Greenfields Petroleum Corporation Announces Completion of Corporate Redomestication to the Cayman Islands
HOUSTON, Aug. 18, 2011
HOUSTON, Aug. 18, 2011 /CNW/ - Greenfields Petroleum Corporation (the
"Company" or "Greenfields") (TSXV: GNF.S), an independent exploration
and production company with assets in Azerbaijan, is pleased to
announce that the previously announced corporate redomestication (the
"Redomestication") of Greenfields from Delaware to the Cayman Islands
has been successfully completed. Details of the transaction are
reflected in the management information circular of Greenfields, dated
July 13, 2011, which is available electronically on SEDAR at www.sedar.com.
Prior to the Redomestication, the shares of Greenfields (the
"Greenfields Shares") were subject to a one year distribution
compliance period and deemed to be "restricted securities" under United
States securities laws and were therefore subject to certain
restrictions on transfer to U.S. persons (the "Resale Restrictions").
As such, all certificates evidencing the Greenfields Shares ("Share
Certificates") bore a restrictive transfer legend and Greenfields'
trading symbol on the TSX Venture Exchange (the "TSXV") contained a
".S" qualifier to alert investors to the existence of the Resale
Restrictions. As a result of the Redomestication, Greenfields now
qualifies as a "foreign private issuer" for the purposes of the United
States securities laws, resulting in no restrictive transfer legend on
Share Certificates currently outstanding, the ".S" qualifier not
applying to the Greenfields Shares, and the trading symbol of
Greenfields and the Greenfields Shares becoming generally freely
tradeable by its current U.S. Shareholders. The Company believes that
the removal of the Resale Restrictions and the ".S" qualifier from the
trading symbol will enhance the liquidity of the Greenfields Shares and
enhance Greenfields' ability to conduct securities offerings in the
The name of the Company will remain "Greenfields Petroleum Corporation".
It is expected that trading in respect of the Greenfields Shares on the
TSXV will commence on our about August 23, 2011, under the symbol
"GNF", with no ".S" qualifier applying to such symbol.
If any registered shareholders require assistance with respect to the
transmittal of share certificates for conversion, they may contact
Wayne Curzadd, Interim Chief Financial Officer, or Janet Nussbaum,
General Counsel, at 832-234-0800.
About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas corporation focused on the
development and production of proven oil and gas reserves principally
in the Republic of Azerbaijan. The Company plans to expand its oil and
gas assets through further farm-ins, and acquisitions of Production
Sharing Agreements from foreign governments containing previously
discovered but under developed international oil and gas fields, also
known as "greenfields". More information about the Company may be
obtained on the Greenfields website at www.greenfields-petroleum.com.
Forward Looking Statements
This press release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of Greenfields, including, without limitation,
those listed under the headings of "Risk Factors" in Greenfields annual
information form, its management information circular and similar
headings in the Corporation's Management's Discussion& Analysis which
may be viewed on www.sedar.com. Forward-looking information in this press release includes, but is not
limited to, information concerning potential future acquisitions.
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking information prove
incorrect, actual results, performance or achievements could vary
materially from those expressed or implied by the forward-looking
information. Accordingly, prospective investors should not place undue
reliance on these forward-looking statements. These forward-looking
statements are made as of the date of this press release and, other
than as required by applicable securities laws, Greenfields does not
assume any obligation to update or revise them to reflect new events or
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.