Greenfields Petroleum Corporation

Greenfields Petroleum Corporation TSXV:GNF Investor Update PSG 1 Rig Drilling on Platform 2 in Gum Deniz Oil Field Gum Deniz & Bahar Fields Development in Azerbaijan May 2013 www.greenfields-petroleum.com 1

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 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

Highlights 2012 Net Production 1,084 BOE/d Current Production May 2013 1414 BOE/d 2013 Net Production 1,400 to 2,200 BOE/d Debt Zero Convertible Debenture (GNF.DB) $23 Million Yield: 9 percent Conversion price: $8.55 per share Due: May 2017 Net Reserves (P1+P2)* Asset Valuation PV10 (P1+P2)* 5.7 MMBO 40.8 BCF 12.6 MMBOE $118 million * GLJ Reserve Report December 31, 2012 Gum Deniz Oil Field in Bahar ERDPSA Offshore South Caspian Sea 3

2013 Executive Summary Drilling and Workover Operations Gum Deniz 715 well completed in April 2013 from platform #2 using PSG 1 rig to develop the central northern part of Gum Deniz oil field. (159 Meters oil pay) IP30 625 B/d Gum Deniz 716 well drilling Continued workover operations on Bahar gas field from platform #196 Seismic 2D Seismic acquisition and processing completed over Gum Deniz and Bahar Fields Completion of the 3D seismic acquisition December 2012 over Bahar 2 exploration area Mobilizing equipment for 3D acquisition over all of Gum Deniz oil field 4

Share Structure TSX-Venture Symbol: GNF Shares Price (05/20/2013): $3.60 52-Week High/Low: $6.25/$3.20 Shares Outstanding: 15.56 MM Options: 1.3 MM @ avg. $7.18 per share Fully Diluted: 16.7 MM Market Capitalization: ~$60 MM Director & Officer Ownership 23% 5

Greenfields Petroleum s Bahar ERDPSA Project offshore Azerbaijan Giant fields in a mature oil & gas area BAKU Gum Deniz Oil Field 210 MBO (329 MBO rem.) Under re-development 3D seismic in 2013 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 BE 2 Exploration Area 3D Seismic Processing Underway Shah Deniz Field 25 TCF Field under development by BP TOTAL announced field discovery (2011) 500+ feet of net gas pay 5 to 10 TCF in POD Oil and Gas Fields South Caspian Sea 6

Satellite View of Gum Deniz Oil Field Island Office Complexes Gum Denizi Field Causeways Gum Denizi Field Platforms Bahar Gas Field 7.5 miles south 7

Gum Deniz Oil Field Cumulative production of 210 MMBBL of oil and 581 BCF of gas Average cumulative production per well of 556 MBO OOIP of 2.16 BBO within 13 vertically stacked pays 715 New Platform Locations API Gravity 32 to 46 degrees 8

2,000 meters 2,500 meters Gum Gum-Deniz Deniz 456 Field Type Log Gum Gum-Deniz 504 456 99 m QP-SV_BU -90 50 N05-SV NQK 0.20 100 1.40 0.60 0 Offset: 2000 V VI VII VIII IX X 0. 11.81-2000 Horizon V Horizon VI Horizon VII Horizon VIII Horizon IX Horizon X 15 separate vertical pays zones are found across the field. Established production over a stratigraphic interval of more than 1,580 meters. Most producing zones display permeabilities of 100 to 230 md and porosity ranging between 15-25%. 0.000 Most wells have multiple pay zones. Estimate of over 2 billion barrels of OOIP. SP Horizon SP 3,000 meters 1000 3000-3000 1000.000 NKP KS Horizon NKP Horizon KS 3,500 meters PK Horizon PK KaS Horizon KAS Established Field Pays Causeway and platforms at Gum Deniz Field. 9

Gum Deniz Platform and Development Well Locations Initial 20 Development Wells from Existing Platforms (total of 37 wells) 712 743 744 Net Pays Ranging from 55-352 meters/well PSG 1 Rig drilling GD 716 well GD 715 (159 Meters Pay) IP30 = 625BOPD 750 713 748 2 BE-10 714 749 715 762 759 716 745 717 756 209 746 208 757 763 747 753 751 Net Pays Ranging from 67-262 meters/well 752 Net Pays Ranging from 73-220 meters/well 754 BE-10 new platform concept to be replaced with additional 10 slots on Platform 2 (savings of $12-15 MM) 760 761 755 PSG 3 Rig being mobilized for drilling in 2013 10

