Greenfields Petroleum Corporation Announces Access to Additional Funding

HOUSTON, TEXAS--(Marketwired - May 27, 2015) -

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Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF) (TSX VENTURE:GNF.DB), an independent exploration and production company with producing assets in Azerbaijan, is pleased to announce that it has secured an increase to the existing credit facilities made available to the Company under the loan agreement dated November 25, 2013 ("Loan Agreement") with an arm's length third party ("Lender") for an additional amount of $2,000,000 (the "New Tranche"). The funds available under the New Tranche are intended to be used by the Company to finance the Company's ongoing development operations in Azerbaijan as it relates to the Gum Deniz Oil Field and Bahar Gas Field.

The New Tranche is secured under the terms of the Loan Agreement, bears interest at a rate of 15% per annum, and is due and payable by no later than December 31, 2015. Earlier payment may occur upon the receipt of certain proceeds from the Company's subsidiary, Bahar Energy Limited.

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: use of proceeds of the New Tranche and repayment of the New Tranche. 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 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.