Azerbaijan Bahar ERDPSA

Azerbaijan Bahar ERDPSA Update October 2017 PSG 1 Rig Recompleting Gas Wells in the Bahar Field TSX.V: GNF

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. 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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 Where amounts are expressed on a barrel of oil equivalent ( BOE ) basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel. The term BOE may be confusing, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Currency All amounts in this presentation are in US dollars unless otherwise noted. 2

Greenfields Petroleum Corporation Background Re-development of giant oil and gas fields in shallow waters of Caspian Sea in Azerbaijan Production Sharing Agreement (PSA) provides excellent contract stability Existing oil production is exported and gas production is sold domestically in a fixed price Take or Pay contract in USD Greenfields is the operator and has controlling interest 80% in PSA Recent Seismic on oil field has identified secondary waterflood potential (50+MMB) Deeper oil and gas prospects have been identified for Farmout to third parties operators (700 BCF + 50MMB associated liquids) 3

Greenfields Petroleum Corporation Bahar Summary Bahar Production Sharing Agreement (PSA) in Azerbaijan Greenfields (1/3 interest) Effective October 2010 Greenfields purchased partners remaining 2/3 interest of Bahar project from BVI Court appointed Liquidators (PWC) August 2016. Greenfields now has 100% of Bahar Energy and 80% of PSA SOCAR has 20% of PSA Bahar Energy Operating Company is redeveloping the Gum Deniz Oil (cumulative 212 MMB) field and Bahar Gas Field (cumulative 4.3 TCF). Current production 4,000 BOE/d. PSA valid until October 2040 Unrecovered Cost Recovery Pool = $220 MM Profit split 95% of all revenue under PSA and Protocol terms 4

Offshore Shallow Water Caspian Sea, Azerbaijan The Neighborhood of Big Oil and Gas Billion Barrel and Multi TCF Fields Hovsan Miocene Discovery Well 2015 Caspian Sea Neft Dashlary Field 1,200 MMBO Gum-Deniz Field CUM 212 MMBO REM 329 MMBO (1) Total s Absheron 11 TCF Project approved for development BP s SWAP Area Acquired 1400 sq km 3D & selecting 3 exploration areas BP s SWAP Area BP s SWAP Area Guneshli Field 9.7 TCF, 14 BBO PSA extended from 2024 to 2050. Bonus of $3.6 B Sangachal Field 3.7 TCF, 800 MMBO Shah-Deniz Field 25.0 TCF& 1,600 MMBO projected Phase II development underway to add 1.5 BCF/d of gas sales Bahar Field CUM 4.3 TCF, 85 MMBC REM 1.3 TCF (2) Bahar 2 Exploration Area (1) 25% recovery factor applied. (2) 75% recovery factor applied. 5

Summary of Project Status Building dynamic Reservoir Models based on 3D Seismic - Identified robust waterflood development opportunities and deep gas exploitation and exploration opportunities. Data to go to Reserves Auditors (GLJ) in November to prepare Third Party Assessment in December 2017. Gas Well Recompletions to continue (operational risks due to mature well stock) which carry base/fixed costs. New Opportunities; Implement/re-establish low risk waterfloods in Gum Deniz and Bahar fields to increase oil production, Overall waterfloods potential could add an incremental >50 MMB. Follow-up with new development drilling in Gum Deniz. Partner with third parties to test Gum Deniz Miocene prospect and Bahar Deep gas potential.

Bahar Technical Overview 2D Seismic 208 lkm 1995 Data 115 lkm 2011 Data 50 lkm 2015 Data Gum Deniz 2015 3D 102 Sq.Km. PSTM and PSDM processing Bahar 2 Exploration Area 2012 3D 100 Sq.Km. (min 60 Sq Km) Dynamic Reservoir Simulations 2017 Gum Deniz FS-X, IX & VIII Bahar FS-X Current Reserves 12 MMB and 168 BCF Bahar 2 Exploration Area Gum Deniz 3D Gum Deniz Oil Field Bahar Gas Field Bahar 2 Area 3D 7

Gum Deniz Oil Field Cumulative production Average cumulative production per well of 212 MMBO 556 MBOE Discovered in 1950 s 484 wells ~1.9+ BB 00IP Peak Production of 46,400 B/d in 1964. QP-SV_BU -90 50 N05-SV NQK 0.20 100 1.40 0.60 2,000 meters 0 V VI 2000-2000 Horizon V Horizon VI 2,500 meters VII VIII IX X Horizon VII Horizon VIII Horizon IX Horizon X Waterfloods SP Horizon FS 3,000 meters 1000 3000-3000 3,500 meters NKP KS PK Horizon NKP Horizon KS Horizon PK Oil Drilling KaS Horizon KAS 8

