Greenfields Petroleum Corporation

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1 Greenfields Petroleum Corporation TSX.V: GNF & GNF.DB Investor Bahar Update February 2014

2 Forward-Looking Statements This presentation contains forward-looking statements. More particularly, this presentation contains statements concerning the anticipated future corporate plans and initiatives for Greenfields Petroleum Corporation ( Greenfields ). Some of the forward-looking statements can be identified by words such as expects, anticipates, should, believes, plans, will and similar expressions. Specifically, forward-looking statements in this presentation include the anticipated milestones schedule, the amount of anticipated net annual cash flow and the company s drilling program. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Greenfields, including expectations and assumptions concerning timing of receipt of required shareholder, regulatory or third party approvals, the availability of equity investment, the ability to acquire assets, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, the application of regulatory and royalty regimes, the volatility of oil and gas prices, the receipt of cooperation from contractual counterparties where their assistance is required and prevailing commodity prices and exchange rates. Although Greenfields 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 Greenfields 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. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary shareholder, regulatory or other third party approvals to the planned transactions, risks associated with the availability of capital in the financial markets, 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 and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this document may not be appropriate for other purposes and are made as of the date hereof and Greenfields does not undertake any 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. Disclaimer Greenfields securities are a highly speculative investment and are not intended as a complete investment program. They are designed only for sophisticated persons who can bear the economic risk of the loss of their investment in Greenfields and who have limited need for liquidity in their investment. There can be no assurance that Greenfields will achieve its investment objective. Target investment goals are not a guarantee of future returns. The attached material is provided for informational purposes only as of the date hereof, is not complete, and may not contain certain material information about Greenfields, including important disclosures and risk factors associated with an investment in Greenfields. This information does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. More complete disclosures and the terms and conditions relating to an investment in Greenfields will be contained in Greenfields subscription agreement and/or similar offering documents. Before making any investment, prospective investors should thoroughly and carefully review such documents with their financial, legal and tax advisors to determine whether an investment is suitable for them. This document and its contents are confidential. It is being supplied to you solely for your information and may not be reproduced or forwarded to any other person, or published (in whole or in part) for any purpose. Measurement Barrels Oil Equivalent or boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6mcf: 1bbl ratio to calculate its share of entitlement sales from the Bahar project. The production threshold of 6,944 boe to earn the full 25 year initial term of the ERDPSA uses a mcf: 1bbl conversion ratio per contract to measure total field production toward this obligation. Currency All amounts in this presentation are in US dollars unless otherwise noted. 2

3 Greenfields Petroleum s Bahar Project offshore Azerbaijan Gum Deniz Oil Field 210 MMBO (329 MMBO rem.) Under re-development Shallow Water Guneshli Field 1.3 BBO, 3.6 TCF Azeri-Chirag-Guneshli Field 6.8 BBO, 8.8 TCF Bahar Gas Field 4.3 TCF (1.3 TCF rem.) Under re-development N Bahar 2 Exploration Area 3D Seismic Program Completed Shah Deniz Field 25 TCF Field under development by BP TOTAL discovery 500+ feet of net gas pay 5 to 10 TCF in POD Oil and Gas Fields South Caspian Sea 3

4 Bahar ERDPSA in Azerbaijan Bahar Gum Deniz oil field Bahar gas field Exploration / Rehabilitation / Development Production Sharing Agreement

5 Bahar ERDSA Joint Venture 1/3 Greenfields Petroleum Corporation (publically listed company) 2/3 Baghlan Group (Azerbaijan Private Company) SOCAR Oil Affiliate (20 percent after initial carry until 2014)

6 One of the first private local companies to enter the oil and gas sector Diversified portfolio, sustainable revenue growth and increasing EBITDA margin First privately owed corporation to obtain rating from international ratings agencies S&P B Stable Strong group financials Fitch B- Positive 2012 Revenues: 414 AZNm 2012 EBITDA: 151 ANZm Bahar Gas field in Bahar ERDPSA offshore South Caspian Sea

7 Greenfields Petroleum - Key Metrics 2012 Net Production 1,093 BOE/d 2013 Net Production 1,641 BOE/d 2013 Dec. Exit Net Production 2,228 BOE/d Debt Convertible Debenture Net Reserves (P1+P2)* Up to $25MM ($15MM drawn) $23 Million 5.8 MMBO 40.8 BCF 12.6 MMBOE Asset Valuation PV10 (P1+P2)* $118 million 7

