilling development wells in the under-developed northern area of the Gum Deniz field. It is being upgraded for drilling operations by adding a topdrive, larger drilling mud tanks and 1300 horsepower drilling mud pumps. At least four wells are expected to be drilled in 2012. The field development plan includes a total of 23 wells in north Gum Deniz field, which will be drilled from existing platforms, and a total of 60 wells will be drilled in the south Gum Deniz field on new platforms presently in the design stage.

In addition, a well in the Gum Deniz field was recompleted in a behind-pipe pay zone during March 2012. It has averaged over 250 barrels of oil per day and 134 barrels of water per day. A 16-foot interval was perforated within a 29-foot pay sand in Zone X that was identified recently from a new cased hole production log. The cased hole log also identified 10 additional sands in Zone X having a total of 153 feet of projected pay behind pipe which will also be recompleted as conditions merit. This success was the first recompletion in 2012. Bahar Energy expects to recomplete approximately 16 wells in both Gum Deniz and Bahar fields this year.

Richard E. MacDougal, Chief Operating Officer, commented: "We are very pleased with the arrival of the two Western-style workover rigs in Baku. These rigs will allow us to start our redevelopment program and realize the significant value and future potential that exists in our Bahar ERDPSA project."

The contractor in charge of acquiring the seismic data has completed the acquisition of the 140 kilometers of 2D seismic data over the Bahar Project area. These are the first seismic data to be "shot" over most of the field. The data are being processed in Houston and are expected to be completed for interpretation this summer. The 3D seismic data acquisition over the Bahar 2 exploration area will re-start in May. These data, once acquired, will then be processed and interpreted for the evaluation of this exploration area. The acquisition, processing, and interpretation are expected to be completed by year-end.

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.