HOUSTON, TEXAS--(Marketwired - May 12, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Greenfields Petroleum Corporation ("Greenfields" or the "Company") (TSX VENTURE:GNF), is pleased to announce that it has completed the non-brokered private placement previously announced on May 3, 2017 (the "Offering").

In connection with the Offering, the Company issued 2,398,630 common shares of the Company ("Common Shares"), at a price of USD$0.146 per Common Share (approximately CDN$0.20 per Common Share based on the Bank of Canada daily exchange rate on May 2, 2017 of $1.00 USD = $1.3720 CDN), for aggregate gross proceeds of USD$350,200 (approximately CDN$480,000).

The Common Shares issued under the Offering are subject to a four-month hold period expiring on September 13, 2017. The Offering is subject to the approval of the TSX Venture Exchange.

About Greenfields Petroleum Corporation

Greenfields is a junior oil and natural gas corporation focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company plans to expand its oil and gas assets through further farm-ins and acquisitions of Production Sharing Agreements from foreign governments containing previously discovered but under-developed international oil and gas fields, also known as "greenfields". More information about the Company may be obtained on the Greenfields website at www.greenfields-petroleum.com.

Cautionary Statements

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Greenfields in the United States. The Common Shares described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent an exemption from registration.

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.