Greenfields Petroleum Corporation Announces February 2014 Drilling and Workover Results for the Bahar Project in Azerbaijan

Greenfields Petroleum Corporation Announces February 2014 Drilling and Workover 
Results for the Bahar Project in Azerbaijan 
FOR: Greenfields Petroleum Corporation 
MARCH 10, 2014 
Greenfields Petroleum Corporation Announces February 2014 Drilling and Workover
Results for the Bahar Project in Azerbaijan 
HOUSTON, TEXAS--(Marketwired - March 10, 2014) -  
Greenfields Petroleum Corporation ("Greenfields" or the
"Company") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent
exploration and production company with assets in Azerbaijan, is pleased to
announce that the operating company of the Bahar project, Bahar Energy
Operating Company ("BEOC" or "Operator"), continues work in
its redevelopment of the Gum Deniz and Bahar fields in the Bahar ERDPSA,
Gross field production increased again in February as a result of continuing
drilling and workover operations in the two fields. As of March 9th, production
has increased to approximately 38.1 mmcf/d and 1,935 bbl/d or 8,798 boe/d after
reaching the key TPR1 90 day average production milestone of 6,944 boe/d in
January of this year. Achieving the TPR1 milestone has secured the production
and operating period of the ERDPSA for the full twenty five (25) year initial
term of the contract. 
Over the past nine months, eight recompletions have been performed in the Bahar
gas field which have increased production more than threefold from 11 mmcf/d to
more than 38 mmcf/d, and more than 200 bbl/d of condensate. During March the
Shirvan crane barge has become available to the Operator for the installation
of deck panels and other materials on the Bahar PF-196 and PF-46 platforms.
Once installed, this equipment and material will allow three additional
workovers to proceed in the coming weeks. More than 50 additional recompletions
are planned in the Bahar gas field over the next three years. 
Development drilling continues in the Gum Deniz field. Drilling on the GD-774
well commenced on December 11, 2013 and reached total depth of 2,566 meters
(2,484 meters TVD) on January 16, 2014. The well was logged and cased. Log
analysis and subsequent production indicated partially depleted reservoirs. The
well is now being completed in Horizon VIII. 
Workovers and recompletions continue to effectively add production in both
Bahar and Gum Deniz fields. Bahar well B-238 was recompleted in the
"I" series sands and produced at an initial rate of 9 mmcf/d and
continues to produce at rates in excess of 6 mmcf/d. Gum Deniz well GD-478 was
worked over with new perforations in the "IX" series sands and
produced at an initial rate of 390 bbl/d, stabilizing at approximately 120
bbl/d. The GD-456 well was treated with sulfanol and hot oil and is now
producing at a rate of 460 bbl/d, with a 38% watercut. Additionally, the
Operator is in the process of installing a Rosscor 3-Phase pump which is
expected to lower the back pressure on the well and increase the production
rate above 500 bbl/d. 
The 3-D seismic survey continued during the quarter. Acquisition continues to
be hampered by high winds. As of the end of the month, approximately 4% of the
200 square kilometer survey has been acquired. The rate of acquisition is
expected to improve once the winter weather passes. 
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 
Forward-Looking Statements 
This press release contains forward-looking statements. More particularly, this
press release may include, but is not limited to, statements concerning:
increased average production, drilling and completion plans and the expected
timing thereof, securing the production and operating period of the Bahar
Contract and seismic acquisition. In addition, the use of any of the words
"initial, "scheduled", "can", "will",
"prior to", "estimate", "anticipate",
"believe", "should", "forecast",
"future", "continue", "may", "expect",
and similar expressions are intended to identify forward-looking statements.
The forward-looking statements contained herein are based on certain key
expectations and assumptions made by the Company, including, but not limited
to, expectations and assumptions concerning the success of optimization and
efficiency improvement projects, the availability of capital, current
legislation, receipt of required regulatory approval, the success of future
drilling and development activities, the performance of existing wells, the
performance of new wells, general economic conditions, availability of required
equipment and services, weather conditions and prevailing commodity prices.
Although the Company 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 the Company 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. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
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 and environmental risks), commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas industry and
uncertainties resulting from potential delays or changes in plans with respect
to exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect the Company's
operations and financial results are included 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 
The forward-looking statements contained in this press release are made as of
the date hereof and the Company 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 cautions that the test results described in the press release are
not necessarily indicative of long-term performance or ultimate recovery.
Additionally, as well test interpretations have not been completed on the wells
described in this press release, the results and data described in this press
release should be considered preliminary until such interpretations have been
Notes to Oil and Gas Disclosures 
Barrels Oil Equivalent or "boe" may be misleading, particularly if
used in isolation. The volumes disclosed in this press release use a 5.559 mcf:
1bbl conversion ratio as the Bahar Contract (ERDPSA) uses a 5.559 mcf: 1bbl
conversion ratio to measure total field production in calculating the 6,944 boe
production threshold to earn the full 25 year initial term of the Bahar
Contract. A boe conversion ratio of 6mcf: 1bbl is typically used in oil and gas
reporting and is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. The Company uses a 6mcf: 1bbl ratio to calculate its share of
entitlement sales from the Bahar Project for its financial reporting and
reserves disclosure, but, for greater clarity, not for the purposes of this
press release. 
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
(832) 234-0836
Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0835 
INDUSTRY:  Energy and Utilities - Oil and Gas  
-0- Mar/11/2014 00:00 GMT
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