Greenfields Petroleum Corporation Announces Extension of Forbearance Agreement and Agreement to Defer Payment of its Senior Secured Debt

Greenfields Petroleum Corporation (the “Company” or “Greenfields”) (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces that Vitol Energy (Bermuda) Ltd. (“Vitol”), the Company’s senior debt lender, has agreed to further amend the forbearance agreement executed on November 28, 2019 and previously amended on January 3, 2020 (the "Forbearance Agreement"), by extending the forbearance period and deferred payments due under the senior secured loan agreement with the Company (the "Vitol Loan") until March 16, 2020.

In consideration for amending the Forbearance Agreement, the Company has agreed to move forward with a proposal for a debt to equity conversion in respect of the majority of the principal amount owed under the Vitol Loan and to continue to seek strategic alternatives available to the Company.

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.

For more information, please contact:

Greenfields Petroleum Corporation
info@greenfieldspetroleum.com           

John W Harkins (CEO)
+1 (832) 234 0836

Sanjay Swarup (CFO)     
+44 207 096 0662