Gum Deniz Opportunities The Gum Deniz oil and gas pools present an attractive and risk diverse asset base. Gum Deniz 1. Low risk oil workovers from existing producing zones. Oil workovers will continue to be the foundation of production from Gum Deniz. Perforation of additional zones, well reactivation and installation of artificial lift are all critical to maintain production levels. 2. Low risk water flood of the BX-FS, BIX & BVIII oil pools. Socar performed water floods on all major oil pools in the 1970 s to 90 s with good success. All of these horizons have all been successfully history matched and forward modeled in a dynamic simulator, indicating that reactivation of water flooding will be very successful, particularly in the BX-FS interval. 3. Low risk exploitation of a proven gas and oil reservoir and moderate risk water flood. The PK-KaS reservoir in north Gum Deniz has produced for decades. Modern 3D seismic has beautifully imaged the reservoirs, allowing for optimization of new infill drilling opportunities. Additionally, the large original oil in place (350 mmbbls) and low recovery factor (3%) also makes this package an attractive future water flood candidate. 9

Gum Deniz BIX Production Provides good analog for the effectiveness of Water Flood in Gum Deniz/Bahar Initially rapid production rate increase through drilling. Water injection starts relatively early in historical period but oil, water and gas production outstrip water injection and reservoir pressure declines. Water injection was effective in displacing oil combined with ongoing development program Recompletions / Infill Drilling Simulation Model Results: OOIP: 61.9 MMB Cum Oil: 26.5 MMB RF: 0.45 Un-swept oil remains creating opportunity to increase RF by 5% by reinitiating water injection Water injection 10

Gum Deniz BX-FS Production Much larger reservoir system than BIX BX and FS are in partial to full vertical communication Overall oil production profile is similar to BIX Water injection response in combination with on-going development program. Simulation Model Results: OOIP: Cum Oil: 182.1 MMB 66.5 MMB RF: 0.365 Opportunity to increase RF by 10+% by reinitiating water injection Water injection 11

Gum Deniz Opportunities Miocene Exploration Gum Deniz Island Gum Deniz also offers a very large, exciting exploration prospect in the Miocene directly underlying the existing producing oil field. 4. Higher risk exploration prospect in the Miocene. Potential directional trajectory 1800 m offset with maximum inclination of 27 0 A large 4 way structural closure in the Miocene has been mapped on the new 3D seismic. The closure has a maximum area of 20 km2 and a maximum vertical structural closure of 900 m. The Miocene is a minimum of 700 m thick and is expected to contain the productive Chokrak and Maykop sections. This prospect lies very close to the recent discovery of gas in the upper Miocene (Chokrak) at Hovsan (21 MMCFD). The Gum Deniz Miocene prospect has a much more robust trap configuration than Hovsan and the entire Miocene package can be drilled within reasonable drill depths (5000 m). The well can also be drilled from Gum Deniz island with an 1800 m offset and maximum directional inclination of 27 0 The prospect has a Pmean of 435 BCF and 13 MMB with a P10 of almost 1 TCF. 12

Bahar Gas Field Cumulative production of 4.3 TCF, 84.0 MMBBL of condensate Initial production 1969 Peak of 591 MMcf/d & 13,900 B/d 1985 OGIP of 6.9 TCFG in 12 stacked reservoirs Currently 63% RF and ultimately 70% RF SPBL 70-10.0 RT POR 0.20 100 0.25-0.10-3000 I Horizon I 3,500 meters Water Depth 30 to 50 feet 4,000 meters V VI VII VIII IX 4000-4000 Horizon V Horizon VI Horizon VII Horizon VIII Horizon IX Gas Recompletions 4,500 meters X SP Horizon X Horizon SP Waterflood 5,000 meters NKG NKP KS 5000-5000 Horizon NKP Gas Drilling 13 13

Bahar Opportunities Bahar gas-condensate and oil pools present an attractive and risk diverse asset base. 1. Low risk gas workovers from existing producing zones. Bahar The BV to BX gas pools contain 4.5 TCF of gas originally in place, with current recovery factor around 70%. We have identified 49 workover well candidates which are expected to result in an increase of production to over 30 mmcfd by 2019. 2. Moderate risk re-development and water flood of the BX-FS oil pools. SOCAR performed a poorly executed water flood in the 1970 s and 80 s in the FS-X reservoirs with limited success. The BX-FS has ~450 mmbbls of original oil in place with a current recovery factor of only 10%, leaving huge potential for incremental oil recovery through infill drilling and water flood reactivation. 3. Moderate risk exploitation of a proven and prolific gas and oil reservoir. The NKP reservoir in Bahar is a proven producer with 113 BCF produced to date, from an original gas in place of 500 BCF for an overall recovery factor of only 22%. With additional drilling, a recovery factor of 70% should be expected, for an incremental of over 200 BCF. Wells start producing at 15-20 mmcfd plus liquids. 14

