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Greenfields Petroleum Corporation: Bahar Development Operations Update

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CALGARY, ALBERTA--(Marketwire - Oct. 30, 2012) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) (TSX VENTURE:GNF.DB) announced that Bahar Energy Operating Company (BEOC), the operating company for Bahar Energy Limited (BEL) in which Greenfields owns a 33.33% interest, has set casing (7 inch) at 3549 meters (11,641 feet) true vertical depth ("TVD") on the Gum Deniz 601 well. The 601 well encountered sand intervals in the objective KaS zone with oil and gas shows on the mud logs. Due to deteriorating hole conditions, complete wireline logs could not be recorded, and it was decided to set and cement casing to TD. The testing of the potential zones will begin shortly. A second location is also being prepared as a follow up well.

Greenfields also announces, the two new modern Western-style workover rigs have been deployed offshore and are currently being commissioned by the rig contractor. The PSG-1 rig (modified for drilling in Gum Deniz) and the PSG-2 rig (for workovers on Bahar gas wells) are in the final stages of preparation. Rig inspectors from ModuSpec have conducted initial inspections and identified all additional work that needs to be completed before drilling or workovers can begin. All necessary materials are on order and expected to be on hand within the week. The final ModuSpec inspection and commissioning of both rigs will be done in November. Drilling and workover operations will follow.

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.

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

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