HOUSTON, July 02, 2019 (GLOBE NEWSWIRE) -- Greenfields Petroleum Corporation (TSX VENTURE: GNF), an independent exploration and production company with producing assets in Azerbaijan, announces the appointment of a new Chief Financial Officer and Treasurer. Mr. Jose Perez-Bello, who has served as the Senior Vice President, Chief Financial Officer and Treasurer of Greenfields since June 2017 and a director of the Company since 2018, stepped down from these roles with the Company effective June 30, 2019. Mr. Perez-Bello has been instrumental in streamlining financial processes of the Company.

Mr. Sanjay Swarup has been appointed as Chief Financial Officer and Treasurer effective July 1, 2019. Mr Swarup is a chartered accountant from UK and India based in London. He is also Chief Executive Officer of SKS Business Services Limited, an accounting and audit group that specializes in providing an outsourced finance function to small and mid-size companies in diverse sectors, unlisted or listed in the UK and Canada. Mr. Swarup has worked in the planning department of the Exploration and Production division of BP plc at their head office in London.

The Company also announces it has relocated its headquarters from Houston, Texas to a location just north of Houston in The Woodlands, Texas. The Company's new address is 2001 Timberloch Place, Suite 500, in The Woodlands, Texas 77380.

The Company also announces it has executed a payment deferral letter with its senior debt lender, Vitol Energy (Bermuda) Ltd. ("Vitol"), to defer payments in the aggregate of $10.0 million until August 30, 2019 ("Deferral"). The Company anticipates the Deferral will give the Company sufficient time to comply with its obligations under the loan agreement between the Company and Vitol.

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 Corporation of Azerbaijan and its affiliate 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.