Trillion Energy International Inc. - TRLED STOCK NEWS

Trillion Energy International announces significant management changes, including the retirement of CEO Arthur Halleran effective December 27, 2024. Sean Stofer, appointed as Chairman of the Board and interim CEO, brings over 20 years of energy industry experience and will lead the company while a search for a permanent CEO is conducted.

The company has also appointed Burak Tolga Terzi as Vice President and Deputy General Manager, bringing 17 years of management experience from companies like Valeura Energy and SOCAR AQS. Additionally, Scott Lower CPA has been named President, having previously served in a consulting role.

Trillion plans to establish an advisory board of industry veterans and aims to add two more directors in Q1 2025. The new leadership will focus on increasing production from existing assets and pursuing strategic acquisitions to enhance shareholder value.

Trillion Energy International (CSE: TCF, OTCQB: TRLEF) has announced the continuation of its velocity string tubing program on two tripods following operations completed at the Akcakoca platform in late November. A crane barge has arrived at the SASB gas field to transport the snubbing unit to the Akkaya tripod for operations on the Alapli-2 well, where 2,996 meters of tubing will be installed.

Following this, operations will move to the East Ayazli tripod for the Bayhanli-2 well, requiring 2,888 meters of tubing. The company will implement three sets of burst discs in each well for tubing installation, followed by nitrogen stimulation. The entire operation is expected to take approximately two weeks, weather permitting. Additionally, gas lift compressors are being sized for various wells, with South Akcakoca being the first.

Trillion Energy International has restated its 2023 financial statements due to an accounting correction related to foreign exchange losses on intercompany accounts. The restatement significantly reduced the company's net loss for 2023 from $1,102,194 to $43,842. The adjustment involved reclassifying foreign exchange losses from net loss to other comprehensive loss, as required by IAS 21 accounting standards.

The restatement affected several financial statement items, including accumulated other comprehensive loss (increased to $14,023,189) and accumulated deficit (decreased to $44,880,846), while total stockholders' equity remained unchanged at $22,212,572. The company's CFO noted that these changes had no impact on cash flows or the company's financial position.

Trillion Energy has successfully completed velocity string tubing (VS) installations in four existing wells at the SASB Gas Field, Turkey, including three long-reach wells on the Akcakoca Platform. The operation aims to reduce water loading and increase production and recovery. Guluc-2 and West Akcakoca-1 wells have resumed production with steady improvement after experiencing previous production challenges. Akcakoca-3 continues production with reduced daily water production. The company plans to implement VS on two tripod wells and stimulate all wells to enhance reservoir performance. Operations faced delays due to winter weather and equipment ordering requirements.

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has initiated a Velocity String (VS) program at its SASB gas field. The company reached an agreement with its partner and was assigned operatorship for the program on September 30th, 2024. A service agreement with 'Snub Co' for VS installation has been signed, and mobilization of the snubbing unit from Romania has begun.

The operation aims to increase or stabilize production rates in producing wells by reducing water loading. Currently, Akcakoca-3 and South Akcakoca-2 are averaging 2.55 MMcf/d and 2.3 MMcf/d respectively over the past 30 days. Guluc-2 and West Akcakoca-1 wells have been producing intermittently due to water loading, with Guluc-2 averaging 1.7 MMcf/d over the last 2 months.

Regarding the Oil Blocks update, Trillion has continued to work on finalizing a farm-in for M46 and M47 oil exploration blocks in Southeastern Turkiye. However, due to the company's focus on the SASB workover program, planned exploration wells for 2024 have not been drilled. The block license owner has secured a third party to drill two wells, reducing Trillion's potential interest.

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced that the Akcakoca-3 well at the SASB Gas Field is now in production. The well, perforated on July 17, 2024, with eleven meters of gas pay, initially experienced delayed pressure build-up. By September 6, 2024, the well head pressure (WHP) reached 616 psi, allowing production to begin. Initial production rates were 4.28 MMcf/d, increasing to 4.66 MMcf/d with WHP rising to 645 psi.

Additionally, Alapli-2 well was opened for pressure testing, resulting in gas flow to the surface, but is not yet producing significant quantities pending installation of velocity strings. CEO Arthur Halleran expressed satisfaction with Akcakoca-3's performance and Alapli-2's flow tests, confirming that most wells are now producing or have been flow tested.

Trillion Energy International reports robust financial performance for August, driven by substantial gas production from its Black Sea assets. The company achieved a gross production revenue of US$1,456,400 for August, with 100% gas production from SASB totaling 133.13 MMcf. Trillion’s 49% stake in the gas production yielded US$713,640, with a realized natural gas price of US$10.94 per Mcf.

Gas revenue from SASB comprises 95% from Guluc-2 and South Akcakoca-2, and 5% from West Akcakoca-1. Additionally, the gross oil revenue from Cendere fields amounted to US$342,700.

Trillion is exploring the installation of velocity strings to enhance production. CEO Arthur Halleran asserts that similar installations in legacy wells achieved a production average of 4.2 Bcf per well. The company aims to replicate this success by upgrading the current production tubing.

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced successful gas production at its SASB field in the Black Sea. The company completed four workovers as part of its strategic perforation program, resulting in increased gas production capacity. Key highlights include:

- Complete payback of recent perforation costs in just 35 days of production
- 140MMcf produced from July 9 to July 28
- South Akcakoca-2 well stabilizing at approximately 2.75 MMcf/d
- Guluc-2 well producing at a stable rate of about 1.25 MMcf/d
- Average gas production of 4.6 MMcf/d from the Akcakoca Platform

CEO Arthur Halleran expressed optimism about the field's robust production potential and plans to further stabilize gas production using velocity strings.

Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced successful gas production at its SASB field in the Black Sea. The company completed four workovers as part of its strategic perforation program, significantly increasing gas production capacity. Key highlights include:

- Complete payback of recent perforation costs in just 35 days of production
- Production of 140MMcf from four wells: Guluc-2, South Akcakoca-2, West Akcakoca-1, and Akcakoca-3
- South Akcakoca-2 stabilized at approximately 2.75 MMcf/d
- Guluc-2 producing at a stable rate of about 1.25 MMcf/d
- Average gas production from the Akcakoca Platform at 4.6 MMcf/d

The company is considering decreasing production tubing size to further stabilize gas production at targeted rates. Additionally, Trillion has granted 8,800,000 stock options to directors, officers, employees, and consultants at an exercise price of $0.14 per share, expiring August 12, 2029.