Greenfields Petroleum Corporation

TSX.V: GNF & GNF.DB

Investor Update

Annual General Meeting

August 11, 2015

Houston, Texas

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 5.559 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.

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Agenda

• Highlights of past year – Drilling suspended April 2014 – Low oil price environment – Reduce Opex and Capex

• Production • Reserves

• Key Technical Learnings

– Bahar Gas Field Study – 3D Seismic in Gum Deniz oil field

• Key Commercial Issues

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Greenfields Petroleum

2014 Net Production 1,534 BOE/d 2015 Q1&2 Net Production 1,075 BOE/d Debt - Senior Secured $25 Million Debt - Subordinated $22 Million Convertible Debenture $18 Million Net Reserves (P1+P2)* 3.8 MMBO 60.3 BCF 16.2 MMBOE Asset Valuation PV10 (P1+P2)* $151 million

* GLJ 2014 Reserves Report

Key Highlights

• Gum Deniz and Bahar workovers and recompletions ongoing – Limited access to crane barges for Bahar field

• Gum Deniz development drilling program on hold until mid 2016 • New 3-D Seismic for Gum Deniz being processed

Materials being transported to Platform 208 for Drilling 5

• Dramatic operating costs reductions – $89MM reduced to ~$30MM – Reduced personnel & contract services

• Support process to replace local partner

2014-2015 Bahar ERDPSA Gross Production

0

2000

4000

6000

8000

10000

12000

BOEPDBOPD

Suspend drilling

Drastically reduce Capex and Opex

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GNF 2014 Reserves

Major Factors Affecting Revisions negative • Oil price decline ($99.98 to $62.10) • Drilling hiatus: 2 years development delay for 5 year program

positive • Reduced OPEX from personnel and increased efficiency • Reduce CAPEX in future drilling

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Effect of Delayed Drilling on Reserves

2013 Report

2014 Report

Impacted volumes

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Greenfields Net Reserves - Year end 2014

Greenfields Net Interest

Total Proved

Total Probable

Total 2P Total Possible

Total 3P

Oil (Mbbls) 1,461 1,895 3,356 1,087 4,442

Gas (MMcf) 24,642 35,672 60,314 24,128 84,441

Total NGL (Mbbls)

165 254 419 171 590

Total BOE (Mbbls)

5,733 8,093 13,826 5,279 19,106

NPV 10% ($M)

43,407 107,944 151,351 89,233 240,584

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2012-2014 GNF Net Reserves

8/11/2015 10

4,073 3,573 1,626

5,770 5,355 3,775

8,886 8,769

5,032

4,878 4,988

4,107

6,805 10,851

10,052

7,598

15,725

14,074

-

5,000

10,000

15,000

20,000

25,000

30,000

1P 2012 1P 2013 1P 2014 2P 2012 2P 2013 2P 2014 3P 2012 3P 2013 3P 2014

GNF Gas (MBOE)

GNF Oil and Condenstae (MBOE)

P1

P3

P2

Bahar Field Reservoir Evaluation June 2015

• ERA Consulting • Integrated all 180 wells in Bahar field

– Mapped 15 gas reservoir flow units – Mapped 7 oil flow units

• Calculated (gas originally in place)GOIP and (oil originally in place)OOIP – material balance – remaining recoverable reserves

• Proposed hierarchy of workovers and new drilling

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Bahar Field

• Identification of significant resources beyond five year development period – GLJ (8/8ths) Reserves

• 2P = 308 BCF & 3P = 472 BCF – ERA (8/8ths) Resources

• Low 643 BFC, Medium 1,370 BCF and High 2,138 BCF • 50+ recompletion candidates • Possible drilling and side track locations

– Subject to additional evaluation (facilities and drilling)

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2015 2-D Seismic Bahar Field

• 50 LKM

• Good quality data

• Acquisition and Fast Track Processing Complete

• Integration into Bahar Field redevelopment plan

Gum Deniz 3D

Bahar 3D

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Gum Deniz 3-D Seismic

• Acquisition commenced by PGS-Khazar in December 2013 • Initial plan for 200 sq. km of new 3-D to image the Gum Deniz field

and nearby areas • Initial plan called for a 5 month acquisition • Various impediments impacted the acquisition

– Weather, shipping channels, contractor equipment • Operator and Contractor agreed to cease acquisition at ~100 sq. Km

in March 2015 to integrate data into the field interpretation • Final coverage was fast track processed and interpretation started

in June 2015 – Fast-Track processing complete and interpretation underway

• Pre-Stack Time Migration processing commenced in May with PGS-Almaty with a 5 month delivery

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Gum Deniz Acquired 103 of Planned 200 sq. km

Acquired

Shipping Channel

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Gum Deniz 3D Final Integrated Interpretation

• Following receipt of final PSTM cube, integration with all well control in the ERA model study of Gum Deniz

• Synthetics and fluid substitution models will be constructed for calibration and integration with the seismic

• If depth and 4C processing are indicated to be added • Final Field Model will include depth structure, gross sand, net

sand, and net pay isopachs • Material balance work to verify tank size and remaining

volumes for each interval • If appropriate, geo-cellular modeling and reservoir simulation

for updating development plan • Revised Gum Deniz development plan in early 2016 to

maximize recovery of the remaining oil and gas reserves

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Gum Deniz Redevelopment Schedule Item Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Acquisition Completed

Post-stack Migrated volume

Structural Interpretation

2016 Development Well Selection

Development Drilling

Pre-stack Time Migrated Volume

Integrated Field

Interpretation

Development Plan Revisions

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• Contractor Parties 80% Bahar Energy Limited (“BEL”)

1/3 Greenfields Petroleum Corporation 2/3 Baghlan Group (“Baghlan”)

(Azerbaijan Private Company) 20% SOCAR Oil Affiliate • Baghlan Group not funding

• 2014 -2015 cash calls ($20.8MM) • TPR1 Bonus Payment to SOFAZ ($2MM)

• Bank provided a Line of Credit ($22MM) to Greenfields to pay Baghlan cash calls, pursuant to the Shareholders Agreement (no dilution)

• Capital budget reduced $134 MM to $54 MM (2014) to $20MM (2015)

• Baghlan defaulted on their Corporate Bond in 2014 and Receiver took control of Baghlan’s interest in BEL

• Baghlan (now in liquidation) expected to transfer interest to new partner in Bahar PSA in 1-2 months

• Greenfields to recover ~$26MM in total defaulted amounts from new partner

Commercial Issues

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Next Steps: Re-Start Development

• Maintain reduced operating costs • Continue Oil and Gas recompletions and

workovers – successful and less expensive – Expanding program and adding more ESPs

• Drilling of new oil wells to resume 2016

– incorporated 3D seismic into development plan

– tender for lower cost rigs

Greenfields Petroleum Corporation

Primary Focus of Creating Shareholder Value

Bay of Baku is a natural harbor on the shore of the Absheron Peninsula

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Greenfields Petroleum Corporation John Harkins – CEO Wayne Curzadd - CFO Phone: (832) 234-0810 Phone: (832) 234-0835 Facsimile: (832) 234-0823 Facsimile: (832) 234-0823 John.Harkins@greenfieldspetroleum.com Wayne.Curzadd@greenfieldspetroleum.com

Official website is located at:

www.greenfields-petroleum.com

Contact Information

TSX.V: GNF & GNF.DB 21