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Insiders at Trillion Energy (CSE: TCF) face MCTO as 2025 filings lag

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Form Type
6-K

Rhea-AI Filing Summary

Trillion Energy International Inc. reports that the British Columbia Securities Commission has granted a management cease trade order (MCTO) related to its annual financial filings for the year ended December 31, 2025. The order restricts trading by certain insiders, including the CEO and CFO, but does not limit trading by other shareholders. Trillion is finalizing its annual financial statements, MD&A and related certifications and expects to file these Annual Filings on or about May 8, 2026. The delay stems from transitioning to a new independent qualified reserves evaluator and the extra time needed to complete the related reserves report, which was filed on SEDAR+ on April 30, 2026. The company states it continues to operate in the normal course, has no insolvency proceedings and is not aware of undisclosed material information.

Positive

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Negative

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Insights

MCTO reflects a filing delay tied to audit logistics, not disclosed financial distress.

The MCTO limits trading by Trillion’s senior insiders until its annual financial statements, MD&A and CEO/CFO certifications for the year ended December 31, 2025 are filed. Other shareholders can continue trading normally.

The company links the delay to a transition to a new independent qualified reserves evaluator and the time required to finish the reserves report, which was filed on SEDAR+ on April 30, 2026. Trillion states it is operating in the normal course and reports no insolvency proceedings or undisclosed material information.

While an MCTO is a formal regulatory response to late filings, the explanations provided focus on process and auditor coordination. Subsequent disclosures of the Annual Filings, expected around May 8, 2026, will give investors a fuller financial picture.

Financial year covered Year ended December 31, 2025 Period for the delayed annual financial filings
Expected filing date On or about May 8, 2026 Target date to file Annual Filings under MCTO
Reserves report filing date April 30, 2026 Date reserves report was filed on SEDAR+
Working interest to be earned 29% working interest M47 oil exploration block in Cudi-Gabar province, Türkiye
Policy cited National Policy 12-203 Framework for MCTO and alternative information guidelines
management cease trade order regulatory
"announces that the British Columbia Securities Commission has granted a management cease trade order"
A management cease trade order is a temporary restriction that prevents a company’s directors and senior officers from buying or selling the company’s securities while important, undisclosed information is being handled or examined. It matters to investors because it signals potential material developments or regulatory reviews—think of it like a temporary lock on a building while inspectors investigate; the restriction reduces insider activity and can affect share liquidity and investor confidence until the issue is resolved.
National Policy 12-203 regulatory
"granted a management cease trade order (“MCTO”) under National Policy 12-203"
independent qualified reserves evaluator technical
"transition to a new independent qualified reserves evaluator and the additional time required"
An independent qualified reserves evaluator is a third-party expert who inspects and estimates how much recoverable oil, natural gas or other extractable resource exists in a company’s fields using recognized engineering and accounting standards. Investors rely on these outside assessments like a home inspector’s report — they provide an unbiased check on a company’s production potential, valuation, borrowing capacity and future cash-flow expectations.
SEDAR+ regulatory
"The reserves report has now been completed and filed on SEDAR+ as of April 30, 2026"
SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.
working interest financial
"an agreement to earn a 29% working interest in the M47 oil exploration block"
The working interest is the percentage ownership one party holds in an oil or gas lease that gives them the right to a share of production and also the obligation to pay a proportional share of exploration, development and operating costs. Think of it like owning a slice of a cake but also agreeing to pay part of the bill to bake it: a larger working interest means bigger potential revenue when wells produce, but also larger exposure to costs and liabilities if things go wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What did Trillion Energy disclose in its May 2026 Form 6-K?
Trillion Energy disclosed that the British Columbia Securities Commission granted a management cease trade order linked to its 2025 annual filings, restricting insider trading until those filings are completed, while emphasizing that normal operations continue and no undisclosed material information or insolvency proceedings exist.

How does the MCTO affect Trillion Energy (TRLED) insiders and other shareholders?
The MCTO restricts trading in Trillion Energy securities by certain insiders, including the CEO and CFO, until the 2025 Annual Filings are made. Other shareholders can continue to trade the company’s securities without restriction under the order, so the impact is focused on management and key officers.

