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Trillion Energy Announces Substantial Petroleum Reserve Increase

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Trillion Energy Announces Substantial Petroleum Reserve Increase

June 24
22:00 2020
3P Reserves increased by 1,992% to $180 million CAD (US$132.8 m)

VANCOUVER, British Columbia and ANKARA, Turkey – June 24, 2020 – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE:TCF) (TCFF) (Frankfurt: 3P2N) is pleased to provide the following announcement relating to the results of an independent petroleum reserve evaluation (the “Reserve Report”) prepared by GLJ Petroleum Consultants (“GLJ”).

The Reserve Report highlights a substantial increase in Trillion’s P3 Proven and Probable and Possible reserves from 342,000 BOE to 4,901,000 BOE, a 1,433% increase that includes the addition of 27.5 Billion Cubic Feet “BCF” of natural gas. This P3 reserve increase translates into a value of USD $132.8 Million or CAD $180 Million, through favorable gas contract pricing between US $6/MCF and US $7.80/MCF – a substantial premium to European and North American markets. 

President & CEO, Dr. Arthur Halleran comments: “We are extremely encouraged by the results of this independent Reserve Report and in particular, the increase in reserves for the SASB project. Each category of petroleum reserves increased substantially, building value to investors in our company. We are actively developing a work program to allow us to monetize the substantial value of our reserves for our shareholders”. 

GLJ Reserve Report Highlights:

  • P3 Proven and Probable and Possible reserves increased from 342,000 BOE (2018) to 4,901,000 BOE (2019; includes add of 27.5 BCF of gas) a 1,433% increase,
  • P3 NPV10% valuation increased from US $6.9 Million to US $132.8 Million (1,992% increase); Translates to US $1.29/common share*
  • P2 Proven and Probable reserves increased from 284,000 BOE (2018) to 3,205,000 BOE (2019; includes addition of 17.66 BCF of gas) a 1,128% increase.
  • P2 NPV10% valuation increased from US $6.04 Million to US$79.5 Million (1,316% increase); Translates to US $.77/common share*
  • P1 Proves gas reserves increased from 223,000 BOE (2018) to 1,683,000 BOE (2019; includes add of 7.56 BCF of gas) a 755% increase,
  • A NPV10% valuation* increased from US $4.97 million to US $38.86 Million (781% increase); Translates to US $.38/common share* 

(*NPV 10 Valuation is the discounted value of the reserves after all capital development, operating, costs, and royalties before taxes, discounted to present day dollars) 

The year over year reserves increases are attributable to Trillion’s producing South Ackajoca Sub-Basin or (“SASB”) gas field, one of the Black Sea’s first and largest natural gas production and development projects, which has USD $608 million invested to date and produced over 41 Billion Cubic Feet “BCF” of natural gas. Gas produced at SASB is sold at favorable pries between US $6/MCF and US $7.80/MCF – a substantial premium to European and North American markets. SASB Project.

Website: https://trillionenergy.com/projects/sasb-gas-field/

About the Company

Trillion Energy is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field;  a 100% interest in 42,833 hectares oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.

For further information, please see our website: www.trillionenergy.com or email us: [email protected] 

The Company’s NI 51-101 and other reports relating to its reserves as at December 31, 2019 are filed on www.edgar.com, www.sedar.com, www.thecse.com, as well as the Company’s website.

Cautionary Statement Regarding Forward-Looking Statements and other information about this news release and the Company reserves

Media Contact
Company Name: Trillion Energy International Inc.
Contact Person:
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Phone: Art Halleran: 1-250-996-4211, Corporate offices: 1-778-819-1585
Country: Canada
Website: www.trillionenergy.com