Vancouver, BC, April 05, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (Frankfurt: Z62) recently received a price increase for sales of natural gas from its SASB gas field to USD $17.93/mcf. The price increase is effective April 1, 2022.
During the first quarter of 2022, prices hovered in the USD $13/mcf range, thus, the increase is about 40%. In contrast, the average natural gas sale price received during 2021 was approximately USD $8.84/mcf.
The Company believes the circumstances driving increased energy prices including seasonal demand, cancellation of the Nord Stream 2 pipeline to Europe from Russia and the regional conflict in Ukraine.
Moreover, a recent study by the Organization for Economic Co-operation and Development (OECD) predicts Turkiye will have the highest GDP growth of all OECD countries over the next 10 years. The Company currently sells its production in Turkiye.
The Company’s December 31, 2021 year-end resources and reserves reports prepared by GLJ uses natural gas pricing of between USD $8-10/mcf, almost half of current prices.
Art Halleran CEO stated:
“With the continued escalation of natural gas prices in Europe & Turkiye and the world turning away from Russian sourced natural gas, we are very optimistic about having positive outcomes for our SASB natural gas drilling program scheduled for later this year.”
About the Company
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 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. The Company's NI 51-101 and other reports relating to its reserves as of December 31, 2021 and October 31, 2021 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
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain certain forward-looking information and statements, including without limitation, the Company's ability to obtain necessary approvals from the CSE. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Trillion, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; risks of availability of future capital; risks associated with operation in foreign jurisdictions; and other risks inherent in the oil and gas industry. Although Trillion has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Trillion’s disclosure documents on the SEDAR website at www.sedar.com. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
