Trillion Energy International - TRLEF STOCK NEWS

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.

Trillion Energy International Inc. reported a transformative year in 2022 amid Europe's natural gas crisis. The company raised over CND $42 million and initiated a 17 well drilling program, successfully ramping production to 7-8.2 mmcf/d by year-end. Key achievements include completing the AK-South well and reentering AK-3 for production. 2022 saw natural gas prices soar by 67% from January to December, reaching over $30/MCF. Looking ahead, Trillion plans continuous drilling in 2023 with eight new wells and funding from initial revenues for further development.

Trillion Energy International Inc. has begun drilling the Guluc-2 well and has completed the West Akcakoca-1 well at the SASB natural gas field in the Black Sea. The Guluc-2 is expected to produce gas by the end of January 2023, while the West Akcakoca-1 well is set for completion in March 2023. Successful drilling of these wells will increase the number of producing wells from two to four, with revenues directed towards further development at SASB.

Trillion Energy International has spudded the West Akcakoca-1 well while the Akcakoca-3 well is now producing gas at 3.3 MMcf/d. The gas sales are generating revenue at over $30 per mcf, which will be reinvested into future drilling operations. The company plans to drill the Guluc-2 well subsequently. Initial production from Akcakoca-3 includes 27 metres of net pay yet to be perforated. The operations are part of the company's 17-well development program, enhancing its natural gas focus in Türkiye and Europe.

Trillion Energy International Inc. (CSE: TCF, OTCQB: TRLEF) has initiated gas sales from its South Akcakoca-2 well, achieving initial production rates of approximately 3.0 MMcf/d. The Akcakoca-3 well has been successfully cleared of lost equipment, making it ready for re-perforation of about 34 meters of gas-bearing zones. This operation is expected to be completed shortly, leading to increased production. The company is focused on natural gas production for the European and Turkish markets, with significant developments reported ahead of schedule.

Trillion Energy International Inc. has commenced the recompletion of the Akcakoca-3 natural gas well at the SASB gas field. This marks the second operation in the company's 17 well development program. The recompletion, which began on November 1, 2022, involves replacing bent tubing and perforating remaining gas zones, with an expected duration of 12 days. Initially producing since March 2011, Akcakoca-3 has faced production interruptions due to mechanical issues, but is anticipated to resume production post-recompletion. Trillion holds a 49% interest in the SASB field.

Trillion Energy International Inc. announced successful completion and flow testing of its South Akcakoca-2 natural gas well in Turkey, achieving a rate of 7.0 - 8.2 MMcf/day. The well features 32.9 metres of natural gas pay with flow tests indicating positive results aligned with expectations. The production facilities will provide final flow rates post-measurement. Future perforation of an additional 10.8 metres of gas-bearing sands is planned. CEO Arthur Halleran expressed satisfaction with the results, marking a successful start to the company’s multi-well program.

Trillion Energy International announced a correction to its October 21, 2022, press release regarding the share purchase warrants issued in March 2021. The corrected total of unexercised warrants is 6,093,080, which can generate proceeds of CAD $740,346 when fully exercised. The expiration date for these warrants has been accelerated to November 21, 2022. CEO Arthur Halleran expects minimal share price pressure due to the warrant acceleration and strong upcoming drilling results. Trillion operates oil and gas assets in Turkey and Bulgaria.

Trillion Energy International has elected to accelerate the expiry of its March 2021 Warrants due to the company's share price closing above CAD$0.15 for 10 consecutive trading days. As of October 21, 2022, the expiry date for remaining unexercised warrants is set to November 21, 2022. A total of 12,025,997 warrants remain unexercised, with different exercise prices: CAD$0.10, CAD$0.12, US$0.08, and US$0.16. The company focuses on oil and gas production in Turkey and Bulgaria, notably holding significant interests in the SASB field and Cendere oil field.