6-K
Trillion Energy International Inc. (TRLEF)
UNITEDSTATES
SECURITIESAND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM6-K
REPORTOF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April and May, 2024
Commission File Number: 000-55539
TRILLIONENERGY INTERNATIONAL INC.
(Translation of registrant’s name into English)
Suite700, 838 West Hastings StreetVancouver, BC, V6C 0A6(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
☒ Form 20-F ☐ Form 40-F
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TRILLION ENERGY INTERNATIONAL INC. |
|---|
| /s/ Arthur Halleran |
| Arthur<br> Halleran |
| Chief<br> Executive Officer |
| July<br> 3, 2024 |
Exhibit 99.1
Exhibit99.2
TRILLIONENERGY ANNOUNCES 2023 YEAR END RESERVE REPORT
Totalproved plus probable reserves increase from 55.75 Bcf* of gas and 240 Mbbl oil with NPV10%* of US $420.5 Million
April25, 2024 - Vancouver, B.C. - 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, 2023 year-end reserve report.
Reserve Report Highlights
| ● | Net<br> present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves is<br> USD $420.5 million* net to Trillion, which represents USD $3.44 per common share*** |
|---|---|
| ● | Total<br> proved plus probable conventional natural gas reserves increased to 55.75 Bcf* up<br> from 42.5 Bcf* (2022), an increase of 31% from 2022. |
| ● | NPV10%<br> of total proved reserves increased to US $134.3* million from US$ 123.8* million (2022),<br> an increase of 8% from 2022 |
| ● | NPV10%<br> of total proved plus probable plus possible reserves is USD $712.7 million net to<br> Trillion. |
| ● | Total<br> proved plus probable oil reserves of 240 Mbbl of oil for Cendere oil field compared to 252<br> Mbbl of oil in 2022. |
*netTrillion’s 49% interest before income tax and after royalty
***basic common shares
Dr. Arthur Halleran, CEO stated:
“We have had steadily increased our reserves year over year as a result of our new drillings in 2023, and even as prices settle from 2022 highs, we have still realized a net reserves value gain. Very little of the gas from SASB has been produced to date, and we are committed to monetizing our reserves through artificial lift and tubing size optimization in the near future. For the Cendere oil property, even after producing 32 Mbbl of oil in 2023 our reserves only were reduced by 14 Mbbl oil, as our oil reserves have also increased during the year through workovers.”
ReserveReport Summary
Trillion49% 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 | % | |||||||||||||
| 2023 | 2022 | Change | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||
| Proved | |||||||||||||||||||||
| Producing | 139 | 146 | 4.8 | % | 1.3 | 2.4 | -45.8 | % | 349 | 546 | -36.0 | % | |||||||||
| Developed Non-Producing | 47 | 49 | -4.1 | % | 8.4 | 0.0 | 840.0 | % | 1,443 | 49 | 2,845.0 | % | |||||||||
| Undeveloped | 0 | 0 | - | 8.3 | 7.7 | 7.8 | % | 1,391 | 1,285 | 8.2 | % | ||||||||||
| Total Proved | 186 | 195 | -4.6 | % | 18.0 | 10.1 | 78.2 | % | 3,183 | 1,880 | 69.3 | % | |||||||||
| Total Probable | 54 | 58 | -5.5 | % | 37.8 | 32.4 | 16.7 | % | 6,349 | 5,461 | 16.3 | % | |||||||||
| Total Proved Plus Probable | 240 | 252 | -5.8 | % | 55.8 | 42.5 | 31.3 | % | 9,531 | 7,341 | 29.8 | % | |||||||||
| Total Possible | 52 | 55 | -5.4 | % | 40.8 | 31.2 | 30.8 | % | 6,859 | 5,257 | 30.5 | % | |||||||||
| Total PPP | 292 | 307 | -4.9 | % | 96.6 | 73.7 | 31 | % | 16,390 | 12,598 | 30.1 | % |
NetPresent Value of Trillion Interest, before income taxes and after royalties
| NPV - 10% | |||||
|---|---|---|---|---|---|
| Before Income Tax | |||||
| (USM) | (USM) | ||||
| Dec. 31 | Dec. 31 | % | |||
| 2023 | 2022 | Change | |||
| Proved | |||||
| Producing | -72.8 | % | |||
| Developed Non-Producing | 8,090 | % | |||
| Undeveloped | -49.1 | % | |||
| Total Proved | 8.5 | % | |||
| Total Probable | -7.0 | % | |||
| Total Proved Plus Probable | -2.5 | % | |||
| Total Possible | -2.3 | % | |||
| Total PPP | -2.5 | % |
All values are in US Dollars.
