- Oil and gas revenues increased to US$1,957,817, a 53 per cent increase compared to the same six-month period in 2020
- In early July, the company triggered a warrant acceleration
- 19,024,247 share purchase warrants were exercised, for total proceeds of $2,282,910
- The company is confident that it will close financing for the SASB redevelopment during its next fiscal quarter
- Trillion Energy is an oil and gas producing company with assets throughout Turkey and Bulgaria
- Trillion Energy International Inc. (TCF) is down 4.88 per cent, trading at C$0.195 per share at 1:20 pm ET
Trillion Energy (TCF) is pleased to share highlights of its financial results for the six months ending June 30, 2021.
Oil and gas revenues increased to US$1,957,817, a 53 per cent increase compared to the same six-month period in 2020. The increase was primarily due to increases in the sale price for oil and gas. Global oil prices have increased from Covid levels of around $30/bbl a year ago, to over $70/bbl during this period. Modest production increases also contributed to increasing revenues.
Revenues are expected to continue to increase due to escalating natural gas prices. Rising natural gas prices will benefit the company as it is set to ramp up production at the SASB natural gas field commencing early 2021 through additional natural gas wells being brought into production through drilling efforts.
Annual General Meeting (AGM) results
Shareholders have voted to re-elect Arthur Halleran, Barry Wood, Kubilay Yildirim, David Thompson as directors of the Company for the ensuing year.
Shareholders also approved the re-appointment of Harborside, Chartered Professional Accountants, as the company’s auditor for the ensuing year. The shareholders approved an amendment to the company certificate to increase the number of authorized shares of common stock from 250,000,000 to 400,000,000.
Proceeds of warrant acceleration
In early July, the company triggered a warrant acceleration provision in share subscription agreements entered into in calendar 2020, where all outstanding common stock purchase warrants issued during the 2020 calendar year were required to be exercised on or before August 6, 2021. In total 19,024,247 share purchase warrants were exercised, for total proceeds of $2,282,910. Insiders purchased a total of 2,860,000 shares through warrant exercises.
SASB development financing
Trillion continues its ongoing efforts in relation to financing the SASB Gas field expansion plans. The company is confident that it will close financing for the SASB redevelopment during its next fiscal quarter. A variety of delays have occurred to date, including an AGM to increase share capital, cross-border prospectus issues and Covid 19 back-log now being experienced at the regional government offices in Turkey. The company expects further news on the financing in early September 2021.
Trillion Energy is an oil and gas producing company with assets throughout Turkey and Bulgaria. The company is a 49 per cent owner of the SASB natural gas field, one of the Black Sea’s first and largest-scale natural gas development projects.
Trillion Energy International Inc. (TCF) is down 4.88 per cent, trading at C$0.195 per share at 1:20 pm ET.