3905 PSI GD-715 SP Sand Total Depth: 3587 MD (3491 TVD) Gross Pay Interval: 59 m (NKP) Net Pay: 36 m (NKP) 3947 PSI XPT press ure Perf orati ons M u d l o g s h o w Perforations SW <5 0% Major Oil Pays logged Bal-VII: Bal-VIII: Bal-IX: Bal-X: SP: NKP: PK: TOTAL: (SLB ELAN): 11 m 13 m 30 m 16 m 13 m 36 m 21 m 159 m Testing and Completion Program Completed in PK, NKP and SP intervals Initial rates 1000 to 700 BOPD (~10% BS&W) IP 30: 625 BOPD (high wax build up) Drilling days: 60 (Testing days: 50) 11

Gum Deniz Oil Field Gum Island Phase I Development Development Drilling Plan Existing Platforms (37 Wells) New Platforms (50 Wells) Total New Wells 87 12

2012 2-D Re-Processed Spec 2-D Seismic Surveys Previous Spec 2-D acquired in 1995 by Western (grey lines) 140 line km of 2D seismic (yellow lines) 88 sq. km (includes Socar 3D) full fold coverage 3D (green area) 2012 3-D in Processing and Interpretation New 3-D planned for Gum Deniz oil field in July 2013 : 200 sq. km (dark green area) 13

Gum Deniz Oil Field East-West Line 1104 Lowest Known oil Seismic shows structural high up dip to east of productive wells Productive Interval Untested trap on downthrown side of fault 14

HKO -2341 Gum Deniz Oil Field Produced 208 MMBO LKO -4054 Potential development area Bahar Gas Field 4.2 TCF + 84 MMBC Produced HKG -4227 LKG -4675 Potential development area Representative Seismic Time Structure Map (Near X Horizon) Contour Interval 50 MS (~60 meters) Zones IX and X are major developed pay zones in both fields Undeveloped area in Gum Deniz Field is potentially larger than the developed field area which has cumulative production of 208 MMBO 15

Phase II Potential Gum Deniz Locations PK Formation New seismic has identified many new well locations to be drilled in future phases License Boundary Gum Deniz PK Well Locations (20 acre spacing) Net Pay (CI: 5m) December 2012 Phase I 14 PK development wells (out of 87 wells) Lowest known PK oil Phase II 257 PK development wells 16

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 Bahar 019 1906 m Offset: 0. SPBL 70-10.0 RT POR 0.20 100 0.25-0.10-3000 0 I Horizon I 3,500 meters 4,000 meters V VI 4000-4000 VII VIII Horizon V Horizon VI Horizon VII Horizon VIII 1000 IX Horizon IX 4,500 meters X Horizon X SP Horizon SP 12 pay zones inside the 1,675 meters stratigraphic interval. Total net sand pay in a well can exceed over 300 meters. 5,000 meters NKG 5000 NKP -5000 Horizon NKP Most wells have multiple pay zones and many behind pipe zones yet to be perforated. KS 2000 PK 5472.0 17

Rig and Seismic Activities Activity 2013 Gum Deniz Drilling 5-6* Workovers 5 Well # 209 drilling at Bahar Field in the Caspian Sea PSG 1 Rig Drilling on Platform 2 in Gum Deniz Oil Field Bahar Recompletions 5-7 Add additional slots on existing Gum Deniz platforms Acquiring 3D Seismic Program (200 SQ KM) in Gum Deniz Process and interpret 2012 3D Seismic Program (95 SQ KM) Evaluate exploratory opportunities in BE 2 exploration area * Note: drilling schedule is impacted by the start of second drilling rig (mid-year) 18

Greenfields 2013 Capital Program Revised Capital Program Emphasis on oil drilling (adding second drilling rig) and workovers Gas recompletions simplified (defer fishing jobs) Defer platform construction by adding extra slots to existing platforms Platforms & Facilities 3D Seismic Recompletions & Workovers Drilling & Completions Item $ Million Drilling/Completions $32.0 Recompletions/Workovers $7.1 Platforms and Facilities $5.0 3D Seismic Program $4.7 Safety and Marine $0.8 Other $0.5 Total $50.1 * 2013 GNF net revenues $38 MM 19

Bahar Oil and Gas Development Program - Next Five Years Phase I Program* - to develop 29.8 MMBO (1.5% of OOIP) and 226.3 BCF (3% of OGIP)(gross) Field Recompletions Development Drilling 12/31/2011 Producing Gum Deniz 29 87 27 Bahar 40 8 11 Total 69 95 38 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 1.8 6 to 13 Future Programs To be determined based on results of 2D and 3D seismic programs *based on the GLJ Reserves Report 12-31-2011 20

