Trillion Energy International Inc.

Trillion restructured the payment schedule on the farm-in it had signed only six months earlier to earn 29% of the M47 oil block in south-eastern Türkiye, buying room to spread its earn-in commitments into 2027 after advancing US$300,000. Renegotiating an earn-in that soon after signing says more about cash than about the block.

farm in farm out agreement

Trillion held its SASB gas field guidance at 7,547 mcf/d net for 2024 but pushed the six-well programme back three months, waiting on pumps and remanufactured wellheads to deal with water loading in the wells. A December engineering study had told it what to install; the equipment simply was not there yet.

production update

Warrant holders exercised roughly CAD$2.4 million of warrants at $0.12, including about CAD$343,000 by two company officers - a meaningful cash infusion with insiders buying alongside outside investors.

capital raising announcement

The company, now renamed Trillion Energy International, changed auditors from Whitley Penn to Buckley Dodds; Whitley Penn's prior reports had flagged substantial doubt about the company's ability to continue as a going concern.

auditor change

Park Place bought an additional 12.25% interest in the South Akcakoca Sub Basin (SASB) gas field in the Black Sea, bringing its stake to 49%, and outlined plans for workovers and new drilling to grow production there.

asset acquisition disposition

The Tiway acquisition closed: Park Place completed its $2.1 million purchase of three Turkish oil and gas producers, funded by the short-term loans and a new $1 million private placement, about 13 months after the deal was first agreed.

asset acquisition disposition

Park Place took on roughly $1.1 million in short-term, 10%-interest loans - including up to $580,000 from Parvez Tyab Family Trust, a holder of about 13.6% of its stock - to fund the closing of the Tiway acquisition.

capital raising announcement

Turkish regulators gave final approval for the Tiway acquisition, nearly a year after it was agreed; the assets were already producing about 300 barrels of oil equivalent per day (two-thirds gas). Park Place was still raising the cash to close, and separately awaiting a court ruling on its stalled Bulgaria coal-bed-methane license.

material agreement

Park Place Energy agreed to buy three Turkish oil and gas subsidiaries from Tiway Oil B.V., a Dutch company in bankruptcy, for $2.1 million - its entry into Turkey, the country that became the company's core asset base. Closing depended on Turkish regulatory approval, expected by early 2016.

material agreement