Greenfields Petroleum Corporation Announces Update on the Filing of 2019 Year-End and 2020 First Quarter Results

HOUSTON, July 02, 2020 (GLOBE NEWSWIRE) -- Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, provides an update with respect to the management cease trade order (the "MCTO") issued by the Alberta Securities Commission on June 16, 2020. The MCTO was issued in connection with the filing of its annual financial statements, management's discussion and analysis, statement of reserves data required by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and related certifications for the financial year ended December 31, 2019 (collectively the “Annual Filings”). The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company is working on the steps required to complete the Annual Filings and expects to file the Annual Filings by July 15, 2020. The financial audit and reserves reporting processes are taking longer than usual due to the continued impact of COVID-19. In particular, delay has resulted from travel restrictions imposed by the Cabinet of Ministers of the Azerbaijan Republic, including the suspension of all flights and other passenger traffic to and from Azerbaijan until August 1, 2020.

The Company is also working on the steps required to complete the interim financial statements, management's discussion and analysis and related officer certifications for the three-month period ended March 31, 2020 (the “Interim Filings”) and expects to file the Interim Filings by the extended filing deadline of July 16, 2020.

The Company is providing this status update in accordance with the provisions of the Alternative Information Guidelines set out in National Policy 12-203 Management Cease Trade Orders.

The Company confirms as of the date of this news release that there has been no material change in the information contained in the announcement issued on June 18, 2020 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

About Greenfields Petroleum Corporation

Greenfields is an oil and natural gas company focused on the development and production of proven oil and gas reserves in the Republic of Azerbaijan. The Company is the sole owner of Bahar Energy Limited ("BEL"), a venture with an 80% participating interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with State Oil Company of the Republic of Azerbaijan ("SOCAR") and SOCAR Oil Affiliate, in respect of the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field. BEL operates the Bahar Project through its wholly owned subsidiary Bahar Energy Operating Company Limited. More information about the Company may be obtained on the Greenfields' website at www.greenfields-petroleum.com.