Greenfields Petroleum Corporation Announces Delisting from TSX Venture Exchange

Greenfields Petroleum Corporation (the "Company" or "Greenfields") (TSX VENTURE: GNF), a production focused company with operating assets in Azerbaijan, announces that the common shares of the Company (the “Shares”) will be voluntarily delisted from the facilities of the TSX Venture Exchange (the “TSXV”) effective as of the close of trading on Friday, September 11, 2020. Once the delisting is complete, it will no longer be possible to effect transactions involving the Shares on the TSXV, which will impact the liquidity of the Shares.

As previously announced, the Company has also applied to cease to be a reporting issuer in each province in which it currently reports. If the application is granted, the Company’s public reporting obligations will be terminated. If the application is not granted, Greenfields will rely on ASC Blanket Order 51-519 (and similar exemptions provided by the other Canadian securities regulators) affording the Company an additional 45 days from the deadline to file its unaudited interim financial statements and management discussion and analysis for the period ended June 30, 2020.

About Greenfields Petroleum Corporation

Greenfields is an oil and natural gas company focused on the development and production of proven oil and gas reserves in the Republic of Azerbaijan. The Company is the sole owner of Bahar Energy Limited ("BEL"), a venture with an 80% participating interest in the Exploration, Rehabilitation, Development and Production Sharing Agreement with State Oil Company of the Republic of Azerbaijan ("SOCAR") and SOCAR Oil Affiliate, in respect of the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field. BEL operates the Bahar Project through its wholly owned subsidiary Bahar Energy Operating Company Limited. 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 statements. In particular, this press release contains forward-looking information relating to the delisting of the shares and the timing thereof, the application to cease to be a reporting issuer and the filing of interim financial reports if such application is not granted. The use of any of the words "anticipated", "scheduled", "will", "prior to", "estimate", "believe", "should", "future", "continue", "expect", "plan" and similar expressions are intended to identify forward-looking statements. Although the Company 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 the Company 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 most of which are beyond the control of Greenfields.

The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no 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. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement.

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.

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