GNF Greenfields Petroleum Corp

Greenfields Petroleum Corporation (TSX VENTURE:GNF)(TSX VENTURE:GNF.DB) - 

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") today 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 Gum Deniz
(GD) 715 well on Platform 2 using the PSG1 drilling rig. The well was completed
in 58 meters (190 feet) of pay in all lower zones and after an initial rate of
1047 bopd, has been flowing at an average rate of 700 bopd of 34 API gravity
with casing-head pressure of 56 atm (823 psi) and tubing-head pressure of 15 atm
(220 psi). The GD 715 well has an additional 100 meters (328 feet) of pay that
will be developed in future wells. The SP horizon in the GD 715 well was found
un-depleted and the next well, the GD 716, will target this horizon in an up-dip
and favorable position. The rig is currently being skidded to commence drilling
the GD 716 well. 


Rich MacDougal, Greenfields COO, commented, "We are very pleased with the start
of the development drilling and workover programs. The initial production rates
of this GD 715 well have exceeded our pre-drill estimates by almost three times
and we are looking forward to other new development wells in the near future in
our Bahar ERDPSA project." The BEL shareholders have a Phase 1 development
drilling program that has identified almost ninety development oil well
locations to be drilled over the next 3 to 5 years.


Based on this positive start to the development drilling program, BEL
shareholders have approved the award of another drilling rig contract for the
Gum Deniz oil field. The PSG3 rig will be located on the Gum Deniz platform 208
after completion of platform upgrades and should be available for drilling in Q3
2013. 


In addition, BEL shareholders have also approved the award of a 3-D seismic
program of 200 sq. km. to further define the drilling opportunities in the Gum
Deniz oil field. Last year, the first seismic was acquired on this oil field and
the interpretation has identified numerous drilling opportunities that will be
better defined with the upcoming 3-D seismic program. 


Total production for March 2013 averaged 3,387 boe/d (net Greenfields 1,073 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

Greenfields Petroleum (TSXV:GNF)
Historical Stock Chart
From Dec 2024 to Jan 2025

Greenfields Petroleum (TSXV:GNF)
Historical Stock Chart
From Jan 2024 to Jan 2025