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TRILLION ENERGY ANNOUNCES 2023 YEAR END RESERVE REPORT

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Trillion Energy International Inc. announces an increase in total proved plus probable reserves to 55.75 Bcf of gas and 240 Mbbl oil with a NPV10% of US $420.5 million. The company's net reserves value gain has risen despite a decrease in oil reserves, showing a commitment to monetizing reserves through optimization. Dr. Arthur Halleran, CEO, highlights the successful new drillings in 2023 and the potential for further monetization in the near future.
Trillion Energy International Inc. annuncia un aumento delle riserve totali provate e probabili a 55,75 Bcf di gas e 240 Mbbl di petrolio, con un NPV10% di 420,5 milioni di dollari USA. Il valore netto delle riserve della società è aumentato nonostante la riduzione delle riserve di petrolio, dimostrando un impegno nella monetizzazione delle riserve attraverso l'ottimizzazione. Il Dr. Arthur Halleran, CEO, sottolinea il successo dei nuovi sondaggi del 2023 e il potenziale per ulteriori monetizzazioni nel prossimo futuro.
Trillion Energy International Inc. anuncia un aumento en las reservas totales probadas y probables a 55.75 Bcf de gas y 240 Mbbl de petróleo, con un NPV10% de US $420.5 millones. El valor neto de las reservas de la empresa ha aumentado a pesar de la disminución en las reservas de petróleo, demostrando un compromiso con la monetización de reservas a través de la optimización. El Dr. Arthur Halleran, CEO, destaca las exitosas nuevas perforaciones en 2023 y el potencial para mayor monetización en un futuro cercano.
Trillion Energy International Inc.가 총 입증 및 예상 매장량이 가스 55.75 Bcf 및 석유 240 Mbbl로 증가했으며, NPV10%는 4억 2050만 달러임을 발표했습니다. 석유 매장량 감소에도 불구하고 회사의 순 매장량 가치가 상승하였으며, 이는 최적화를 통한 매장량 화폐화에 대한 노력을 보여줍니다. 아서 할레란 박사, CEO는 2023년의 성공적인 새로운 드릴링을 강조하며 가까운 미래에 더 많은 화폐화 가능성을 전망합니다.
Trillion Energy International Inc. annonce une augmentation des réserves totales prouvées et probables à 55,75 Bcf de gaz et 240 Mbbl de pétrole, avec une VPN10% de 420,5 millions de dollars US. La valeur nette des réserves de la société a augmenté malgré une baisse des réserves de pétrole, démontrant un engagement envers la monétisation des réserves par l'optimisation. Le Dr Arthur Halleran, PDG, met en avant les succès des nouveaux forages de 2023 et le potentiel de monétisation accrue dans un avenir proche.
Trillion Energy International Inc. gibt eine Steigerung der gesamten nachgewiesenen und wahrscheinlichen Reserven auf 55,75 Bcf Gas und 240 Mbbl Öl mit einem NPV10% von US $420,5 Millionen bekannt. Der Nettoreservewert des Unternehmens ist gestiegen, trotz eines Rückgangs der Ölreserven, was das Engagement für die Monetarisierung der Reserven durch Optimierung zeigt. Dr. Arthur Halleran, CEO, hebt die erfolgreichen neuen Bohrungen in 2023 hervor und das Potenzial für weitere Monetarisierung in naher Zukunft.
Positive
  • Total proved plus probable reserves increased to 55.75 Bcf of gas and 240 Mbbl oil with a NPV10% of US $420.5 million.
  • NPV10% of total proved reserves increased to US $134.3 million, representing a 8% increase from 2022.
  • Total proved plus probable conventional natural gas reserves saw a 31% increase from 2022.
  • Trillion has a net reserves value gain despite a decrease in oil reserves, showcasing commitment to monetization strategies.
  • Dr. Arthur Halleran, CEO, highlights successful new drillings in 2023 and plans for future reserves monetization through optimization.
Negative
  • None.

Total proved plus probable reserves increase from 55.75 Bcf* of gas and 240 Mbbl oil with NPV10%* of US $420.5 Million

Vancouver, B.C., April 25, 2024 (GLOBE NEWSWIRE) --  Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide a summary and highlights of its December 31, 2023 year-end reserve report.

