Trillion Energy Reports Third Quarter Financial Highlights

Rhea-AI Summary

Trillion Energy International Inc. (CSE: TCF, OTC: TCFF) reported significant financial growth in its third quarter ending September 30, 2021. Revenues surged by 60% year-over-year, totaling US $2,837,024 for the nine months, and US $879,207 for the quarter, marking a 78% increase. The company's net income for Q3 reached $5,418,647, rebounding from a loss in the previous year. Additionally, Trillion's cash position stood at US $1,465,568, and it reported production of 172 boe/d. CEO Arthur Halleran highlighted the impact of rising commodity prices on their operations.

Positive

• Revenues increased 60% year-over-year, totaling US $2,837,024 for nine months.
• Q3 revenue rose by 78% to US $879,207 compared to 2020.
• Net income for Q3 was $5,418,647, a significant improvement from Q3 2020's loss.
• Cash position improved to US $1,465,568 at quarter's end.
• Net production reported at 172 barrels of oil equivalent per day.

Negative

• Net loss for the nine months decreased but still remained at $2,162,312.

Revenues Increase 60% year-over-year with Higher Commodity Prices

VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce the financial highlights of its third quarter ending September 30, 2021.

Third Quarter Financial Highlights:

Oil and Gas revenue for the nine months ended September 30, 2021 was US $2,837,024 compared to the same period in 2020 of US $1,773,073, an increase of 60%. For the three months ended September 30, 2021 revenue was US $879,207 compared to US $493,609 for the same period in 2020, an increase of 78%. The increase in revenue reflects increased commodity prices.

Net Income for the Company for the three months ended September 30, 2021 was $5,418,647 compared to a net loss of $139,613 for the same period in 2020. For the nine months ended September 30, 2021 the net loss was $2,162,312 compared to $2,403,660 for same period in 2020.

The Company’s cash position was US $1,465,568 at the end of the quarter.

As at September 30, 2021, Trillion’s net production was 172 barrels of oil equivalent per day or boe/d.

Arthur Halleran, CEO, commented: “Higher commodity prices has significantly improved our revenues and are expect to substantially increase the positive economics of the SASB gas field redevelopment expected to commence in the near future.”

About the Company

Trillion Energy is an oil and gas producing company with assets in 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; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.

Corporate Offices
Tel: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

FAQ

What were Trillion Energy's revenue figures for Q3 2021?

Trillion Energy reported revenues of US $879,207 for Q3 2021, up 78% from the previous year.

What was Trillion Energy's net income for Q3 2021?

The company achieved a net income of $5,418,647 for Q3 2021, compared to a net loss of $139,613 in Q3 2020.

How much cash did Trillion Energy have at the end of Q3 2021?

Trillion Energy's cash position was US $1,465,568 at the end of Q3 2021.

What is Trillion Energy's production rate?

As of September 30, 2021, Trillion Energy's net production was 172 barrels of oil equivalent per day.

How did commodity prices affect Trillion Energy's financial performance?

Higher commodity prices significantly improved Trillion Energy's revenues, contributing to their financial growth.