TRILLION ENERGY INTERNATIONAL CLARIFIES WARRANT ACCELERATION ANNOUNCEMENT

Rhea-AI Summary

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.

Positive

• Potential proceeds of CAD $740,346 if all remaining warrants are exercised.
• Warrant acceleration will clear older warrants from the balance sheet.
• Expectations of strong drilling results that may positively impact share value.

Negative

• None.

Vancouver, B.C., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion", “we” or the "Company"”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62). On October 21, 2022, we announced the acceleration of certain share purchase warrants issued during March 2021 (the "March 2021 Warrants"). The Company wishes to make the following clarification and correction of the October 21, 2022 news release.

The original news release stated that there was an aggregate of 12,025,997 of the 2021 March Warrants that have yet to be exercised, however, it should have read that there was an aggregate of 6,093,080 of the 2021 March Warrants yet to be exercised, of which 2,125,000 are exercisable at CAD$0.10 per share, 1,860,000 are exercisable at CAD$0.12 per share, 1,108,080 are exercisable at US$0.08 per share and 1,000,000 are exercisable at US$0.16 per share.   If all of these remaining warrants are exercised the Company will receive proceeds of CAD $740,346.

Each March 2021 Warrants is exercisable to acquire one common share of the Company. The expiry date of the March 2021 Warrants is accelerated to November 21, 2022 (the "Accelerated Expiry Date"). Any March 2021 Warrants that remain unexercised by 5:00 p.m. (Pacific Time) on the Accelerated Expiry Date will expire and be cancelled.

None of the warrants issued after March 2021 are subject to acceleration at this time. For warrants issued after March 2021 the expiry date set out in the warrant certificate continues to apply.

Arthur Halleran CEO of Trillion stated:
“With this warrant acceleration, all of the warrants issued prior to 2022 will be off the books for our year-ending December 2022. With strong drilling results expected this month and the given current liquidity of the Company’s trading shares, we expect minimal pressure on the Company’s share price to occur”

About the Company

Trillion Energy is an oil and gas producer 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. More information may be found on www.sedar.com, and our website.

Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the corrected number of unexercised warrants for Trillion Energy TRLEF?

The corrected number of unexercised warrants is 6,093,080.

What are the expiration dates for Trillion Energy's March 2021 warrants?

The expiration date for the March 2021 warrants has been accelerated to November 21, 2022.

What potential proceeds can Trillion Energy expect from the exercise of warrants?

Trillion Energy can expect potential proceeds of CAD $740,346 if all remaining warrants are exercised.

What statement did CEO Arthur Halleran make regarding share price?

Arthur Halleran stated that they expect minimal pressure on the Company’s share price due to the warrant acceleration.