Greenfields Petroleum Corporation has agreed to amend the forbearance agreement executed on November 28, 2019 (the "Forbearance Agreement") by extending the forbearance period and deferring payments due under the senior secured loan agreement with the Company (the "Vitol Loan") until January 31, 2020. In consideration of amending the Forbearance Agreement, the Company has agreed, subject to the approval of the TSX Venture Exchange, to move forward with a proposal for a debt to equity conversion of a majority of the Companys borrowings and to continue to seek strategic alternatives available to the Company.