Bahar Gas Workovers Bahar Workover Wells We have identified 49 potential workover candidate wells with 91 individual reservoir targets. Wells have been high-graded to target the multi-reservoir wells first to optimise production and reduce operational risk. Gas workover candidates Risked EUR of the combined workover candidates exceeds 300 BCF. Technical and Mechanical Risked Gas Production forecast 70.00 Bahar Gas Production (MMCFD) 60.00 50.00 40.00 30.00 20.00 10.00 0.00 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Risked incremental gas Base decline Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 15

Bahar NKP Gas Wells - Potential Joint Venture BHR-46 IP Rate = 14.7 mmcfd Cum. Prod. = 8.5 BCF Final Rate = 13.4 mmcfd BHR-74 IP Rate = 8.5 mmcfd Cum. Prod. = 3.4 BCF Final Rate = 9.3 mmcfd BHR-77 IP Rate = 17 mmcfd Cum. Prod. = 26.5 BCF Final Rate = 17 mmcfd BHR-64 IP Rate = 15.8 mmcfd Cum. Prod. = 12 BCF Final Rate = 10.5 mmcfd BHR-102 IP Rate = 13 mmcfd Cum. Prod. = 14.2 BCF Final Rate = 1.0 mmcfd BHR-66 IP Rate = 11 mmcfd Cum. Prod. = 4.4 BCF Final Rate = 4.7 mmcfd BHR-18 IP Rate = 15.8 mmcfd Cum. Prod. = 9.5 BCF Final Rate = 10.8 mmcfd BHR-22 IP Rate = 27 mmcfd Cum. Prod. = 19.6 BCF Final Rate = 18.6 mmcfd BHR-134 IP Rate = 17.4 mmcfd Cum. Prod. = 23 BCF Final Rate =9.4 mmcfd BHR-200 IP Rate = 6 mmcfd Cum. Prod. = 4.7 BCF Final Rate = 4.4 mmcfd Wells Abandoned in 1960 s & 1970 s for uphole gas potential (higher gas rates and flowing pressures) BHR-050 IP Rate = 0.7 mmcfd Cum. Prod. = 0.5 BCF Final Rate = 0.9 mmcfd NKP Depth Structure Map (faults from 2D seismic) 16

Waterflood Offshore Logistics Phase 1 Utilize existing platform, wells (producers and injector), flowlines and tankage New filtration, chemical injection, biocide, low pressure pipelines and horizontal ESP s Total cost for 60,000 B/d injection ~$15-20 MM 17

Bahar Potential - Early Stage Scoping Economics Current Base Bahar Gas Recomp. Reserves: 165 BCF (GLJ) NPV10 = $200 MM (Includes base operating Costs of $16MM/yr.) Gum Deniz Development Drilling Reserves: 10 MMB (GLJ) NPV10 = $100 MM Gum Deniz FS-X Waterflood Resources: 30 MMB NPV10 = $200-250 MM Bahar FS-X Waterflood Resources: 25 MMB NPV10 = $200-250 MM Gum Deniz IX & VIII Waterflood Resources: 7-10MMB NPV10 = $50 to 75 MM USD $600+ MM Bahar NKP-PK Exploitation JV Gum Deniz Miocene Exploration JV (PS=40%) Resources: 250 BCF +35 MMB liquids Resources: 435 BCF + 14 MMB liquids *Preliminary and subject to certification by GLJ. 18

Bahar Growth Opportunities Gum Deniz Water flood existing oil field (2018 Phase 1) Resume Oil field development drilling (201 9+) Horizontal drilling of oil wells (2019+) Drill deeper Miocene Gas target below existing oil fields (2018) with Industry Joint Venture Bahar Waterflood of the Bahar SP oil rim (2019) Drill new gas wells in Bahar Gas Fields (2019) with Industry Joint Venture Gas Export Sales to Europe through Shah Deniz TANAP pipelines (2019) Bahar 2 Drilling in Bahar 2 exploration area 19

Contact Information Greenfields Petroleum Corporation John Harkins CEO Phone: (832) 234-0834 Facsimile: (877) 644-6211 John.Harkins@greenfieldspetroleum.com Jose Perez-Bello - CFO Phone: (832) 234-0831 Facsimile: (877) 644-6211 Jose.Perez-Bello@greenfieldspetroleum.com Official website is located at: www.greenfields-petroleum.com Bay of Baku is a natural harbor on the shore of the Absheron Peninsula TSX.V: GNF 20