Aboutthe Reserves Evaluation
For the year ended December 31, 2023, 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 2023 year-end estimated reserves as evaluated by GLJ in their report dated April 11, 2024, with an effective date of December 31, 2023 (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, 2024. See “Advisory Note Regarding Oil and Gas Information” section in the “Advisories”, at the end of this news release.
Aboutthe Company
Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye 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.sedarplus.ca and our website.
Contact
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
CautionaryStatement Regarding Forward-Looking Statements
Thisnews release may contain certain forward-looking information and statements, including without limitation, statements pertaining to theCompany’s ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein,other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties.Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Thesestatements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficultto predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statementsas 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 profitableto do so and other factors discussed from time to time in the Company’s filings on www.sedarplus.ca, including the most recentlyfiled Annual Report on Form 20-F and subsequent filings for the first quarter of 2024. For a full summary of our oil and gas reservesinformation for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedarplus.ca, and or request a copy of our reserves reporteffective December 31, 2023.
Exhibit 99.3
Exhibit 99.4
TRILLIONENERGY COMMENCES WORK PROGRAM AT SASB GAS FIELD
May23, 2024 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this update and announce it has commenced operations program at the SASB Gas field, Turkey which will occur over a two-month period.
Operations are being conducted in several phases and involve seven or eight wells at the SASB gas field, including all six wells drilled/completed last year as well as a few older wells that historically experienced water loading issues.
Approximately 16,500 meters of velocity strings, new well heads and other tangibles have been ordered and are being received at shore base proximate to the Akcakoca port on an ongoing basis. Order delivery has been occurring over the last month and expected to continue as the work program unfolds. Service contractors have been engaged for perforations, well tractors, tubing running services; as well as marine vessels required to convey the equipment 14 kilometers offshore.
June Operations
49 meters of gas pay in four wells will be perforated commencing mid-June 2024, followed by initial velocity string installation in the AKK-3 well. Gas velocity strings, a key focus of this work program (velocity strings restrict the amount of water entering tubing to prevent water loading) are expected to improve well performance for long-term stabilize production. June operations will occur on the Akcakoca platform including Guluc-2, South Akcakoca-2, West Akcakoca-1 and Akcakoca-3 wells. This operation is estimated at 20 days’ time.
July Operations
The second set of operations commences during July and involves installation of gas velocity strings in 6 or more wells on the Akcakoca Platform and two tripods. Pump installation is anticipated in one or more older wells, which were not part of Trillion’s 2022-2023 drilling program on an as needed basis.
Private Placement
We are also pleased to announce we intend to complete a non-brokered private placement of up to 15,000,000 units of Trillion (the “Common Shares”) at a price of $0.09 per unit, for aggregate gross proceeds of up to a maximum of $1,350,000 (the “Offering”). Each unit is comprised of a share and warrant exercisable at $.18 per share for two years. There is no minimum size to the Offering. Management of the Company has committed to subscribing for at least 20% of the Offering. Trillion may pay a cash finder’s fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering.
The Common Shares are being offered pursuant to available prospectus exemptions, including sales to accredited investors. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the CSE. The securities issued will be subject to a four-month hold period from the date of the closing of the Offering.
Closing is expected to occur on or about May 28, 2024 or such other date as the Company may determine, and may be followed by additional closings until the Offering is fully subscribed.
Aboutthe Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a farmin to earn 50% interest in 3 oil exploration blocks in S.E. Turkiye. More information may be found on www.sedar.com, and our website.
Contact
Brian Park, Corporate Finance
1 403 701 3272
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
CautionaryStatement Regarding Forward-Looking Statements
Thisnews release may contain certain forward-looking information and statements, including without limitation, statements pertaining to theCompany’s ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, otherthan statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trilliondoes not undertake to update any forward-looking information except in accordance with applicable securities laws.
