GNF Greenfields Petroleum Corp

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX
VENTURE:GNF) (TSX VENTURE:GNF.DB) announced that Bahar Energy Operating Company
(BEOC), the operating company for Bahar Energy Limited (BEL) in which
Greenfields owns a 33.33% interest, has completed the offshore rig-up and
commenced operations with both of the new Western-style rigs. The PSG-1 rig is
drilling in Gum Deniz oil field and the PSG-2 rig is undertaking workovers on
Bahar gas field.


The PSG 1 rig on Platform 2 spudded the Gum Deniz 715 well on December 17, 2012.
The 13 3/8 inch casing has been set and cemented at 450 meters (1476 feet). A
total of eight development well locations are scheduled from the Gum Deniz 2
platform in 2013 and 2014.


The PSG 2 rig is currently working over the Bahar 196 gas well located on the
Bahar 196 platform. A total of four workovers are scheduled on this platform to
reestablish gas production from these wells. 


Greenfields also announces the completion of the 3D seismic project acquisition
in December 2012. Processing and interpretation will follow during the first
quarter of 2013. The 3D seismic project is focused on evaluating the potential
of the Bahar 2 exploration block located directly south of the Bahar
Rehabilitation Area which is undergoing redevelopment. 


Richard E. MacDougal, Chief Operating Officer, commented, "We are pleased with
the start of the development drilling and workover programs. We feel that the
start-up of these operations is key to realize the significant value and future
potential of our Bahar ERDPSA project."  


Total production for November 2012 averaged 3608 BOE/d (net Greenfields 1131
BOE/d) and average year to date production of 3434 BOE/d (net Greenfields 1087
BOE/d).


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. 


The term "barrels of oil equivalent" or "boe" may be misleading, particularly if
used in isolation. A "boe" conversion ratio of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
(832) 234-0800


Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
(832) 234-0800


Greenfields Petroleum Corporation
Robin Cook
CHF Senior Account Manager
(416) 868-1079 x 228
info@greenfieldspetroleum.com
www.greenfields-petroleum.com

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