Greenfields Petroleum Corporation Announces Financial Results for the Three Months Ended March 31, 2014

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Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX
VENTURE:GNF) (TSX VENTURE:GNF.DB), an independent exploration and production
company with producing assets in Azerbaijan, is pleased to announce its
financial results for the first quarter 2014. Except as otherwise indicated, all
dollar amounts referenced herein are expressed in United States dollars.


First Quarter 2014 Financial Results and Operating Highlights



--  The Company's 33.33% share of Bahar Energy Limited ("Bahar Energy")
    entitlement sales volumes averaged 435 bbl/d and 8,987 mcf/d or 1,933
    boe/d in the first quarter 2014, an 11% improvement over the prior
    quarter and a 91% improvement over the first quarter 2013 on a barrel of
    oil equivalent basis. 

--  Through its interest in Bahar Energy, the Company realized average oil
    and gas prices of $102.36 per barrel and $3.96 per mcf in the quarter. 

--  The Company's 33.33% share of Bahar Energy provided net income of $3.2
    million for the first quarter 2014 compared to a net loss of $2.1
    million in the first quarter 2013. This improvement reflected revenues
    of $7.6 million for the first quarter 2014, a 29% improvement over the
    first quarter 2013, and a 58% reduction in operating costs versus first
    quarter 2013. 

--  The Company recorded revenues of $0.4 million, had net income of $1.1
    million and EPS of $0.06 (basic and diluted). 

--  On January 31, 2014, Bahar Energy Operating Company ("BEOC") informed
    SOCAR that they had maintained an average rate of 7,081 boe/d for the
    previous 92 consecutive days, and, as such, meeting the TPR1(1)
    requirement in accordance with the ERDPSA. This production milestone has
    been acknowledged by State Oil Company of Azerbaijan ("SOCAR") with
    official notice still pending. Upon receipt of such official notice,
    Bahar Energy will be required to pay a $2.0 million bonus obligation
    ($667 thousand net to the Company) to SOCAR. Meeting the TPR1
    requirement secures for the Contractor Parties in the ERDPSA the rights
    under the ERDPSA to the full twenty-five (25) year development and
    production period. 

--  On April 17, 2014, BEOC informed SOCAR that on March 31, 2014, BEOC met
    the TPR2(2) requirement in accordance with the ERDPSA. BEOC is awaiting
    acceptance from SOCAR that the TPR2 obligation has been met. Once
    accepted by SOCAR, SOCAR Oil Affiliate ("SOA"), with a 20% interest,
    will be obligated to pay its share of costs going forward in the next
    calendar quarter. SOA will also begin to repay the carry that has been
    in place since the beginning of the project from SOA's share of
    petroleum revenues attributable to cost recovery. 

1.  TPR1 refers to Target Production Rate 1 under the ERDPSA whereby BEOC
    must maintain a daily production rate for 90 consecutive days equal to
    1.5 times the average 2008 production rate, that rate being 6,944 boe/d.
2.  TPR2 refers to Target Production Rate 2 under the ERDPSA whereby BEOC
    must maintain a daily production rate for 30 consecutive days equal to 2
    times the average 2008 production rate, that rate being 9,258 boe/d. 



Operating highlights and plans



--  Work continued in the first quarter 2014 on the recording, processing
    and interpretation of up to 200 square kilometers of 3D seismic over the
    Gum Deniz Oil Field, which was contracted in 2013. At the end of the
    quarter, a total of 14 square kilometers of data had been acquired.
    Winter winds and seas impeded the seismic acquisition. The acquisition
    rate is expected to improve in the spring and summer months of 2014.
    Once the new data is acquired, processed, and interpreted, the revised
    Gum Deniz reservoir model will be used to improve well site selection
    for the drilling program. 

--  The interpretation of the 3D seismic survey on the Bahar-2 exploration
    block recorded in 2012 continued during the first quarter 2014.
    Calibration of the wells to the seismic commenced using Vertical Seismic
    Profile (VSP) acquired during the quarter. Additionally, fluid
    substitution models are being calculated to determine the amplitude
    versus offset (AVO) response of the seismic. This calibration is
    expected to aid in the evaluation of multiple seismic amplitude
    anomalies seen on the block.  

--  Three workovers were conducted in Bahar Gas Field resulting in
    production growth of approximately 14 mmcf/d. A total of 10 workovers
    were conducted in the Gum Deniz Oil Field yielding an estimated 250
    bbl/d. The success of these workovers played a key role in reaching the
    TPR2 objective on March 31, 2014. 

--  The GD-774 well reached target depth of 2,566 meters on January 26,
    2014, and was completed in Horizon VIII at a production rate of
    approximately 25 bbl/d. Further testing is planned in Horizons VIII,
    VII, VI and V.  

