Podcast #55 Greenfields Petroleum Corp

Momentum continues to build for Greenfields Petroleum Corporation (TSX: V.GNF, OTCQB: GEEPF, Forum). In 2010; the Company became a minority partner in the redevelopment of the huge Gum Deniz Oil Field and Bahar Gas Field located in the shallow waters of the Caspian Sea in Azerbaijan. By 2016; the opportunity arose for GNZ to take control of these projects as the majority operator.

These are major producing fields. Gum Deniz has produced over 212 million barrels of oil in the six decades the field has been in production. Bahar has yielded 4.3 trillion cubic feet of natural gas since 1969.

Even more recently, management’s attention turned toward solidifying Greenfield’s balance sheet. On October 31, 2017; the Company announced a significant agreement to restructure its senior secured debt. One of the primary aspects of this restructuring is to extend the maturity date of this secured debt from March 31, 2018 to January 15, 2020. In addition all outstanding common share purchase warrants held by the senior lenders were terminated.

In doing this, this makes more capital available to the Company to expedite the redevelopment of these world-class fields. This week, Greenfields announced an MOU with its minority partner, SOCAR, to engage in new development drilling of some especially prospective natural gas targets.

Stockhouse recently had the chance to sit down with Greenfield’s CEO, John Harkins so he could explain the new restructuring and expand upon the new opportunity with respect to the upcoming drilling.

 

FULL DISCLOSURE: Greenfields Petroleum Corp is a paid client of Stockhouse Publishing.