TRILLION ENERGY INTL INC - TRLEF STOCK NEWS

Trillion Energy International Inc. reports successful flow test results for the West Akcakoca-1 natural gas well at the SASB gas field in Turkey, achieving a rate of 5.9 MMcf/day. The testing involved two lower 'D' sands, perforated on March 24, 2023, with a shut-in pressure of 1620 psi. The well will now enter long-term production, with an additional 48 metres of gas pay to be perforated, ensuring ongoing output. The company anticipates doubling its gas production with two more wells entering production in April 2023 as part of its SASB development program, suggesting a robust growth trajectory in natural gas production.

Trillion Energy International Inc. reported significant increases in its natural gas reserves and net present value (NPV) in its December 31, 2022 year-end reserve report. The net present value of proved and probable (P2) natural gas reserves rose to USD $431.5 million, a remarkable 426% year-over-year increase from USD $82 million in 2021. Proved and probable reserves (P2) climbed 141% to 48.6 Bcf from 20.1 Bcf. Additionally, net present value of proved reserves (P1) surged 206% to USD $123.8 million. The company aims to further enhance reserves and cash flows through its 2023 development program.

Trillion Energy International (CSE: TCF, OTCQB: TRLEF, Frankfurt: Z62) announced successful drilling of the West Akcakoca 1 well to a depth of 3,839 meters, identifying over 55 meters of potential gas pay across six sands in the SASB gas field, Black Sea, Turkiye. Completion and flow testing are expected by month-end, aiming to generate revenue before March concludes. CEO Arthur Halleran highlighted the achievement of consistently successful wells at SASB and projected an updated reserve report soon. The company focuses on natural gas production in Europe and Turkey, holding key interests in gas and oil fields.

Trillion Energy International Inc. (CSE: TCF, OTCQB: TRLEF) has announced a progress update regarding the Guluc-2 and West Akcakoca 1 wells at the SASB Gas field in the Black Sea, Turkiye. The perforation and flow testing of the Guluc-2 well, which reached total depth on January 31, has been delayed due to shipping issues related to recent earthquakes. The necessary tools are expected to arrive later this week. To optimize operations, the rig has been relocated to drill the WA-1 well, which will also be perforated once completed. Trillion Energy holds significant natural gas assets in Turkiye and Bulgaria, contributing to its focus on supplying the European market.

Trillion Energy International Inc. has successfully drilled the Guluc 2 well at the SASB gas field, reaching a total depth of 3,910 meters. The logging data indicates over 73 meters of potential natural gas pay across 14 separate sands. The company plans to perforate initial intervals soon, expecting revenue generation in the first week of February. This success follows two previous wells at the site, enhancing optimism regarding the gas reserves. The CEO highlighted the significant increase in gas pay compared to the Guluc 1 well drilled a decade ago.

Trillion Energy International has announced the start of a 3D seismic reprocessing project for the SASB natural gas field, covering 223 km2 of previously obtained data. This reprocessing will utilize advanced pre-stack depth migration (PSDM) techniques to enhance geological insights, targeting gas reservoir units and unexplored stratigraphic prospects. The project is set to begin in early March 2023 and is expected to take five to six months. CEO Arthur Halleran noted that the initiative is crucial for understanding gas potential and discovering new gas pools at SASB, which is one of the largest-scale natural gas developments in the Black Sea.

Trillion Energy International reported that its 49% share of December 2022 gas production from the SASB field was 87.4 MMcf, generating USD $2,647,053 before royalties. Production commenced for two new wells in November 2022, contributing to revenue growth. The Guluc-2 well is nearing completion, encountering encouraging gas shows. CEO Arthur Halleran stated that revenues will fund further drilling, with plans for additional sidetrack wells in the upcoming quarters. Trillion holds significant interests in natural gas and oil assets in Turkey and Bulgaria.

Trillion Energy International (CSE: TCF, OTCQB: TRLEF) announced plans to enhance production at the SASB gas field by adding three new side-track wells, increasing the total planned operations from 17 to 20 wells for 2023. Eleven well operations are expected this year, potentially boosting natural gas output significantly. Side-tracks are cheaper and quicker to drill, costing about $3 million less per well compared to long reach wells. Natural gas prices in January 2023 are at a historic high of approximately US $27/MCF. The company aims to exit 2023 with 13 operational wells.

Trillion Energy International (OTCQB: TRLEF) reported significant production and revenue updates for November 2022. The South Akcakoca-2 well began production on November 4, generating US $1,412,073 in gas sales, and the newly online Akcakoca-3 well contributed additional revenue. December is projected to yield approximately US $2.1 million after royalties. The company anticipates total revenue from these wells to reach between US $20 to $24 million for 2023. Trillion is set to further expand production with two upcoming wells expected in Q1 2023, enhancing its financial outlook.