Trillion Energy Announces Resource & Reserve Update 
TRILLION ENERGY ANNOUNCES RESOURCE & RESERVE UPDATE
Net Present Value of SASB Gas Field Asset Increases Significantly due to Increased Commodity Prices
December 2, 2021 - Vancouver, BC - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce completion of an update to its reserves and resources for the SASB Gas field (the “Report”) as prepared by GLJ, Ltd (“GLJ”), an independent third-party consulting firm.
The Company assessed its natural gas resources it plans to develop in its Phase III and Phase IV development programs set to commence mid-2022. The report does not contain an assessment of Phase V gas work program or any of the Company’s oil properties.
Report Summary Net to Trillion
The combined net present value discounted at 10% (“NPV10%”) for the 2P gas reserves plus risked medium case estimate of gas prospects is USD $169.3 Million (CND$216m) up from US $138.64.
The combined net present value discounted at 10% (“NPV10%”) for the 3P Reserves plus high estimates for prospects, the NPV10% USD is USD $288m (CND$367m) up from USD $243.3m.
The following table summarizes the results:
| Item | Class | BCF(1) | NPV10% $US Million(2) | Class | Bcf(1) | NPV10% $US Million(2) |
| Discovered non- producing (1) (2) | 2P | 20.2 | $75.7 m | 3P | 31.4 | $129.2 m |
| Development prospects, risked (3) | Medium estimate | 23 | $93.6 m | High Estimate | 36.4
| $156.0 m |
| TOTAL | | 40.3 | US$169.3 m | | 62.4 | US$285.2 m |
| | | | CND$216 m | | | CND$367 m |
Footnotes:
- The Report has been prepared in accordance with resource definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. The resources definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101).
- *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
- Prospective resources have both an associated chance of discovery and a chance of development to derive a final chance of commerciality. GLJ has assigned a 90% chance of development for all six prospects and a chance of discovery ranging from 50% to 90% resulting in a range of chance of commerciality from 45% to 81%.
Management Discussion
The Company intends to realize the value of the gas indicated in the Report with the initial redevelopment of SASB slated for mid-2022. The Company is currently taking advice as to a structure for the financing and expects to announce same upon conclusion of the shareholder meeting slated for December 17, 2021, upon a successful vote.
Thirteen additional exploration gas prospects comprised of stratigraphic channels and also known thin bed gas layers in the existing fields will be further assessed in 2022-23 using update seismic when available; Moreover, the Company plans to evaluate certain exploration prospects surrounding the block with large blue-sky potential, all after getting the existing near-term development project funded and off the ground.
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 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 December 31, 2020 and prospective resources may be found on www.sedar.com as well as the Company’s website.
Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
info@trillionenergy.com
www.trillionenergy.com