TCF.C -- Petroleum Reserves Increased by 1,992%TCF.C should be re-priced here on today's news. That is a massive increase in reserves!
Trillion Energy Announces Substantial Petroleum Reserve Increase
3P Reserves increased by 1,992% to $180 million CAD (US$132.8 m)
VANCOUVER, British Columbia and ANKARA, Turkey, June 23, 2020 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to provide the following announcement relating to the results of an independent petroleum reserve evaluation (the “Reserve Report”) prepared by GLJ Petroleum Consultants (“GLJ”).
The Reserve Report highlights a substantial increase in Trillion’s P3 Proven and Probable and Possible reserves from 342,000 BOE to 4,901,000 BOE, a 1,433% increase that includes the addition of 27.5 Billion Cubic Feet “BCF” of natural gas. This P3 reserve increase translates into a value of USD $132.8 Million or CAD $180 Million, through favorable gas contract pricing between US $6/MCF and US $7.80/MCF - a substantial premium to European and North American markets.
President & CEO, Dr. Arthur Halleran comments: “We are extremely encouraged by the results of this independent Reserve Report and in particular, the increase in reserves for the SASB project. Each category of petroleum reserves increased substantially, building value to investors in our company. We are actively developing a work program to allow us to monetize the substantial value of our reserves for our shareholders”
GLJ Reserve Report Highlights:
P3 Proven and Probable and Possible reserves increased from 342,000 BOE (2018) to 4,901,000 BOE (2019; includes add of 27.5 BCF of gas) a 1,433% increase,
° P3 NPV10% valuation increased from US $6.9 Million to US $132.8 Million (1,992% increase)
° Translates to US $1.29/common share*
P2 Proven and Probable reserves increased from 284,000 BOE (2018) to 3,205,000 BOE (2019; includes addition of 17.66 BCF of gas) a 1,128% increase.
° P2 NPV10% valuation increased from US $6.04 Million to US$79.5 Million (1,316% increase)
° Translates to US $.77/common share*
P1 Proves gas reserves increased from 223,000 BOE (2018) to 1,683,000 BOE (2019; includes add of 7.56 BCF of gas) a 755% increase,
° A NPV10% valuation* increased from US $4.97 million to US $38.86 Million (781% increase)
° Translates to US $.38/common share*
(*NPV 10 Valuation is the discounted value of the reserves after all capital development, operating, costs, and royalties before taxes, discounted to present day dollars)
The year over year reserves increases are attributable to Trillion’s producing South Ackajoca Sub- Basin or (“SASB”) gas field, one of the Black Sea’s first and largest natural gas production and development projects, which has USD $608 million invested to date and produced over 41 Billion Cubic Feet “BCF” of natural gas. Gas produced at SASB is sold at favorable prices between US $6/MCF and US $7.80/MCF - a substantial premium to European and North American markets.
