CSE: TCFFrankfurt: Z62OTC: TRLEF
December 19, 2022 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62). 2022 was a transformative year for Trillion. As the natural gas supply crisis unfolded in Europe earlier this year, prices soared to record highs and Trillion was poised to meet the challenge with a plan to ramp-up production in a big way.

By early 2022, we had planned our 17 well drilling program; by March 2022 we reserved our drilling rig with a deposit of $2 million; and by July we raised over $41 million (gross proceeds) to kick off drilling. By September, our drilling rig arrived at the SASB gas field and set up in 95 meters water depth, ready to drill.

By October 2022 we completed our first long reach directional well AK-South, a significant engineering feat. In November, we reentered AK-3 clearing the well bore and perforating one of three gas bearing zones, which then entered production. By December we spud wells -Guluc-2 and AK-West where drilling is ongoing. We exit 2022 with between 7 – 8.2  mmcf/d production sold at over US $30/MCF from AK-3 and AK-South wells.

In 2023, we expect 12 months of continuous drilling to occur at SASB, where our plan is to bring on eight new wells (or workovers) into production. In Q1 2023, we expect to double production through completion, perforation, and testing of Ak-West and Guluc-2 wells. Six additional wells are expected to be drilled off of other platforms in the SASB gas field between Q2 and Q4 2023.

We plan to use revenue from the initial wells to fund additional CAPEX costs for our US $100 million Phase A & B SASB development programs, consisting of about 17 wells.

2022 Highlights:
•      Raised over CND $42 million equity capital during 2022
•      Drilled two new wells ramping up production to 7-8.2 mmcf/d
•      Natural Gas prices soared year-over-year from $11 (Jan) to $30+ (December), a 67% increase
•      Added to CSE 25 Index
•      Research analyst report price target of CDN$ 1.35/share
•      Stage set for eight new production wells in 2023 total (2 per quarter) through continuous drilling

 

 

About the Company

Trillion 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-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. More information may be found on www.sedar.com, and our website.

Contact

Art Halleran: 1-250-996-4211

Corporate offices: 1-778-819-1585

e-mail: info@trillionenergy.com

Website: www.trillionenergy.com