Thesestatements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptionsthat are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially andadversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securitiesregulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies,the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical oroperating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable todo so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filedAnnual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please referto 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, 2023.
Exhibit 99.5
TRILLION ENERGY PROVIDES UPDATE ON NON-BROKERED PRIVATE PLACEMENT
May27, 2024 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) wishes to provide an update to its previously announced non- brokered private placement of up to 15,000,000. The Company is upsizing the private place to 20,000,000 units of Trillion (the “Units”) at a price of $0.09 per Unit, for aggregate gross proceeds of up to a maximum of $1,800,000 (the “Offering”), with each Unit comprised of one common share of the Company (“Common Share”) and one share purchase warrant (“Warrant”), each Warrant exercisable at a price of $0.18 per share for a period of two years from issuance (please see the Company’s news release dated May 23, 2024 for further details). Except for the following additional disclosure, the Company plans to proceed with the Offering as previously announced.
The Warrants will include an acceleration provision whereby if the Company’s Common Shares trade at a price equal to or greater than $0.35 for a period of seven (7) consecutive trading days, Trillion may accelerate the expiry of the Warrants.
Trillion may pay a cash finder’s fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering and issue a number of broker warrants (“Broker Warrants”) that is up to 7% of the number of Units sold pursuant to the Offering. Each Broker Warrant will entitle the holder to one (1) Common Share and is exercisable at a price of $0.09 per share for a period of two (2) years from the date of issuance.
The Company previously announced that the Units are being offered pursuant to available prospectus exemptions, including sales to accredited investors. The Company will also make the Offering available to existing shareholders of the Company pursuant to British Columbia Instrument 45-534 - Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders and similar instruments, orders and rules in Canada (the “Existing Shareholder Exemption”) and certain non-accredited subscribers pursuant to British Columbia Instrument 45-536 - Exemption from prospectus requirement for certain distributions through an investment dealer and similar instruments, orders and rules in Canada (the “Investment Dealer Exemption”). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.
Pursuant to the Existing Shareholder Exemption, the Offering will be further made available to existing shareholders of the Company who, as of the close of business on May 23, 2024, held common shares of the Company (and who continue to hold such common shares as of the closing date). The Existing Shareholder Exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Shareholder Exemption exceeding the maximum amount of the Offering, the Company intends to adjust the subscriptions received on a pro rata basis.
Trillion intends to use the gross proceeds raised from the Offering in the following order: to pay the costs and cash commissions of the Offering of up to $100,000, pay semi-annual interest on outstanding debentures for $900,000, pay for investor awareness programs for approximately $250,000 and the remainder to working capital, save and accept settling certain debts of the Company for approximately
$450,000.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the CSE. The securities issued will be subject to a four-month hold period from the date of the closing of the Offering.
Closing is expected to occur on or about May 29, 2024 or such other dates as the Company may determine, and may be followed by additional closings until the Offering is fully subscribed.
Aboutthe Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a farmin to earn 50% interest in 3 oil exploration blocks in S.E. Turkiye. More information may be found on www.sedarplus.ca, and our website.
Contact
Brian Park, Corporate Finance
1 403 701 3272
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
CautionaryStatement Regarding Forward-Looking Statements
Thisnews release may contain certain forward-looking information and statements, including without limitation, statements pertaining to theclosing of the Offering, the use of proceeds, and the Company’s ability to obtain necessary approvals from the CSE. All statementsincluded herein, other than statements of historical fact, are forward-looking information and such information involves various risksand uncertainties. Trillion does not undertake to update any forward- looking information except in accordance with applicable securitieslaws.
Thesestatements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptionsthat are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially andadversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securitiesregulatory challenges, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the abilityof 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 increase and be too costly so that it is uneconomic and not profitable to do so and other factorsdiscussed from time to time in the Company’s filings on www.sedarplus.ca, including the most recently filed Annual Report on Form20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,351-101 filed on www.sedarplus.ca, and or request a copy of our reserves report effective December 31, 2023.