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Vancouver, BC, April 30, 2024 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion“, or the “Company“) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to report operating and condensed financial results for the year ended December 31, 2023.
The audited financial statements, management discussion and analysis, and annual information form for the year ended December 31, 2023 will be available on the System for Electronic Document Analysis and Retrieval Plus (“SEDAR+”) at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar.shtml, and on Trillion Energy’s website at https://trillionenergy.com/.
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Financial and Operating Highlights – 2023 Year End Results
- On April 20, 2023, and November 28, 2023, Trillion Energy completed two financings for a total of CAD $25.8 million. The April 20, 2023 financing was a bought deal that raised gross proceeds of CAD $15 million and the November 28, 2023 financing was a public offering of CAD $10.8 million. Proceeds from both financings were to advance the development of the SASB field.
- On July 31, 2023, Trillion Energy announced a farm-in agreement to earn a 50% working and revenue interest in three new exploration blocks in South East Turkey called Cudi-Gabar.
- In August of 2023 Trillion Energy announced the completion of its drilling program. Following the completion of drilling five new wells and recompletion of one well, Trillion commenced installing new wellheads. In order to address the water loading issues Trillion experienced during their 2023 drilling activities, they have engaged with outside consultants and initiated the process of installing artificial lift pumps. GLJ has reviewed their reserve report which is included in the MD&A.
- On September 15, 2023 Trillion Energy announced a Consolidation of its shares on a 5 to 1 basis. 5 pre-consolidation shares were equivalent to 1 post-consolidation share. On September 15, 2023 389,677,325 shares were outstanding and following the consolidation 77,935,465 shares were outstanding.
- During October 2023, additional perforations to existing wells were made and a booster compressor was added to the field to reduce back pressure for gas entering the Cayagzi gas processing facility. In November of 2023, Trillion Energy received a report from a third party consulting firm on how to increase production on the six wells. Trillion is evaluating the report and intends to put many of the recommendations into action plans for 2024 operations.
- In December 2023 Trillion Energy announced the completion of its 3D seismic reprocessing of the SASB filed which is now being interpreted and will be utilized for 2024 operations.
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The following table provides a summary of Trillion’s financial results for the quarterly and year ended 2023. The consolidated financial statements with the Management’s Discussion and Analysis (“MD&A”) are available on our website at www.trillionenergy.com and will be available on the SEDAR+ website at www.sedarplus.ca.
| |
December 31, 2023
($)
|
September 30, 2023
($)
|
June 30,
2023
($)
|
March 31,
2023
($)
|
Year End
2023
|
| Revenue |
2,722,489 |
|
5,028,124 |
2,992,142 |
|
6,054,611 |
16,797,366 |
|
| Net Income (Loss) |
(8,434,326 |
) |
7,387,866 |
(2,280,386 |
) |
2,224,652 |
(1,102,194 |
) |
| Net Income (Loss) per share (basic and diluted) |
(0.11 |
) |
0.09 |
(0.03 |
) |
0.03 |
(0.01 |
) |
| Net and comprehensive income (Loss) |
(5,925,933 |
) |
6,528,318 |
(13,628,606 |
) |
2,969,187 |
(10,057,034 |
) |
About
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; three oil exploration blocks in S.E. Turkey; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. More information may be found on our website trillionenergy.com.
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Contact
Corporate offices: 1-778-819-1585
e-mail: [email protected]
Website: www.trillionenergy.com
Forward-Looking Information
Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Trillion assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Trillion. Additional information identifying risks and uncertainties is contained in Trillion filings with the Canadian securities regulators available at www.sedar.com.
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