--  Drilling in Gum Deniz Oil Field has been delayed pending drilling rig
    modifications, a completion program evaluation, and a review of the
    subsurface interpretation which will focus on the results of wells
    drilled and recompleted to date, and on a subsequent prioritization of
    drilling locations. During the drilling delay, the focus will shift to
    recompletions on the Bahar Gas Field which have been successful to date
    at adding significant gas production, and on continued oil recompletions
    in the Gum Deniz Oil Field, along with production optimization and
    Electrical Submersible Pump (ESP) installations. 

--  Construction activity in the first quarter 2014 continued to focus on
    platform upgrades, primarily in the Bahar Gas Field, to support
    workovers, and on facilities improvement in the tank farm and process
    area. 



Select Financial and Operating Information for the three month ended March 31, 2014

The selected information below is from the Greenfields' Management Discussion &
Analysis. The Company's condensed consolidated financial statements as of and
for the three months ended March 31, 2014 and 2013, with the notes thereto and
the related Management's Discussion & Analysis can be found either on
Greenfields' website at www.Greenfields-Petroleum.com or on SEDAR at
www.sedar.com. All amounts below are in thousands of US dollars unless otherwise
noted.


Greenfields Petroleum Corporation



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(US$000's, except as noted)                   Three months ended March 31,  
                                              ------------------------------
                                                        2014           2013 
Financial                                                                   
----------------------------------------------------------------------------
                                                                            
Revenues                                                 427            687 
Net income (loss)                                      1,101         (3,803)
Net income (loss) per share, basic and diluted         $0.06         ($0.24)
                                                                            
Capital Items                                                               
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Cash and cash equivalents                              2,763          2,837 
Total Assets                                          60,129         36,458 
Working capital                                        1,773          3,316 
Long term loan, convertible debt and                                        
 shareholders' equity                                 57,653         34,009 
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Bahar Energy Limited (Joint Venture) 33.33%



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                                    Total Joint Venture    Net to Company   
                                    ----------------------------------------
(US$000's, except as noted)               Three months ended March 31,      
                                    ----------------------------------------
                                         2014      2013      2014      2013 
----------------------------------------------------------------------------
Financial                                                                   
                                                                            
Revenues                               22,898    17,750     7,632     5,916 
Net (loss) income                       9,657    (6,170)    3,218    (2,057)
                                                                            
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Operating                                                                   
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Average Entitlement Sales Volumes(1)                                        
Oil and condensate (bbl/d)              1,304     1,330       435       443 
Natural gas (mcf/d)                    26,964    10,216     8,987     3,405 
Barrel oil equivalent (boe/d)           5,798     3,032     1,933     1,011 
                                                                            
Average Oil Price                                                           
Oil price ($/bbl)                     $102.36   $105.80   $102.36   $105.80 
Net realization price ($/bbl)         $100.46   $103.73   $100.46   $103.73 
Brent oil price ($/bbl)               $108.14   $112.44   $108.14   $112.44 
                                                                            
Natural gas price ($/mcf)               $3.96     $3.96     $3.96     $3.96 
                                                                            
Capital Items                                                               
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Total Assets                          198,482   113,561    66,154    37,850 
Total Liabilities                      46,658    32,502    15,551    10,833 
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Net Assets                            151,824    81,059    50,603    27,017 
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1.  Daily volumes represent the Company's share of the Contractor Parties
    entitlement volumes net of compensatory petroleum and the government's
    share of profit petroleum. Effective October 1, 2013 the compensatory
    petroleum increased from 5% to 10% where it will remain until specific
    cumulative oil and gas production milestones are attained. 



"We are very pleased to see the substantial improvements which began in 2013
have continued into 2014 on the Bahar project. The income improvements
experienced in the fourth quarter 2013 continued into the first quarter 2014.
Production has increased to new levels for natural gas and we have seen further
reductions in project expenses as the cost savings measures started by the
operating company in 2013 are being realized. With higher petroleum revenues and
operating expenses less than half the 2013 level, Bahar Energy has had their
best quarter to date" stated A. Wayne Curzadd, Senior Vice President and Chief
Financial Officer of the Greenfields.


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

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, seismic acquisition and the Company's operational plans. 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 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, 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 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.


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 in regards to TPR1 and
TPR2 production targets under the headings "First Quarter 2014 Financial Results
and Operating Highlights" uses a 5.559 mcf: 1boe conversion ratio as the Bahar
Contract (ERDPSA) uses a 5.559 mcf: 1boe conversion ratio to measure total field
production in calculating the 6,944 boe and 9,258 boe production thresholds for
determining TPR1 and TPR2 target production milestones.


All volumes disclosed elsewhere in this press release use a 6mcf: 1boe, as such
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: 1boe 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
[phone]


Greenfields Petroleum Corporation
A. Wayne Curzadd
Chief Financial Officer
[phone]
[e-mail]
www.greenfields-petroleum.com