Vancouver, BC, April 29, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on the 98,000-acre Vranino 1-11 natural gas exploration license block in the Dobrudja basin, Bulgaria (the “License”) and changes in the energy environment in Bulgaria.
Russia’s Gazprom cut off the natural gas supply to Bulgaria, citing the countries’ refusal to pay in Russian roubles, prompting accusations of “blackmail” and emergency talks at the EU. Bulgaria has historically imported 90% of its natural gas from Russia.
In early April 2022, natural gas prices in Bulgaria reached highs of CAN$28/mcf (US$22.35/mcf). This was before its natural gas supply was cut off.
Trillion Energy had engaged a third-party engineering firm, Netherland Sewell & Associates, Inc. to estimate the un-risked gross (100%) prospective resource1 (the “Netherland Report”) on its Bulgarian Vranino 1-11 License. The Netherland Report estimates:
Undiscovered Original Gas in Place -Billion Cubic feet (Bcf)
| Prospective Formations | Low Estimate | Best Estimate | High Estimate |
| Macedonka | 220.0 | 520.8 | 702.1 |
| Mogilishte | 214.6 | 624.7 | 1,082.0 |
| TOTAL | 434.6 | 1,145.5 | 1,784.1 |
Unrisked Gross (100%) Prospective Gas Resources (Bcf)
| Prospective Formations | Low Estimate | Best Estimate | High Estimate |
| Macedonka | 66.0 | 260.4 | 491.5 |
| Mogilishte | 64.4 | 31204 | 757.4 |
| TOTAL | 130.4 | 572.8 | 1,248.9 |
In April 2022 the Company recently held meetings with its Bulgarian representatives regarding completion of the pre-license environmental reports necessary to commence work on the License. The Companies exploration program is to drill five new wells. Recent increases in natural gas prices have improved the project economics and prompted the Company to now focus on this project also, as its SASB gas field development is well underway with drilling to commence in July 2022.
Dr. Art Halleran, CEO stated:
“Now more than ever Bulgaria, like most of Europe, urgently needs domestic supply of natural gas for its energy security and survival. The Vranino 1-11 project has significant natural gas potential to supply domestic gas to Bulgaria.”
About the Company
Trillion Energy is an oil and gas producing company with multiple assets throughout Turkey 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.sedar.com, and our website.
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 for Turkey, 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 December 31, 2021 and or Prospective Resource report effective October 31, 2021. A copy of the Netherland Sewell & Associates, Inc report on Vranino 1-11 is available upon request.
1 Netherland Sewell & Associates, Inc. Prospective Resources Report Dec. 9, 2014 with effective date of Sept. 30, 2014. The Report has been prepared in accordance with resource definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. The resources definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101). Prospective resources are those quantities of gas which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects.
