Vancouver, BC, Feb. 25, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is providing an update on its SASB natural gas project located in the Southwestern Black Sea in Turkiye’s territorial waters, in light of the recent invasion of the Ukraine and halt of the Nord Stream pipeline. We do not expect to incur any adverse impact from the conflict currently and plan to proceed with our development on schedule.
Europe imports about 40% of its Natural Gas from Russia. On February 22, 2022 Germany announced it halted certification of the Russian Nord Stream II natural gas pipeline to Europe. The Nord Stream 2 was expected to be a key conduit for natural gas to Europe from Russia. Turkiye also imports about 50% of its natural gas from Russia. We believe the Russian actions against Ukraine manifest a significant natural gas supply risk to Europe and Turkiye. Our SASB gas field development plan will help mitigate natural gas supply risk to our region.
As well, numerous sources have predicted further increases in oil & natural gas prices because of renewed uncertainty of supply coming from Russia given its invasion of Ukraine.
Our CEO Art Halleran plans to visit Turkiye and Romania during March 2022 to address the planned work program with our relevant partners and suppliers to ensure the project moves along swiftly.
US Trading Symbol Update
The Company is expected to recommence trading today on the OTCQB under the symbol TCFFF in the USA markets.
Trillion Energy International Inc. is an oil and gas producing company with multiple assets throughout Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first major natural gas development projects; a 19.6% (except three wells with 9.8%) ownership interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
The Company’s NI 51-101 and other reports relating to its reserves as of December 31, 2020 and prospective resources may be found on www.sedar.com as well as the Company’s website. GLJ has assessed 2P reserves of approximately 41 BCF for 100% interest in the SASB gas field, where the Company’s net interest is 49% of same.
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 and other information about this news release and the Company reserves
The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgement. While resources estimate presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoirs performance subsequent to the date of the estimate may justify revision, either upward or downward.
Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the resources evaluated herein.
This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such 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 Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a full summary of our oil and gas reserves information, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective October 31, 2021 and or Prospective Resource report dated October 31, 2021.
