Greenfields Petroleum Corporation Announces Financial Results for the Year-Ended December 31, 2013

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), an independent exploration and production company with assets in
Azerbaijan, announces financial results for the year-ended December 31, 2013.
Except as otherwise indicated, all dollar amounts referenced herein are
expressed in United States dollars.


Fourth Quarter and Year-End 2013 Financial Results and Operating Highlights



--  The Company's entitlement sales volumes from production for its net
    interest in the Bahar Project averaged 522 bbl/d and 7,352 mcf/d or
    1,747 boe/d in the fourth quarter 2013 and 523 bbl/d and 5,428 mcf/d or
    1,428 boe/d for fiscal year 2013, an improvement of 12% over the prior
    quarter, 53% over the fourth quarter 2012 and 31% over fiscal year 2012
    when compared on a barrels of oil equivalent basis. 
    
--  The Company recorded net income of $66,000 and EPS of $0.00 for the
    fourth quarter 2013 and a net loss of $3.3 million and EPS of ($0.19)
    for fiscal year 2013 as compared to a net loss of $5.9 million and EPS
    of ($0.28) in the fourth quarter 2012 and a net loss of $16.1 million
    and EPS of ($1.04) for fiscal year 2012. 
    
--  Through its interest in Bahar Energy, the Company realized average
    netback oil prices of $102.10/bbl for the fourth quarter 2013 and
    $101.28/bbl for fiscal year 2012. Realized gas prices have remained
    constant during 2013 at $3.96/mcf. 
    
--  The Gum Deniz 774 well commenced drilling on December 12, 2013. At year
    end 2013, the well was drilling at a total depth of 1,588 meters and
    subsequently reached total depth of 2,566 meters on January 23, 2104.
    After testing non-commercial rates in the X reservoir, the well is under
    evaluation for further testing in the V-VIII reservoirs and/or possible
    sidetracking. 
    
--  During 2013, the Company completed two separate equity transactions for
    aggregate gross proceeds of CAD$9.6 million. On June 25, 2013, the
    Company completed a non-brokered private placement of 2,000,000 Common
    Shares at a price of CAD$3.40 per Common Share for gross proceeds of
    CAD$6.8 million or the USD equivalent of $6.5 million. On July 9, 2013,
    the Company completed a brokered offering of 821,800 Common Shares at a
    price of CAD$3.40 per Common Share for gross proceeds of approximately
    CAD$2.8 million or the USD equivalent of $2.65 million. 
    
--  On November 25, 2013, the Company secured a $25 million loan facility
    through an arm's length third party. Pursuant to the terms of the loan
    agreement, the Company is entitled to draw up to the aggregate of $25
    million in tranches based upon the achievement of certain operational
    milestones. As at December 31, 2013, the Company had drawn down $5
    million of the loan facility. 



Select Financial and Operating Information for the year ended December 31, 2013

The selected information below is from the Greenfields' Management Discussion &
Analysis. The Company's complete financial statements as of and for the years
ended December 31, 2013 and 2012, 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



----------------------------------------------------------------------------
(US$000's,except as noted)                                  Year ended      
                                                           December 31,     
                                                      ----------------------
                                                            2013   2012 (4) 
---------------------------------------------------   ----------------------
Financial                                                                   
                                                                            
Revenues (1)                                               2,432      2,737 
Net (loss) income                                         (3,278)   (16,075)
Per share, basic and diluted                            $  (0.19)  $  (1.04)
                                                                            
Capital Items                                                               
---------------------------------------------------   ----------------------
                                                                            
Cash and cash equivalents                                  3,068     12,404 
Total Assets                                              49,337     40,560 
Working capital (2)                                        1,734     16,622 
Long term loan, convertible debt and Shareholders'                          
 equity (3)                                               46,924     38,327 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1) Revenues for the three months and year ended December 31, 2012 reflect  
change from proportionate consolidation to equity method of accounting for  
the Company's investment in Bahar Energy Limited. 2012 financial results    
have been restated to reflect the change in accounting policy effective     
January 1, 2013.                                                            
(2) The December 31, 2012 working capital balance has been restated to      
exclude the Company's share of Bahar Energy Limited working capital due to  
the change to equity method accounting noted above.                         
(3) Convertible debt is combined with shareholders' equity at December 31,  
2013 due to the Company's right to settle this debt by issuing shares.      
(4) These figures were restated in accordance with the adoption of IFRS     
impacting the accounting for the joint venture. See Note 21 of the Audited  
Consolidated Financial Statements for the year ended December 31, 2013.     



Bahar Energy Limited (Joint Venture)



   ---------------------------------------------------------------------
                            Total Joint Venture      Company's share    
                           ---------------------------------------------
   (US$000's,except as                                                  
    noted)                            Year ended December 31,           
                           ---------------------------------------------
                                  2013      2012         2013      2012 
   ---------------------------------------------------------------------
   Financial                                                            
                                                                        
   Revenues                     87,707    71,890       29,233    23,961 
   Net (loss) income             7,288   (22,907)       2,429    (7,635)
                                                                        
   Operating                                                            
   ---------------------------------------------------------------------
                                                                        
   Average Entitlement                                                  
    Sales Volumes (1)                                                   
   Oil and condensate                                                   
    (bbl/d)                      1,570     1,290          523       430 
   Natural gas (mcf/d)          16,287    11,942        5,428     3,980 
   Barrel oil equivalent                                                
    (boe/d)                      4,284     3,281        1,428     1,093 
                                                                        
   Average Oil Price                                                    
   Oil price ($/bbl)         $  103.40  $ 104.35    $  103.40  $ 104.35 
   Net realization price                                                
    ($/bbl)                  $  101.28  $ 102.23    $  101.28  $ 102.23 
   Brent oil price ($/bbl)   $  108.51  $ 111.64    $  108.51  $ 111.64 
                                                                        
   Natural gas price                                                    
    ($/mcf)                  $    3.96  $   3.96    $    3.96  $   3.96 
                                                                        
   Capital Items                                                        
   ---------------------------------------------------------------------
                                                                        
   Total Assets                175,503   100,048       58,495    33,346 
   Total Liabilities            46,784    34,914       15,593    11,637 
   ---------------------------------------------------------------------
   Net Assets                  128,719    65,134       42,902    21,709 
   ---------------------------------------------------------------------
   ---------------------------------------------------------------------
(1) Daily volumes represent the Joint Venture's and Company's share of the  
Contractor Parties entitlement volumes net of 10% compensatory petroleum    
beginning October 1, 2013 and the government's share of profit petroleum.   



"We are very pleased to see the substantial improvements in year-over-year
production rates from the ERDPSA and its impact on Bahar Energy's income for
2013. The income improvement is attributable to the higher revenues and savings
in operating and administrative expenses. The increases in production and
reductions in expenses are clearly the result of a focus on drilling and
workover activities in the Gum Deniz Oil and Bahar Gas fields and the
organization's efforts to improve its overall cost structure," 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 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 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 under the headings "Third
Quarter and Year-to-Date 2013 Financial Results and Operating Highlights" and
"Operating Highlights and Plans" 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 production threshold to earn the
full 25 year initial term of the Bahar Contract.


The volumes disclosed in this press release under the heading "Selected
Information" uses 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, but, for greater clarity, not for the purposes of the
information under the headings "Select Financial and Operating Information for
the year ended December 31, 2013" in 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Greenfields Petroleum Corporation
John W. Harkins
Chief Executive Officer
[phone]
www.greenfields-petroleum.com


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