ENERGY TRILLION ANNOUNCES RESOURCES AND RESERVES UPDATE


SASB Gas Field Net Present Value Rises Dramatically Due to Rising Commodity Prices

Vancouver, BC, December 02, 2021 (GLOBE NEWSWIRE) – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce the completion of an update of 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 has assessed its natural gas resources that it plans to develop as part of its Phase III and Phase IV development programs that will begin in mid-2022. The report does not contain an assessment of the Phase V gas work program or any of the Company’s oil properties.

Rreport Sunitary NOTand a thousand billion

The combined 10% discounted net present value (“10% NPV”) for 2P gas reserves plus the risky average case estimate of the gas outlook is US $ 169.3 million (C $ 216 million) against 138.64 US dollars.

Combined 10% discounted net present value (“10% NPV”) for 3P reserves plus high estimates for prospects, 10% NPV is US $ 288 million (C $ 367 million) versus 243 , 3 million US dollars.

The following table summarizes the results:

Item

To classify

BFC(1)

VAN10% US $ Million(2)

To classify

Bcf(1)

VAN10% US $ Million(2)

Non-producing discovered (1) (2)

2P

20.2

$ 75.7 million

3P

31.4

$ 129.2 million

Development prospects, risky (3)

Average estimate

23

$ 93.6 million

High estimate

36.4

$ 156.0 million

TOTAL

40.3

we$169.3 m

62.4

we$285.2 m

$ 216 CND m

CA $ 367 m

Footnotes :

  1. The report has been prepared in accordance with the resource definitions, standards and procedures contained in the Canadian Oil and Gas Valuation (COGE) Manual. The resource definitions used in the preparation of this report are those contained in the COGE Handbook and Regulation 51-101 (Regulation 51-101) of the Canadian Securities Administrators.

  2. * The valuation of 10% NPV is the present value of reserves after all capital development, operations, costs and royalties before taxes, discounted to current dollars

  3. Potential resources have both a chance of discovery and a chance of development to derive a final chance of commercialization. GLJ assigned a 90% chance of development for the six leads and a 50% to 90% chance of discovery, resulting in a 45% to 81% chance to market range.

Management Ddiscussion

The Company intends to realize the reported gas value with the initial SASB redevelopment scheduled for mid-2022. The Company is currently advising on a financing structure and plans to announce it at the close of the shareholders’ meeting scheduled for December 17, 2021, in the event of a positive vote.

Thirteen other exploration gas prospects comprising stratigraphic channels and also thin films of gases known in existing fields will be assessed in more detail in 2022-2023 using a seismic update when it becomes available; In addition, the Company plans to assess certain exploration prospects surrounding the high potential blue sky block, all after having financed and launched the existing short-term development project.

About the company

Trillion Energy is an oil and gas production company with multiple assets in Turkey and Bulgaria. The Company owns 49% of the SASB natural gas field, one of the first major natural gas development projects in the Black Sea; a 19.6% interest (except three wells with 9.8%) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a future unconventional natural gas property.

The Company’s NI 51-101 and other reports relating to its December 31, 2020 reserves and forward-looking resources can be found at www.sedar.com as well as on the Company’s website.

Contact
Art Halleran: 1-250-996-4211
Headquarters: 1-778-819-1585
e-mail: [email protected]
Website: www.trillionenergy.com

Caution concerning the Forward-Look at the statements and other information on this press release and the Company’s reservations

The accuracy of any resource estimate depends on the quality and quantity of data available and on technical interpretation and judgment. While the resources estimate presented here are considered reasonable, the estimates must be accepted with the understanding that the performance of the tanks after the date of the estimate may justify a revision, upwards or downwards.

Revenue projections presented in this report are based in part on forecasts of market prices, exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in the future, differ materially from the forecasts used here . The actual values ​​of the revenues documented in this report do not necessarily represent the fair market value of the resources assessed here.

This press release contains forward-looking statements, which are based on current expectations, estimates and projections regarding the business and prospects of the Company, as well as on the beliefs of management and certain assumptions made by management. Words such as “foresee”, “expect”, “intend”, “plan”, “believe”, “seek”, “estimate”, “can”, “should”, “will” and variations of these words are intended to identify forward-looking statements. Such statements are only valid as of the date hereof and are subject to change. The Company assumes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, without limitation, statements regarding the listing of the Company’s prospectus on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies. , the anticipated growth opportunities and the amount of fundraising needed to achieve the previous goals. Such statements are not to guarantee future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could differ materially and adversely from those expressed in forward-looking statements. as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas prices fluctuations, operational and geological risks, the Company’s ability to raise the necessary funds to development; the outcome of trade negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too expensive, so that it is neither profitable nor profitable to do so and other factors discussed from time to time in the files of the Securities and Exchange Commission, including the last annual report filed on Form 10-K and subsequent reports on Form 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 reservations report in effect on December 31 2020 and / or report on potential resources dated July 31, 2020.


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