Company Negotiating Rig contract while Natural Gas Prices Continue to Soar
Vancouver, BC, Jan. 31, 2022 (GLOBE NEWSWIRE) -- 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.
Rig Update
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 startsubject 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.
Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements and other information about this news release and the Company reserves
The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgement. While resources estimate presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoirs performance subsequent to the date of the estimate may justify revision, either upward or downward.
Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the resources evaluated herein.
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 guaranteeing 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, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; 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, 8-K.For a full summary of our oil and gas reserves information, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective October 31, 2021and or Prospective Resource report dated October31, 2021.
