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.

Forward-Looking Statements

This press release contains forward-looking statements. In particular, this press release contains forward-looking information relating to the anticipated filing date of the Annual Filings and the Interim Filings. The use of any of the words "anticipated", "scheduled", "will", "prior to", "estimate", "believe", "should", "future", "continue", "expect", "plan" and similar expressions are intended to identify forward-looking statements.  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.

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, changes in legislation affecting the oil and gas industry 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 the Company's most recent management's discussion and 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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