Greenfields Petroleum Corporation Provides Operational Update for the Bahar Project in Azerbaijan

Greenfields Petroleum Corporation Provides Operational Update for the Bahar 
Project in Azerbaijan 
NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Greenfields Petroleum Corporation 
TSX VENTURE SYMBOL:  GNF
TSX VENTURE SYMBOL:  GNF.DB 
APRIL 7, 2014 
Greenfields Petroleum Corporation Provides Operational Update for the Bahar
Project in Azerbaijan 
HOUSTON, TEXAS--(Marketwired - April 7, 2014) -  
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 ("Greenfields" or the
"Company") (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB), an independent
exploration and production company with assets in Azerbaijan, is pleased to
provide an operational update for the Bahar project in Azerbaijan. 
Field production increased again in March 2014 over the prior month as a result
of continuing workover operations in the two fields. For March 2014,
Greenfields' 33.33% share of Bahar Energy Limited's entitlement
volumes have averaged approximately 11 mmcf/d for natural gas and 504 bbl/d for
oil, a 25% and 23% increase, respectively, over February 2014. 
The operating company of the Bahar project, Bahar Energy Operating Company,
continues its work in the redevelopment of the Gum Deniz and Bahar fields. 
Workovers and recompletions have been responsible for most of the recent
production additions in both fields. The BH-208 well was worked over with new
perforations added in the I series sands and is currently producing 5 mmcf/d.
The 3-Phase pump was reinstalled on GD-456 well and production has increased an
additional 100 bbl/d. 
While workovers are proceeding on Platform 2, the PSG 1 rig had been preparing
to do further testing in the V-VIII series sands in the recently drilled GD-774
well prior to possible sidetracking. The PSG 3 rig has not completed technical
and insurance certification to date, so drilling has not started in the eastern
flank of the Gum Deniz field. 
The acquisition of the 200 square kilometer 3-D survey over the Gum Deniz field
area by PGS-Khazar continued in March. Weather conditions again impeded
production, with high winds and seas limiting the contractor to only 7 days of
shooting for the month, during which 6.1 square kilometers were acquired. The
total 3-D seismic acquired to date is 13.8 square kilometers. With the
anticipated arrival of improving weather conditions during spring and summer
months, the production is expected to improve. 
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 
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, seismic acquisition and weather conditions. 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 www.sedar.com. 
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. 
Notes to Oil and Gas Disclosures 
Barrels Oil Equivalent or "boe" may be misleading, particularly if
used in isolation. 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. 
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. 
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FOR FURTHER INFORMATION PLEASE CONTACT: 
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0836
or
Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0835
info@greenfieldspetroleum.com 
INDUSTRY:  Energy and Utilities - Oil and Gas  
SUBJECT:  OEX 
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-0- Apr/07/2014 20:15 GMT
 
 
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