Greenfields Completes Redomestication Plan

Greenfields Petroleum Corporation Announces Completion of the Corporate Redomestication to the Cayman Islands

HOUSTON, TEXAS--(Marketwire - Aug. 18, 2011) - Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE:GNF.S), an independent exploration and production company with assets in Azerbaijan, is pleased to announce that the previously announced corporate redomestication (the "Redomestication") of Greenfields from Delaware to the Cayman Islands has been successfully completed. Details of the transaction are reflected in the management information circular of Greenfields, dated July 13, 2011, which is available electronically on SEDAR at www.sedar.com.

Prior to the Redomestication, the shares of Greenfields (the "Greenfields Shares") were subject to a one year distribution compliance period and deemed to be "restricted securities" under United States securities laws and were therefore subject to certain restrictions on transfer to U.S. persons (the "Resale Restrictions"). As such, all certificates evidencing the Greenfields Shares ("Share Certificates") bore a restrictive transfer legend and Greenfields' trading symbol on the TSX Venture Exchange (the "TSXV") contained a ".S" qualifier to alert investors to the existence of the Resale Restrictions. As a result of the Redomestication, Greenfields now qualifies as a "foreign private issuer" for the purposes of the United States securities laws, resulting in no restrictive transfer legend on Share Certificates currently outstanding, the ".S" qualifier not applying to the Greenfields Shares, and the trading symbol of Greenfields and the Greenfields Shares becoming generally freely tradeable by its current U.S. Shareholders. The Company believes that the removal of the Resale Restrictions and the ".S" qualifier from the trading symbol will enhance the liquidity of the Greenfields Shares and enhance Greenfields' ability to conduct securities offerings in the future.

The name of the Company will remain "Greenfields Petroleum Corporation". It is expected that trading in respect of the Greenfields Shares on the TSXV will commence on our about August 23, 2011, under the symbol "GNF", with no ".S" qualifier applying to such symbol.

If any registered shareholders require assistance with respect to the transmittal of share certificates for conversion, they may contact Wayne Curzadd, Interim Chief Financial Officer, or Janet Nussbaum, General Counsel, at 832-234-0800.

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.

Forward Looking Statements

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Greenfields, including, without limitation, those listed under the headings of "Risk Factors" in Greenfields annual information form, its management information circular and similar headings in the Corporation's Management's Discussion& Analysis which may be viewed on www.sedar.com. Forward-looking information in this press release includes, but is not limited to, information concerning potential future acquisitions.

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. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, Greenfields does not assume any obligation to update or revise them to reflect new events or circumstances.

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.

Contact Information

Greenfields Petroleum Corporation
John W. Harkins
President and Chief Executive Officer
(832) 234-0836
info@greenfieldspetroleum.com
www.greenfields-petroleum.com