Greenfields Petroleum Corporation Announces earnings and operating results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenues of $9,088,000 compared to $6,818,000 a year ago. Net loss was $891,000 compared to $3,129,000 or $0.02 per basic and diluted share a year ago. Operating costs were $5.1 million for the second quarter 2018 and $10.1 million year-to-date, compared to operating costs of $5.0 million and $11.3 million, respectively, for the same periods in 2017. Capital expenditures were $1.5 million for the second quarter and $2.9 million year-to-date, compared to capital expenditures of $1.7 million and $3.8 million, respectively, for the same periods in 2017.

For the six months, the company reported revenues of $16,134,000 compared to $16,056,000 a year ago. Net loss was $3,482,000 or $0.02 per basic and diluted share compared to $4,497,000 or $0.03 per basic and diluted share a year ago. Operating costs continue to be on budget for the second quarter and year-to-date 2018. As compared to the same periods in 2017, operating costs increased 2% and decreased 10%, respectively. Administrative expenses for the second quarter and year-to-date 2018 were $1.1 million and $2.2 million, respectively, reflecting an increase of 6% and 37%, respectively, in comparison to the same periods in 2017. Capital expenditures continue to be on budget for the second quarter and year-to-date 2018. As compared to the same periods in 2017, capital expenditures decreased 10% and 21%, respectively. The lower expenditures during 2018 is mostly the result of delays in carrying out workovers for the south Gum Deniz Oil Field due to the late delivery of heavier rigs ordered in 2017.

The company reported operating results for the second quarter and six months ended june 30, 2018. For the third quarter, the company reported share of sales volumes from the offshore block known as the bahar project resulted in revenue of $9.1 million for the second quarter 2018 and $16.1 million year-to-date.  As compared to the same periods in 2017, revenue increased 33% and nil%, respectively. Sales Volumes averaged 751 bbl/d compared to 674 bbl/d a year ago for crude oil and 18,267 mcf/d compared to 17,120 mcf/d a year ago for natural gas or Barrel oil equivalent 3,796 boe/d compared to 3,527 boe/d same quarter in 2017. Realized oil price averaged $66.44/bbl for the second quarter 2018.

For the six months, the company reported sales volumes increased 11% for crude oil, 7% for natural gas and 8% for boe/d, while year-to-date Sales Volumes decreased 2% for crude oil, 4% for natural gas and 3% for boe/d.  The price of natural gas has been fixed at $2.69/mcf since April 1, 2017 and previously was fixed at $3.96/mcf.  Crude Oil was 674 boe/d compared to 691 boe/d a year ago. Realized oil price averaged $64.97/bbl year-to-date, an increase of 58% and 45% in comparison to average prices of $41.96/bbl and $44.70/bbl realized in the second quarter 2017. Natural gas was 16,570 mcf/d compared to 17,207 mcf/d a year ago. Barrel oil equivalent was 3,436 boe/d compared to 3,559 boe/d a year ago.