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Greenfields Achievement of the TPR1 Production Milestone

Source: www.gulfoilandgas.com 1/10/2014, Location: Asia

Greenfields Petroleum Corporation, an independent exploration and production company with assets in Azerbaijan, is pleased to announce that the operating company of the Bahar project, Bahar Energy Operating Company (“BEOC”), has exceeded the important milestone of maintaining production for 90 consecutive days at an average rate of 6,944 barrels of oil equivalent per day (“BOEPD”) referred to as Target Production Rate 1 (“TPR1”) under the Exploration, Rehabilitation, Development Production Sharing Agreement (“ERDPSA”).

On January 10, 2014, BEOC informed the State Oil Company of Azerbaijan (“SOCAR”) that BEOC had maintained an average rate of 6,962 BOEPD for the previous 90 consecutive days. 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.

John W. Harkins, CEO of Greenfields, commented, "Through hard work and perseverance, BEOC has steadily increased production this year. We would particularly like to commend Mr. Amir Mahmoudzadeh, President of the Representative Office, and Mr. Norman Benson, First Vice-President of the Representative Office, for the turn-around in BEOC. This achievement guarantees the full production rights under the ERDPSA for the Contractor Parties. The Parties will continue to work to maximize production from the production area and a work program is in place which will permit the drilling of up to 8 additional wells during 2014.”

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