Greenfields Petroleum Corporation Announces Mailing of Meeting Materials and Details of Proposed Delisting and Share Consolidation

HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) -- Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces that it has mailed a management information circular (the "Circular") to holders ("Shareholders") of its common shares ("Shares") in connection with a special meeting (the "Meeting") of Shareholders to be held solely by remote communication via webcast on June 3, 2020 at 10:00 a.m. (CST).

The Company intends to apply to delist the Shares from the TSX Venture Exchange ("TSXV") and apply to cease to be a reporting issuer in each province in which it currently reports and to terminate its public reporting obligations (the "Applications"). At the Meeting, Shareholders will be asked to consider for approval a resolution approving the Applications. To be effective, the resolution must be approved by a "majority of the minority" of Shareholders voting on the matter at the Meeting. The votes of directors, officers and insiders of the Company will be excluded.

Greenfields has been unable to access the public markets to raise money and the Shares are thinly traded on the TSXV. The proposed transactions will eliminate the burden of maintaining a public listing and continuing as a reporting issuer. Under applicable securities laws a broad range of regulatory obligations are imposed on companies, such as Greenfields, with public shareholders, including the provision of quarterly financial statements and information to shareholders, mandatory solicitation of proxies for annual meetings, increased insurance costs, transfer agent and stock exchange fees and compliance cost and shareholder communication costs. These regulatory requirements necessitate the employment of independent accountants, reserves evaluators, financial consultants, printers, lawyers and other skilled personnel. Greenfields believes that the present and anticipated time and costs entailed in meeting the additional disclosure and other regulatory obligations to which public companies are subject cannot be justified in view of Greenfields's present business strategy, including its limited number of public shareholders.