Why are Trillion Energy’s 2025 annual filings delayed and when are they expected?
The 2025 annual filings are delayed mainly due to a transition to a new independent qualified reserves evaluator and extra time needed for the reserves report. Trillion expects to file its annual financial statements, MD&A and certifications on or about May 8, 2026, subject to audit completion.

What assurances did Trillion Energy provide about its financial condition?
Trillion Energy stated it continues to operate its business in the normal course, confirmed there are no insolvency proceedings against the company, and said it is not aware of any material information relating to its affairs that has not already been generally disclosed to the market.

What ongoing disclosure steps will Trillion Energy (TRLED) take under National Policy 12-203?
Under National Policy 12-203, Trillion Energy intends to follow alternative information guidelines while the MCTO is in place, including issuing biweekly status updates. These updates are meant to keep investors informed until the delayed Annual Filings are completed and filed with regulators.

What is Trillion Energy’s core business focus and key project mentioned?
Trillion Energy focuses on oil and natural gas exploration and production in Türkiye. It has an agreement to earn a 29% working interest in the M47 oil exploration block in the Cudi-Gabar petroleum province of Southeastern Türkiye, reflecting its primary asset development strategy in that region.

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 1, 2026

 

Commission File Number: 000-55539

 

TRILLION ENERGY INTERNATIONAL INC.
(Translation of registrant’s name into English)

 

Suite 700, 838 West Hastings Street
Vancouver, BC, V6C 0A6
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

On May 1, 2026, Trillion Energy International Inc. issued the news release filed herewith as Exhibit 99.1, which the BCSC has granted a management cease trade order, in which Trillion Energy intends to comply with and file

 

Exhibit No.  
99.1 News Release May 1, 2026 – Trillion Announces MCTO and Expected Timing of Annual Filings

 

-2-

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

TRILLION ENERGY INTERNATIONAL INC.  
   
/s/ David Thompson  
David Thompson  
Director, Audit Committee Chair  
   
May 11, 2026  

 

-3-

 

Exhibit 99.1

 

 

Trillion Announces MCTO and Expected Timing of Annual Filings

 

May 1, 2026 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) announces that the British Columbia Securities Commission has granted a management cease trade order (“MCTO”) under National Policy 12-203 in connection with the Company’s annual financial filings for the year ended December 31, 2025.

 

The MCTO restricts trading in the Company’s securities by certain insiders, including the Chief Executive Officer and Chief Financial Officer, until the required filings have been completed. The MCTO does not affect the ability of other shareholders to trade in the Company’s securities.

 

The Company is in the final stages of completing its annual financial statements, management’s discussion and analysis, and related CEO and CFO certifications (collectively, the “Annual Filings”), and expects to file the Annual Filings on or about May 8, 2026.

 

The timing of the audit reflects a transition to a new independent qualified reserves evaluator and the additional time required to complete the associated reserves report in support of the year-end financial reporting process. The reserves report has now been completed and filed on SEDAR+ as of April 30, 2026, and the audit process is progressing toward completion. Trillion continues to work closely with its auditor, MNP LLP, and remains focused on completing the Annual Filings as soon as practicable.

 

The Company intends to comply with the alternative information guidelines set out in National Policy 12-203 during the period prior to the filing of the Annual Filings, including the issuance of biweekly status updates. Trillion confirms that it continues to operate its business in the normal course and that there are no insolvency proceedings against the Company. The Company is not aware of any material information relating to its affairs that has not been generally disclosed.

 

ABOUT TRILLION ENERGY

 

Trillion Energy International Inc. is focused on oil and natural gas exploration and production in Türkiye. The Company has an agreement to earn a 29% working interest in the M47 oil exploration block (c3 and c4 licenses) located in the Cudi-Gabar petroleum province of Southeastern Türkiye. More information may be found on www.sedarplus.ca, and on our website at www.trillionenergy.com.

 

Requests for further information should be directed to:

 

Sean Stofer, CEO

David Thompson, Chief Financial Officer

Trillion Energy International Inc.

Suite 700, 838 West Hastings Street

Vancouver, B.C., V6C 0A6

Corporate offices: 1-778-819-1585

e-mail: info@trillionenergy.com

Website: www.trillionenergy.com

 

 

Source: View Original Filing on SEC EDGAR

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