Trillion Energy Reports Third Quarter Financial Highlights
Revenues Increase 60% year-over-year with Higher Commodity Prices
VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce the financial highlights of its third quarter ending September 30, 2021.
Third Quarter Financial Highlights:
Oil and Gas revenue for the nine months ended September 30, 2021 was US $2,837,024 compared to the same period in 2020 of US $1,773,073, an increase of 60%. For the three months ended September 30, 2021 revenue was US $879,207 compared to US $493,609 for the same period in 2020, an increase of 78%. The increase in revenue reflects increased commodity prices.
Net Income for the Company for the three months ended September 30, 2021 was $5,418,647 compared to a net loss of $139,613 for the same period in 2020. For the nine months ended September 30, 2021 the net loss was $2,162,312 compared to $2,403,660 for same period in 2020.
The Company’s cash position was US $1,465,568 at the end of the quarter.
As at September 30, 2021, Trillion’s net production was 172 barrels of oil equivalent per day or boe/d.
Arthur Halleran, CEO, commented: “Higher commodity prices has significantly improved our revenues and are expect to substantially increase the positive economics of the SASB gas field redevelopment expected to commence in the near future.”
About the Company
Trillion Energy is an oil and gas producing company with assets in Turkey 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.