Several Positive Milestones reached during the year-to-date
VANCOUVER, British Columbia and ANKARA, Turkey, June 12, 2020 — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to provide this mid-year update. Trillion is a Canadian based natural gas and oil company focused on international markets which owns several high impact oil and gas projects abroad, including: the SASB Gas field, one of the largest natural gas developments in the Black Sea, the Cendere Oil field, as well as several exploration plays.
2020 Company Highlights-to-date
- Commenced trading on the Canadian Securities Exchange (Feb 2020) and Frankfurt Stock Exchange, Germany (May 2020)
- First Reserve Report completed on the undeveloped proven gas discoveries at SASB Gas field
- High prices for natural gas sales obtained between US$6.00 and US$7.80 /mcf
- “COVID extension” received for the Derecik oil exploration licenses until April 2021;
- Lowered producing pressure at SASB resulting in 50% increase in gas production from legacy wells;
- Continued work on a comprehensive development program for SASB gas fields
As in many parts of the world, due to the COVID19 pandemic, economic activity in the Black Sea region has temporarily slowed. However, demand for our produced natural gas and oil has remained strong and we have not had to curtail production because of the current economic conditions or the COVID19 pandemic. Moreover, we were able to increase production from our legacy wells during COVID as above. Oil prices we received temporarily declined but rebounded during May to over US $30/BBL. Gas prices received remain above US$6.00.
During the COVID19 pandemic, our operations continued with staff working from home where possible to maintain appropriate social distancing protocols ascribed by various government authorities. On June 1, our offices in Turkey reopened from COVID. During COVID, the Company used work-from-home arrangements wherever possible. Trillion is adhering to advice provided by local and international health authorities regarding social distancing and increased hygiene practices.
About the Company
Trillion Energy has several oil and gas assets in Turkey and Bulgaria. The Company is 49% owner of the SASB natural gas fields, one of the Black Sea’s first and largest scale natural gas development projects; an 19.6% 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.
Cautionary Statement Regarding Forward-Looking Statements
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, operational and geological risks, the ability of the Company to raise necessary funds for exploration; 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 and 8-K, reports filed with the CSE www.thecse.com. For a comprehensive discussion of our oil and gas reserves and plans, please see Forms 1,2 and 3 filed pursuant to instrument 51-101, management discussion and analysis available on SEDAR and www.theCSE.com.