GlobeNewswire

Trillion Energy Announces Substantial Petroleum Reserve Increase

Share

3P Reserves increased by 1,992% to $180 million CAD (US$132.8 m)

VANCOUVER, British Columbia and ANKARA, Turkey, June 23, 2020 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: 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 prices between US $6/MCF and US $7.80/MCF - a substantial premium to European and North American markets. SASB Project Webpage: 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: info@trillionenergy.com

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

Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

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

This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a full summary of our oil and gas reserves information, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2019.

*The dollar value estimate of reserves cited herein are based on the current issued and outstanding shares of 102,628,823 (excluding dilutive securities). 

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Workday levererar skräddarsydda upplevelser för anställda med hjälp av lösningar för en arbetsmiljö i förändring2.7.2020 10:00:10 CESTPressemelding

Workday erbjuder komplett HR-service genom skapande och hantering av ärenden för snabb och intuitiv lösning Workday Journeys skapar personliga upplevelser för att guida anställda i viktiga situationer STOCKHOLM, Sverige, July 02, 2020 (GLOBE NEWSWIRE) -- Workday Inc. (NASDAQ: WDAY), ledande inom företagsmolnapplikationer för ekonomi och HR, lanserar två nya maskininlärningslösningar inom HR. Workday Help ger intuitiv ärendehantering och Workday Journeys skräddarsydd, individanpassad guidning för anställda i kritiska ögonblick. Applikationerna är de senaste tillskotten inom Workday People Experience där Workday lyfter personalupplevelsen och förenklar arbetet genom maskininlärning. Lösningarna hjälper arbetsgivare att engagera och stötta sina anställda samtidigt som arbetet blir mer personligt och produktivt. Förutom Workday People Experience lanseras även Workday People Analytics, en analysbaserad applikation som identifierar risker och möjligheter inom arbetsgrupper. Informationen ger

Workday People Anaytics levererar automatiserade lösningar för att hjälpa företag att optimera sin arbetskraft i en föränderlig värld2.7.2020 10:00:10 CESTPressemelding

Maskininlärning och augmented analytics ger insikt i och identifierar möjligheter att hjälpa företag att ta sig starkare ur krisen STOCKHOLM, Sverige, July 02, 2020 (GLOBE NEWSWIRE) -- Workday Inc. (NASDAQ: WDAY), ledande inom företagsmolnapplikationer för ekonomi och HR, lanserar Workday People Analytics – en analysbaserad applikation som identifierar risker och möjligheter inom arbetsgrupper och presenterar dessa insikter i ett lättförståeligt story-format. Informationen ger HR- och företagsledare möjlighet att nå starkare resultat – snabbare – genom att fatta bättre beslut gällande sina anställda. Workdays kunder, av vilka mer än 65 procent är Fortune 50-bolag, kan använda Workday People Analytics tillsammans med Workday Human Capital Management (HCM) för att upprätthålla kontinuitet inom företaget och hantera de utmaningar som uppstått i samband med den rådande pandemin. Förutom Workday People Analytics lanseras två lösningar för Workday People Experience som ytterligare hjälper or

Zane Kotāne has been elected as a member of the Management Board of JSC Olainfarm2.7.2020 09:46:00 CESTPress release

Today, the Supervisory Council of JSC Olainfarm has elected Zane Kotāne as a member of the Management Board, who will oversee financial matters. She has significant professional experience in management, finance and governance processes in both listed and state and private companies. “We are pleased that such a high-level specialist is joining the Management Board of Olainfarm. Zane Kotāne has significant experience in the management of both Latvian and international companies. She has in-depth knowledge in areas important to the company, such as financial analysis and planning, attracting investments from the European Union institutions and private investors, as well as internal audits. On behalf of the entire council, we wish her success,” emphasizes Gundars Bērziņš, Chairman of the Supervisory Council of JSC Olainfarm. “It is with great pleasure that I join Olainfarm's international management team and extensive staff to be able to turn a new page in the growth story of Olainfarm to

Publishing of Valmet's Half Year Financial Review January – June 2020 on July 23, 20202.7.2020 09:00:00 CESTPress release

Valmet Oyj’s press release on July 2, 2020 at 10:00 a.m. EET Valmet's Half Year Financial Review for January – June 2020 will be published on Thursday, July 23, 2020 at approximately 3:00 p.m. Finnish time (EET). The stock exchange release and presentation material in English and in Finnish will be available at that time on Valmet's website at www.valmet.com/investors. News conference for analysts, investors and media Valmet will arrange a news conference in English for investment analysts, investors, and media on Thursday, July 23, 2020 at 4:00 p.m. Finnish time (EET). The news conference will be held at Valmet Head Office in Keilaniemi, Keilasatama 5, 02150 Espoo, Finland. President and CEO Pasi Laine and CFO Kari Saarinen will be presenting at the news conference. Webcast The news conference can also be followed through a live webcast at www.valmet.com/webcasts. The live webcast starts at 4:00 p.m. (EET) and a recording of the webcast will be available shortly after the event at the

Cargotec’s January-June 2020 half year financial report to be published on Friday, 17 July 20202.7.2020 08:30:00 CESTPress release

CARGOTEC CORPORATION, PRESS RELEASE, 2 JULY 2020 AT 9.30 AM (EEST) Cargotec’s January-June 2020 half year financial report to be published on Friday, 17 July 2020 Cargotec Corporation will publish its January-June 2020 half year financial report on Friday, 17 July 2020 at approximately 2.00 p.m. EEST. The report will be available at www.cargotec.com after publication. A live international telephone conference for analysts, investors and media, will be arranged on the publishing day at 3:00 p.m. EEST. The event will be held in English. The report will be presented by CEO Mika Vehviläinen and Executive Vice President, CFO Mikko Puolakka. The presentation material will be available at www.cargotec.com by the latest 2:30 p.m. EEST. The telephone conference, during which questions may be presented, can be accessed by registering here. The registration opens 15 minutes prior to the event. The event conferencing system will call the participant on the phone number provided and place the parti

Stolt-Nielsen Limited Reports Unaudited Results For the Second Quarter and First Half of 20202.7.2020 08:25:00 CESTPress release

LONDON, July 2, 2020 – Stolt-Nielsen Limited (Oslo Børs: SNI) today reported unaudited results for the second quarter ended May 31, 2020. The Company reported a second-quarter net profit attributable to shareholders of $3.6 million, with revenue of $503.5 million, compared with a net loss attributable to shareholders of $20.0 million, with revenue of $497.1 million, in the first quarter of 2020. The net loss attributable to shareholders for the first six months was $16.3 million, with revenue of $1,000.5 million, compared with a net profit attributable to shareholders of $11.5 million, with revenue of $1,018.4 million, in the first half of 2019. Highlights for the second quarter of 2020, compared with the first quarter of 2020, were: Net profit from continuing operations amounted to $12.3 million in the second quarter, up from a loss of $19.3 million in the first quarter of 2020.Stolt Tankers reported an operating profit of $20.0 million, up from $4.7 million, mainly reflecting a $12.2