Reserve Report Highlights

  • Net present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves is USD $420.5 million* net to Trillion, which represents USD $3.44 per common share***
  • Total proved plus probable conventional natural gas reserves increased to 55.75 Bcf* up from 42.5 Bcf* (2022), an increase of 31% from 2022.
  • NPV10% of total proved reserves increased to US $134.3* million from US$ 123.8* million (2022), an increase of 8% from 2022
  • NPV10% of total proved plus probable plus possible reserves is USD $712.7 million net to Trillion.
  • Total proved plus probable oil reserves of 240 Mbbl of oil for Cendere oil field compared to 252 Mbbl of oil in 2022.

*net Trillion’s 49% interest before income tax and after royalty      
*** basic common shares

Dr. Arthur Halleran, CEO stated:

“We have had steadily increased our reserves year over year as a result of our new drillings in 2023, and even as prices settle from 2022 highs, we have still realized a net reserves value gain. Very little of the gas from SASB has been produced to date, and we are committed to monetizing our reserves through artificial lift and tubing size optimization in the near future. For the Cendere oil property, even after producing 32 Mbbl of oil in 2023 our reserves only were reduced by 14 Mbbl oil, as our oil reserves have also increased during the year through workovers.”

Reserve Report Summary

Trillion 49% interest, before income taxes and after royalties

 Light and Medium Conventional  Oil
 Crude Oil Natural Gas Equivalent
 (Mbbl)(Mbbl)  (Bcf)(Bcf)  (Mboe)(Mboe) 
 Dec. 31Dec. 31% Dec. 31Dec. 31% Dec. 31Dec. 31%
 20232022Change 20232022Change 20232022Change
Proved           
Producing1391464.8% 1.32.4-45.8% 349546-36.0%
Developed Non-Producing4749-4.1% 8.40.0840.0% 1,443492,845.0%
Undeveloped00-  8.37.77.8% 1,3911,2858.2%
Total Proved186195-4.6% 18.010.178.2% 3,1831,88069.3%
Total Probable5458-5.5% 37.832.416.7% 6,3495,46116.3%
Total Proved Plus Probable240252-5.8% 55.842.531.3% 9,5317,34129.8%
Total Possible5255-5.4% 40.831.230.8% 6,8595,25730.5%
Total PPP292307-4.9% 96.673.731% 16,39012,59830.1%

Net Present Value of Trillion Interest, before income taxes and after royalties

 NPV - 10%
 Before Income Tax
 (US$M)(US$M) 
 Dec. 31Dec. 31%
  2023 2022Change
Proved   
Producing$11.5$42.3-72.8%
Developed Non-Producing$81.9$1.18,090%
Undeveloped$40.9$80.3-49.1%
Total Proved$134.3$123.88.5%
Total Probable$286.2$307.8-7.0%
Total Proved Plus Probable$420.5$431.5-2.5%
Total Possible$292.2$299.1-2.3%
Total PPP$712.7$730.6-2.5%

About the Reserves Evaluation

For the year ended December 31, 2023, the Company's reserves were evaluated by GLJ Ltd. ("GLJ"), in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) ("COGEH") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and are based on the Company's 2023 year-end estimated reserves as evaluated by GLJ in their report dated April 11, 2024, with an effective date of December 31, 2023 (the "Reserves Report"). GLJ is an independent qualified reserves evaluator as defined in NI 51-101. Additional reserves information as required under NI 51-101 will be included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1, which is expected to be filed on SEDAR+ by April 29, 2024. See "Advisory Note Regarding Oil and Gas Information" section in the "Advisories", at the end of this news release.

About the Company

Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye 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.sedarplus.ca and our website.

Contact
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.

These statements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedarplus.ca, including the most recently filed Annual Report on Form 20-F and subsequent filings for the first quarter of 2024. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedarplus.ca, and or request a copy of our reserves report effective December 31, 2023.


FAQ

How much did the total proved plus probable reserves increase by for Trillion Energy International Inc. in the recent report?

Total proved plus probable reserves increased to 55.75 Bcf of gas and 240 Mbbl oil.

What is the NPV10% of total proved reserves in the recent report for TRLEF?

The NPV10% of total proved reserves increased to US $134.3 million, up by 8% from 2022.

What did Dr. Arthur Halleran, CEO of TRLEF, highlight in regards to the company's reserves in 2023?

Dr. Arthur Halleran highlighted successful new drillings in 2023 and plans for future reserves monetization through optimization.

How much oil did Trillion produce in 2023, and what was the impact on their reserves?

Trillion produced 32 Mbbl of oil in 2023, which only reduced their reserves by 14 Mbbl as oil reserves also increased during the year through workovers.

Trillion Energy International Inc.

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Crude Petroleum and Natural Gas Extraction
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