Greenfields Petroleum - Growth Engine Continue Development of Gum Deniz Oil Field Gross Undeveloped Reserves of ~300 MMB 2013 3D seismic in rehabilitation area to define field extension areas Continue Development at Bahar Gas Field Gross Undeveloped Reserves of 1.14 TCF Improved gas pricing linked to European markets 2018 Exploration potential in Bahar 2 Area Located between two giant fields (25 TCF and 5 TCF) Proprietary 3D Seismic program in 2012 Offsets recent multi-tcf field discovery by Total and SOCAR 21

Contact Information Greenfields Petroleum Corporation CHF Investor Relations John Harkins President & CEO Robin Cook - Senior Account Manager Phone: (832) 234-0810 Phone: (416) 868-1079 Ext. 228 Facsimile: (832) 234-0823 Facsimile: (416) 868-6198 John.Harkins@greenfieldspetroleum.com Robin@chfir.com www.greenfields-petroleum.com TSX.V: GNF 22

Operations in Gum Deniz oil field and Bahar gas field May 2013 23

Greenfields Petroleum Reserves - Year End 2012 Greenfields Net Interest Proved Producing Proved Developed Proved Undeveloped Total Proved Total Probable Total 2P Oil Mbbls 306 686 2,693 3,685 1,457 5,142 Gas MMcf 3,316 20,073 5,876 29,265 11,567 40,832 Total NGL 26 220 142 388 240 628 Total BOE Mbbls NPV 10% $M 885 4,251 3,815 8,951 3,624 12,575 10,574 18,359 19,734 48,667 69,031 117,698 * GLJ Reserve Report December 31, 2012 24

Greenfields Petroleum Contingent Reserves Greenfields Net Interest Total Proved Total Probable Total 2P Total Possible Total 3P Oil Mbbls 3,685 1,457 5,142 2,970 8,111 Gas MMcf 29,265 11,567 40,832 4,753 45,585 Total NGL 388 240 628 147 775 Total BOE Mbbls NPV 10% $M 8,951 3,624 12,575 3,908 16,484 48,667 69,031 117,698 84,439 202,137 * GLJ Reserve Report December 31, 2012 25

Strategic Redirection Focus on Oil Production and Reduce Costs Drilling Focus on Shallower Targets Savings of $1.7MM/well (-2 weeks drilling time) Evaluating twinning wells to develop multiple reservoirs Add second drilling rig in Gum Deniz (PSG 3 rig) Tendering for additional 1500 HP rig Well # 209 drilling at Bahar Field in the Caspian Sea Recompletions / Workovers Gum Deniz Adding 5 oil workovers Evaluating shallow gas potential (40 Meters) Comingle with existing production Bahar Deferring fishing jobs Focus on recompletions with SOCAR 80 rig (upgraded) Significant savings on platform refurbishment costs Savings of 50 percent 26

Greenfields 2013 Capital Program Revised Capital Program Emphasis on oil drilling (adding second drilling rig) and workovers Gas recompletions simplified (defer fishing jobs) Defer platform construction by adding extra slots to existing platforms Platforms & Facilities 3D Seismic Recompletions & Workovers Drilling & Completions Item $ Million Drilling/Completions $32.0 Recompletions/Workovers $7.1 Platforms and Facilities $5.0 3D Seismic Program $4.7 Safety and Marine $0.8 Other $0.5 Total $50.1 * 2013 GNF net revenues $38 MM 27

Contractor Production Forecast (Gross Project) Greenfields has a 1/3 Share of Contractor Production 28

Key Factors for Production Growth Assumptions in Forecasts New Wells produce at 220 BOPD, risked at 90 percent success Workover / recompletion risked at 50 percent success Fishing jobs risked at 20 percent success Key Production Risks Negative Mobilization and start of drilling with PSG 3 rig Slower drilling times Bahar platform refurbishment timing Positive Better than expected IP rates Higher rate of success on workovers GD and Bahar Gum Deniz shallow gas potential 29

Contractor Production Forecast (Gross Project) Greenfields has a 1/3 Share of Contractor Production 30

Drilling Curve GD 715 Well 31

Drilling Curve GD 716 Well 32

Gum Deniz 3D Seismic - 2013 200 square kilometers covering Gum Deniz oil field (fully migrated) and the east extension (partial fold). Estimated total cost: $14.9 Million Limit of extended area Limit of present concession Limit of partial fold area 33

