Company Negotiating Rig contract while Natural Gas Prices Continue to Soar
January 31, 2022 – Vancouver, BC – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to provide a corporate update at this time.
Natural Gas Prices
Prices for natural gas in Europe continue to remain strong with upwards pressure due to several sources: the recent curtailment of Iraqi natural gas entering Turkey; increases consumption throughout Europe and the region; regional continued supply shortage and speculation that restrictions in natural gas supply may occur due to an impending conflict in Ukraine. As a result, the Company expects to receive further natural gas price increases which bodes well for its SASB natural gas project development.
The Company is in the process of negotiating a letter of intent with a drilling services provider located proximate to the Black Sea region for the supply of one or more drilling rigs to the SASB natural gas field later this year. The jack up drilling rigs are in Romania, thus, conveniently located reducing the costs of mobilization to the SASB field. The Company anticipates the rig will be able to commence service at the SASB gas field during July 2022, subject to a definitive agreement being signed.
CUSIP Change and redomicile
As a result of the Company’s redomicile and amalgamation to British Columbia, Canada we had received a new CUSIP number for the company’s shares which is 89624B104. This CUSIP will be effective shortly. Shareholders who hold shares in their brokerage accounts or at the Company’s transfer agent will not be required to take any steps to their exchange shares.
Amendment of Financial Consulting Agreement
On January 25, 2022, we entered into an agreement receive advice on institutional debt funding. The Company expects a positive outcome and significant progress has been made to date.
Art Halleran CEO stated:
“Securing our rig to conduct our work program on SASB brings us one step closer to realizing our goal of bringing SASB into production during the year. Energy markets continue to strengthen our outlook and opportunities continue to improve, and we are on track for a July 2022 development program start subject to financing being received.”
About the Company
Trillion Energy International Inc. 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 major natural gas development projects; a 19.6% (except three wells with 9.8%) ownership interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
The Company’s NI 51-101 and other reports relating to its reserves as of October 31, 2021, and prospective resources may be found on www.sedar.com as well as the Company’s website.
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585