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Greenfields Petroleum Corporation Announces Extension of Debt Payment and Voluntary Options Surrender

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HOUSTON, Jan. 31, 2019 — Greenfields Petroleum Corporation (the “Company” or “Greenfields”) (TSX VENTURE: GNF), a production focused Company with operating assets in Azerbaijan, announces an extension of the senior debt payment and restructuring fee payment along with a voluntary surrender of options.

Loan Facility

The Company has signed a payment deferral letter with its senior lender, Vitol Energy (Bermuda) Ltd. (“Vitol”), whereby Vitol has agreed to defer the loan payment and restructuring payment in the aggregate of US$5 million due under the Company’s credit facility to March 15, 2019 (the “Deferral”). The Company anticipates that the Deferral will give the Company sufficient time to comply with its obligations under the thirteenth amending agreement to the Company’s loan agreement with Vitol.

Voluntary Options Surrender

The Company also announces that it has entered into option surrender agreements with certain existing option holders of the Company to voluntarily surrender for cancellation, subject to the approval of the TSX Venture Exchange, an aggregate of 11,500 stock options (post-consolidation) of the Company issued pursuant to the Company’s Stock Option Plan (“Options”). The surrender of Options is effective immediately and was completed for nil consideration.

About Greenfields Petroleum Corporation

Greenfields is an established oil and natural gas company focused on the development and production of proven oil and gas reserves from two operated shallow water fields located in the Republic of Azerbaijan. The Company plans to expand its production base through implementation of an active work program to realize value from its proven, independently verified reserve base. More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.

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