Bahar 2 Exploration Area Zone VIII Time Structure CI= 20 milliseconds Extracted Amplitudes Amplitudes between VIII and X Horizons VIII horizon shows good correlation of high amplitude anomalies to selected best producing wells in Bahar gas field 34

Background Information TSX.V: GNF 35

Attractive Fiscal Terms PRODUCTION 25 year term + 5 year extension less COMPENSATORY PRODUCTION (Royalty) SALES REVENUE 100% cost recovery Royalty 5% for 1 st three years (10 % thereafter) No income tax less OPERATING COSTS Balance All oil and gas exportable COST OIL PROFIT OIL "R"-factor SOCAR Share (%) Contractor Parties' Share (%) 0.00 < R < 1.25 40.0 60.0 less CAPITAL COSTS PLUS FINANCE COSTS R FACTOR / SPLIT OF REVENUE 1.25 < R < 2.00 50.0 50.0 2.00 < R < 2.75 70.0 30.0 2.75 < R< 3.00 80.0 20.0 CONTRACTOR PARTIES 80% 20 % SOCAR 3.00 < R 90.0 10.0 BAHAR ENERGY SOA 36

Bahar ERDPSA Revenue Entitlements 37

Bahar ERDPSA Revenue Entitlements 24

The Greenfields Team Successful track record of capturing opportunities and executing developments. Executive Management John Harkins Chief Executive Officer Richard MacDougal Chief Operating Officer Wayne Curzadd Chief Financial Officer George Greene VP Technical Over 30 years experience in negotiations, finance & business development (Amoco, TransCanada Pipelines & Anadarko). Over 30 years experience in engineering, operations & business development (Exxon, Union Texas, Arco/BP, FIOC, Hurricane, Anadarko and GFI Oil & Gas Corporation). Over 35 years of finance and senior management positions in energy industry. Over 35 years of experience in geology, negotiations and directing corporate development (Stratum, Jubliant, Enron Oil and Gas International, Elf Aquitaine, Monsanto and Santa Fe). Greenfields has a highly experienced team with proven track records starting & developing public and private oil and gas companies. 39

Board of Directors Michael Hibberd Chairman Chairman of Heritage Oil Plc. and Canacol Energy Ltd., Co-Chairman at Sunshine Oil Sands Ltd., Director of Montana Exploration Corp. and Pan Orient Energy Corp. Garry Mihaichuk Director Jerry Clark Director Alex Warmath Director John Harkins Director Richard MacDougal Director Previously senior officer of TransCanada Pipelines Ltd., Amoco Corporation and Husky Energy Inc. Over 35 years of diverse experience in the energy industry, having served in various senior management/executive officer positions at Amoco, Shell, Reliant Resources, Output Exploration, GFI, and most recently Ciris Energy. Former CTO Greenfields Petroleum. Over 35 years of experience in geology and business development (Tenneco, Apache, Enron Oil and Gas International, Anadarko and GFI Oil & Gas Corporation). Greenfields Management Team Members 40

Bahar ERDPSA Market and Transportation Systems GAS Sold to SOCAR Take or Pay Contract Wellhead Price: US$3.96/MCF Recent Gas Pipeline Developments Azerbaijani-Turkish Trans-Anatolia gas pipeline project (TANAP), officially launched on June 26, 2012 The Governments of Azerbaijan Georgia and Turkey have agreed to develop a 1.5 BCF/d pipeline from Azerbaijan to Turkey OIL All volumes sold to SOCAR Marketing - pipeline shipped to Novarossiysk (or Supsa) - liftings every 6 to 10 days Wellhead Price : Brent (less US$6/BBL) SOCAR and BP are planning on building and operating the pipeline Construction to start 2014 and gas delivery by 2018 41

Nabucco West Transportation Systems Recent Gas Pipeline Developments Technical details Shah Deniz gas producers consortium in Azerbaijan announced that it has selected the Nabucco-West pipeline project to be the route for Caspian gas into Central Europe (January 10, 2013) Nabucco-West Bulgaria/Turkey to Vienna Diameter: 48 Diameter Material: Steel Wall thickness: 20-36 mm Burial Depth: Minimum 1,0m Pressure: 100 bar Control: two Control Centers In-Country Control Centers ( ICCC): Sofia, Bulgaria; Medias, Romania; Budapest, Hungary; Baumgarten, Austria Compressor stations: Estimated at 11 Azerbaijan Gas could be priced at European gas prices by 2018 42