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Greenfields Petroleum Provides Bahar Operations Update

Source: 12/31/2012, Location: Asia

Greenfields Petroleum Corporation 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).

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