Trillion Energy International Inc. reports developments tied to its oil exploration focus in southeastern Türkiye, centered on a 29% earn-in interest in the M47c,d oil block. Company updates cover the M47 work program, earn-in commitments, independent NI 51-101 resource evaluation, light oil findings at the C-1 well, and reservoir targets in the Beloka and Mardin Group carbonates.
Recurring news also includes capital actions related to exploration obligations, share-structure updates, Canadian reporting matters, and management commentary on oil-market conditions affecting the M47 exploration program.
Trillion Energy (OTCQB: TRLEF) reached a debenture settlement framework via a Fourth Supplemental Indenture dated March 20, 2026. The company owes CAD$16,379,828.49 as of Jan 31, 2026 (principal CAD$14,999,000 + interest CAD$1,380,828.49) plus further interest to March 20, 2026.
Subject to completing a brokered prospectus financing of at least CAD$10,000,000 by September 30, 2026, debenture holders will convert CAD$11,000,000 into equity at the Financing price and forgive ~CAD$5.37 million of the Amount Due; otherwise the indenture terminates and the Amount Due becomes immediately payable.
Trillion Energy (OTCQB: TRLEF) proposes a debt-for-equity settlement issuing 3,572,376 common shares at $0.035 per share to settle $125,033.16 of debt owed to various consultants. The issued shares will be subject to a four-month-and-one-day hold period from issuance under Canadian securities rules. The transaction converts short-term liabilities to equity and preserves cash while increasing the company's share count.
Trillion Energy (OTCQB: TRLEF) has announced two significant updates to its financial arrangements. First, the company has secured approval from debenture holders to extend the maturity date of its $15 million convertible debentures from July 31, 2025, to October 31, 2025. The debentures will continue to bear a 12% annual interest rate payable in cash.
Additionally, the company has completed a shares-for-debt settlement, issuing 7,725,908 common shares at $0.05 per share to settle $386,295.42 in debt owed to directors, officers, and consultants. Of these, 3,900,000 shares were issued to company insiders for management services.
Trillion Energy (TRLEF) has provided an operational update for its SASB offshore gas project in Turkey. The company successfully installed new velocity string tubing in two tripod-based wells (Alapli-2 and Bayhanli-2) in January 2025, following similar installations in four wells on the Akcakoca platform in fall 2024.
The wells responded positively to nitrogen injection operations, demonstrating successful water reduction and improved performance. To enhance long-term production rates, Trillion has implemented several artificial lift techniques:
- Secured a gas lift compressor system for the Akcakoca platform, with testing scheduled for March 24, 2025
- Planning high pressure nitrogen injection post-compressor installation
- Implementing pump solutions including one Progressive Cavity Pump (PCP) and two slim-hole Electric Submersible Pumps (ESPs)
Trillion Energy International (OTCQB: TRLEF) has announced a debt settlement through the issuance of 3,516,493 common shares, valued at $204,436.07. The settlement includes payment to directors, officers, and consultants.
Of the total shares, 1,209,413 common shares were issued specifically for 2024 directors fees and management services from directors and an officer. This insider settlement qualifies as a related-party transaction under MI 61-101, though the company has received exemptions from formal valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of the company's market capitalization.
Trillion Energy has provided an operational update for its SASB offshore gas project in Turkey. The company completed installation of new velocity string tubing in two wells (Alapli-2 and Bayhanli-2) during January 2025, following similar installations in four wells on the Akcakoca platform in fall 2024. While both tripod wells initially showed positive response, stable long-term flow rates haven't been maintained.
The company continues nitrogen injections to stimulate production, though operations faced delays due to winter weather. Plans are underway to stimulate Akcakoca-3 and South Akcakoca-2 wells using nitrogen. Additionally, Trillion has sourced a gas lift compressor system for the Akcakoca platform and plans to install a Progressive Cavity Pump and two slim-hole Electric Submersible Pumps to enhance production in the coming months.
Trillion Energy (OTCQB: TRLEF) has announced the successful installation of 2 3/8" velocity string tubing into the Alapli-2 natural gas well, marking a significant advancement in enhancing long-term gas production at the SASB field. The company's next step involves relocating the snubbing unit via crane barge to the East Ayazli tripod, where they plan to install 2,888 meters of 2 3/8" VS tubing into the Bayhanli-2 well. This phase is expected to be completed within 7 days, weather permitting. Following the completion of Bayhanli-2, the company will initiate nitrogen stimulation activities in both wells to optimize performance and enhance production levels.
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.