Trillion Energy International massively increases petroleum reserves from its European oil and gas assets

Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF), the Eastern Europe-focused oil and gas producer, revealed an exponential increase in its overall petroleum reserves. According to a report prepared by GLJ Petroleum Consultants, Trillion’s P3 (Proven and Probable and Possible) reserves grew from 342,000 barrels of oil equivalent (BOE) to 4.9 million BOE, a 1,433% increase. The massive increase is thanks to Trillion’s producing SASB gas field in Turkey, one of the Black Sea’s largest natural gas projects having produced over 41 billion cubic feet (BCF) of natural gas to date. READ: Trillion Energy International forecasting recovery of nearly 5.8 billion cubic feet of gas from SASB operation in Turkey The P3 reserve increase translates into a net present value of nearly US$133 million using gas contract pricing of between US$6/MCF (1,000 cubic feet) and $7.80/MCF. Trillion CEO Arthur Halleran told shareholders that the company is “extremely encouraged” by the results of the GLJ report, particularly the increase in reserves for the SASB project. “Each category of petroleum reserves increased substantially, building value to investors in our company,” Halleran said in a statement. “We are actively developing a work program to allow us to monetize the substantial value of our reserves for our shareholders.”  The new figure includes the addition of 27.5 BCF of natural gas. GLJ also put the P2 (proven and probable) reserves at just over 3.2 million BOE, a 1,128% increase from 284,000 BOE and a US$79.5 million value, and P1 (proven) reserves at 1.7 million BOE for a US$39 million value. Vancouver-based Trillion owns a number of strategic oil and gas assets in Turkey and Bulgaria. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas