Greenfields Petroleum Corporation announced that Vitol Energy (Bermuda) Ltd., the Company’s senior debt lender, has demanded repayment of all amounts owing under Vitol’s secured loan agreement with the Company. Due to the Company's inability to secure deferrals of all of its minority debt obligations, the Company has an event of default under the Vitol Loan. The Company, with the approval of Vitol, has been trying to negotiate settlement of its various unsecured obligations. While Vitol has a history of forbearance of the Greenfield's debt obligations, if Greenfields fails to make full payment to Vitol, Vitol may be entitled to enforce its security against all of the Company’s assets and file claims in a court of competent jurisdiction. Greenfields is considering potential strategic alternatives available to the Company. No assurance can be given that the Company will be able to reach agreement with Vitol in respect of the consequences of the default.