HOUSTON, TEXAS--(Marketwire - Aug. 10, 2012) -

NOT 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) (TSX VENTURE:GNF.DB), announced today that Mr. A. Wayne Curzadd has been appointed Senior Vice President, Chief Financial Officer and Treasurer of the Company effective August 9, 2012. Mr. Curzadd will replace Mr. David G. Gullickson who has tendered his resignation from the Company. Mr. Gullickson will continue to assist the Company during a transition period.

"We are very pleased to have Wayne expand his role within our senior management team. He has continued to demonstrate his wealth of strategic, operational and financial experience in emerging growth companies and certainly within our Company", stated John W. Harkins, President and Chief Executive Officer. "We are also grateful to David Gullickson for his contributions to our Company over the past year."

Mr. Curzadd has been with the Company since its inception, and is one of the founding shareholders. He has over 38 years of international and domestic oil and gas experience in the financial and business systems fields and has served in key management positions with major independent oil companies, as well as provided consulting services to large multi-national energy clients.

Mr. Curzadd has served as Vice President and Comptroller of the Company since October 1, 2008. Previously, Mr. Curzadd was Director of Financial Reporting for GFI, a public company listed on TSXV, from April 2007 until September 2008. Mr. Curzadd was Regional Consulting Manager for Wellpoint Systems Inc. and its predecessor IDEAS International Inc., from June 1994 to March 2007 where he provided international consulting services to energy industry majors, including Anadarko, British Gas, BP, Conoco-Phillips and Devon Energy.

Mr. Curzadd has experience of successfully establishing administrative functions to manage accounting, treasury, and logistics processes for oil and gas exploration and development projects worldwide. His experience includes projects in over 30 countries.

About Greenfields Petroleum Corporation

Greenfields is a junior oil and natural gas company 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 forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Greenfields. Although Greenfields believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greenfields can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. 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. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety, political and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading "Risk Factors" in Greenfields' Annual Information Form and similar headings in Greenfields' Management's Discussion & Analysis which may be viewed on www.sedar.com .

The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement.