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TRILLION ENERGY ANNOUNCES 2024 YEAR-END RESERVE REPORT
Vancouver, B.C. , April 25, 2025 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide a summary and highlights of its December 31, 2024, year-end reserve report.
Reserve Report Highlights
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Net present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves is USD $363.6 million* net to Trillion, which represents USD $2.98 per common share***
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Total proved plus probable conventional natural gas reserves increased to 62.3 Bcf*, up from 55.8 Bcf* (2023), a 12% increase from 2023.
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NPV10% of total proved reserves decreased to USD $106.8* million from US$ 134.3* million (2023), a decrease of 20% from 2023.
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NPV10% of total proved plus probable plus possible reserves is USD $630.1 million net to Trillion.
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Total proved plus probable oil reserves of 247 Mbbl of oil for the Cendere oil field compared to 240 Mbbl in 2023.
*Net Trillion’s 49% interest before income tax and after royalty
*** basic common shares
Reserve Report Summary
Trillion 49% interest, before income taxes and after royalties
|
| Light and Medium |
| Conventional |
| Oil | |||||||||
|
| Crude Oil |
| Natural Gas |
| Equivalent | |||||||||
|
| (Mbbl) | (Mbbl) |
|
| (Bcf) | (Bcf) |
|
| (Mboe) | (Mboe) |
| |||
|
| Dec. 31 | Dec. 31 | % |
| Dec. 31 | Dec. 31 | % |
| Dec. 31 | Dec. 31 | % | |||
|
| 2024 | 2023 | Change |
| 2024 | 2023 | Change |
| 2024 | 2023 | Change | |||
| Total Proved | 202 | 186 | 8.6 | % |
| 19.5 | 18.0 | 8.3 | % |
| 3,454 | 3,183 | 8.5 | % |
| Total Probable | 45 | 54 | -16.7 | % |
| 42.8 | 37.8 | 13.2 | % |
| 7,182 | 6,349 | 13.1 | % |
| Total Proved Plus Probable | 247 | 240 | 2.9 | % |
| 62.3 | 55.8 | 11.6 | % |
| 10,636 | 9,531 | 11.6 | % |
| Total Possible | 41 | 52 | -21.2 | % |
| 46.3 | 40.8 | 13.5 | % |
| 7,751 | 6,859 | 13.0 | % |
| Total PPP | 288 | 292 | -1.4 | % |
| 108.6 | 96.6 | 12.4 | % |
| 18,387 | 16,390 | 12.2 | % |
Net Present Value of Trillion Interest, before income taxes and after royalties
|
| NPV - 10% | |||||
|
| Before Income Tax | |||||
|
| (US$M) | (US$M) |
| |||
|
| Dec. 31 | Dec. 31 | % | |||
|
|
| 2024 |
| 2023 | Change | |
| Total Proved | $ | 106.8 | $ | 134.3 | -20.5 | % |
| Total Probable | $ | 256.8 | $ | 286.2 | -10.3 | % |
| Total Proved Plus Probable | $ | 363.6 | $ | 420.5 | -13.5 | % |
| Total Possible | $ | 266.5 | $ | 292.2 | -8.8 | % |
| Total PPP | $ | 630.1 | $ | 712.7 | -11.6 | % |
* The decline in valuation is primarily due to lower forecast gas prices used in the 2024 GLJ evaluation compared to 2023.
About the Reserves Evaluation
For the year ended December 31, 2024, the Company's reserves were evaluated by GLJ Ltd. ("GLJ"), in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) ("COGEH") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and are based on the Company's 2024 year-end estimated reserves as evaluated by GLJ in their report dated April 4, 2025, with an effective date of December 31, 2024 (the "Reserves Report"). GLJ is an independent qualified reserves evaluator as defined in NI 51-101. Additional reserves information as required under NI 51-101 will be included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1, which is expected to be filed on SEDAR+ by April 29, 2025. See "Advisory Note Regarding Oil and Gas Information" section in the "Advisories", at the end of this news release.