TILLIONS OF ENERGY benefit from rising oil prices
VANCOUVER, British Columbia, July 09, 2021 (GLOBE NEWSWIRE) – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce selling price increases for its oil and natural gas produced in Turkey, which has a positive impact on revenues and revenues net of the Company.
As of July 1, 2021, natural gas prices rose 20% to nearly $ 6 / MCF, reaching pre-COVID levels. Natural gas prices in Turkey are set by BOTAS, as most natural gas is imported when periodic price adjustments are made based on market conditions and international prices. Prior to this increase, natural gas prices averaged US $ 5.24 / mcf during the year due to COVID compared to over $ 6 / mcf in previous years.
The Company has also benefited from the recent rise in international oil prices, which recently reached a five-year high. The Company now earns US $ 74 / bbl for production from its Cendere oilfield, an increase of US $ 12 / bbl or 19.5% from the year-to-date 2021 average of 61, US $ 87 / b. Net returns increased to around US $ 45 / bbl from $ 35.47, an increase of 21%.
“The increase in raw material prices has improved the company’s cash flow and is expected to have a positive effect on the company’s upcoming Saturn Rig drilling program on the SASB gas field, where two new wells will be put on production this year. year, as a prelude to a broader development program for the field, ”said CEO Arthur Halleran.
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 and largest natural gas development projects in the Black Sea; a 19.6% interest (except three 9.8% wells) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a future unconventional natural gas property.
For more information, please visit our website: www.trillionenergy.com or email us: [email protected]
The Company’s NI 51-101 and other reports relating to its reservations as at December 31, 2020 are filed at www.sedar.com, www.thecse.com, as well as on the Company’s website.
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: [email protected]
Caution regarding forward-looking statements and other information on this press release and the Company’s reservations
The accuracy of any resource estimate is a function of the quality and quantity of data available and of technical interpretation and judgment. Although the resource estimate presented here is considered reasonable, the estimates should be accepted with the understanding that the performance of reservoirs after the date of the estimate may warrant revision, upward or downward.
The 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 significantly from the forecasts used here. The present values of 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 “anticipates”, “expects”, “intends”, “plans”, “believes”, “research”, “estimates”, “could”, “should”, “want” and variations of these words are intended to identify forward-looking statements. These 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 of its securities, expansion and business strategies, anticipated growth opportunities, gross proceeds from exercise of warrants. , the costs of the Saturn project and the amount of fundraising needed to achieve the above. Such statements are not guarantees of 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 due to various factors. These factors include: unforeseen securities regulatory challenges;, factors related to the current COVID-19 pandemic;, fluctuations in oil and gas prices; operational and geological risks; the Company’s ability to raise the funds necessary for 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 documents filed by the Securities and Exchange Commission, including the last annual report filed on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a complete summary of our information on our oil and gas reserves, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and / or request a copy of our report on reserves in effect on December 31, 2020.