Black Sea Asset Drives Significant Gas Revenue Growth as Company Prepares for Velocity String Installation

Vancouver, B.C., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for oil and gas fields, highlighting robust performance and strategic developments.

During the month of August, the 100% gas production from SASB was about 133.13 MMcf giving a gross total of US$1,456,400 and a Trillion 49% value of US$713,640 with a realized Natural Gas price of about US$10.94. Trillion’s gross oil revenue from Cendere is US$342,700. Trillion’s total gross production revenue for August is US$1,056,340.

The gas revenue from SASB is 95% from Guluc-2 and South Akcakoca-2, both stabilized and 5% from West Akcakoca-1 which has not stabilized and produces intermittently. SASB’s total average production for August was 4.6 MMcf/d. Akcakoca-3 well head pressure (WHP) has continued to increase to a current 583 psi compared to the initial WHP of 100 psi and early this week the well will be opened for a flow test.

Trillion Energy’s August performance underscores the company’s growing position in the European energy market. With the SASB gas field contributing significantly to revenue, Trillion is poised for future growth as it explores production optimization techniques. The potential installation of velocity string in the wells is expected to substantially increase gas production, mirroring the success of legacy wells that averaged 4.2 Bcf per well using 2 3/8” production tubing.

Trillion Energy is positioned to significantly enhance production through the installation of 2 3/8” velocity strings (VS), replacing the current 4 ?“tubing. This upgrade is expected to substantially increase gas flow rates. Everything is ready for changing out the production tubing from 4 ?” to 2 3/8” diameter tubing, velocity string installation (VS). To install the VS the wells have to be killed, but with the wells producing gas at these high daily rates killing the well is undesirable therefore the feasibility of installing the VS in a flowing well is being evaluated.

CEO Arthur Halleran stated:

“Trillion’s August gross revenue of US$1.46 Million illustrates the future potential of increasing the monthly revenue once we have more than just two gas wells producing. The VS (2 3/8” production tubing) installation in all 6 wells will substantially increase the gas production at SASB. The 10 legacy wells at SASB between 2007 and 2021 produced a total of 42.19 Bcf of gas utilizing 2 3/8” production tubing, about 4.2 Bcf/well. We can expect the same with our wells once we put in the 2 3/8”. Even with the 4 ?” production tubing we have produced 2.71 Bcf of gas from our 2022/23 wells. Our gas price is US$10.94/mcf whereas the Henry Hub Gas spot price is US$1.91.”