8 Gum Deniz Oil Field Cumulative production of 212 MMBBL of oil and 593 BCF of gas Average cumulative production per well of 556 MBOE OOIP of 2.16 BBO within 13 vertically stacked pays 774 QP-SV_BU N05-SV NQK ,000 meters 0 V VI Horizon V Horizon VI 2,500 meters VII VIII IX X Horizon VII Horizon VIII Horizon IX Horizon X SP Horizon SP 3,000 meters New Platform Locations NKP KS Horizon NKP Horizon KS API Gravity 32 to 46 degrees Permeabilities of 45 to 250 md and porosity 13-25% 3,500 meters PK KaS Horizon PK Horizon KAS 8

9 Bahar Gas Field Cumulative production of 4.3 TCF, 84.0 MMBBL of condensate Average cumulative production per well of 31.2 BCF of gas & 0.6 MMBBL of condensate OGIP of 7.53 TCFG in 12 vertically stacked reservoirs SPBL RT POR I Horizon I 3,500 meters 4,000 meters 4,500 meters V VI VII VIII IX X SP Horizon V Horizon VI Horizon VII Horizon VIII Horizon IX Horizon X Horizon SP 5,000 meters NKG NKP Horizon NKP KS

10 Preparation for Drilling and Workovers

11 Bahar Oil and Gas Production - Gross Start of Contract (October 2010) BOEGPD BOPD Workovers maintain production

12 2013 Bahar Oil and Gas Production - Gross Bahar Workovers GD 715 GD 716 GD 714

13 Gum Deniz Platform and Development Well Locations Initial 37 Development Wells from Existing Platforms (additional slots to be added) Net Pays Ranging from meters/well Net Pays Ranging from meters/well PSG 1 Rig GD 715 (159 Meters Pay) IP30 = 625BOPD GD 716 (244 Meters Pay) IP10 = 650BOPD GD 744 well completing Net Pays Ranging from meters/well PSG 3 Rig being mobilized in Q

14 2014 Drilling and Operations Drilling Two Rigs (8-10 well program on Gum Deniz) 4-6 wells using PSG-1 on Platform 2 4 wells using PSG-3 on Platform 208a Workovers and Recompletions wells SOCAR rigs refitted with rotational capabilities for Bahar 3 existing SOCAR rigs used in Gum Deniz Significant cost reduction in day rates Seismic Acquiring 3D Seismic Program (200 SQ KM) in Gum Deniz PSG 1 Rig on GD Platform 2 14

15 2D Seismic Line Across Gum Deniz Oil Field Possible Deep Structure in Gum Deniz island area Undrilled part of the oil field 2014 acquiring 200 sq KM 3D seismic across Gum Deniz Oil Field 15

16 2014 Capital Program Gross OPEX : Gross CAPEX: Gross Revenues $50 MM ($14.42 per BOE) $130 MM $136 MM To date Greenfields and Baghlan have spend over $177 MM to initiate the redevelopment program for Bahar Project 3D Seismic Phase 1 To date Platforms & Facilities Recompletions & Workovers Drilling & Completions Total CAPEX = $700 MM SOCAR Revenues USD $1.9 B Greenfields 2014 Net funding requirement*: *includes restocking OTCG for 2015 $16.9 MM 16

17 Oil & Gas Future Production Growth Next Five Years Phase I Program* - to develop 29.8 MMBO (1.5% of OOIP) and BCF (3% of OGIP)(gross) Field Recompletion Development Drilling Producing Gum Deniz Bahar Total Initially gas & oil growth Typical Projected Gross Reserves Per Well* Field Recompletion Drilling Production Rates Gum Deniz 135 MBO 320 MBO 220 B/d Bahar 3.2 BCF 7.0 BCF 3.0 MMscf/d Costs ($MM) 0.3 to to 13 Continued oil growth for future Future Programs To be determined based on results of 3D seismic programs *based on the GLJ Reserves Report

18 Bahar Project Opportunities Initial well results better than forecast Met TPR1 in January 2014 (7100 BOEPD gross) Planning TPR2 by 2014 Q2 (10,000 BOEPD gross) Drilling 8 to 10 new oil wells in 2014 Gum Deniz 3D Seismic to define stratigraphic opportunities and undrilled exploitation areas Materials being transported to Platform 208 for Drilling Cash flow positive by end of 2014 to fund Phase II drilling 18

19 Greenfields Petroleum Corporation Primary Focus of Creating Shareholder Value Bay of Baku is a natural harbor on the shore of the Absheron Peninsula 19

20 Contact Information Greenfields Petroleum Corporation John Harkins CEO Wayne Curzadd - CFO Phone: (832) Phone: (832) Facsimile: (832) Facsimile: (416) John.Harkins@greenfieldspetroleum.com Wayne.Curzadd@greenfieldspetroleum.com Official website is located at: TSX.V: GNF & GNF.DB 20

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