Trillion Energy Announces 2020 Year End Reserve Report

Editor's note (October 2026): this is a historical Trillion Energy International Inc. release. It speaks only as of its date and is not current information about the Company. Estimated values of future net revenue do not represent fair market value. Older releases sometimes used “gross” for 100% field or licence volumes; under NI 51-101, gross means the Company’s working-interest share before royalties. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by the application of future development projects. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. Totals that combined reserves with resources, which NI 51-101 does not permit, have been removed from this web copy, which therefore differs from the version filed on SEDAR+. Management's adjustments to the evaluator's estimates (former section 2) have also been removed, as they were not prepared by a qualified reserves evaluator.

The SASB gas field potential shines in recent reserve and resources assessments

March 18, 2021 – Vancouver, BC and Ankara, Turkey – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce the results of its December 31, 2020 year end reserve report (the “Reserve Report”) prepared by GLJ Consultants (“GLJ”), an independent third-party consulting firm, as well as management’s discussion of same.

In completing the Reserve Report (1) (2), GLJ assessed the oil reserves on the Cendere oil field as well as four developed, unproduced gas pools on the SASB gas fields, Black Sea. The Reserve Report does not include any assessment of risked development prospects contiguous to the reserves. 10 of 23 prospects on the SASB gas fields were previously assessed by GLJ in its report released June 30, 2020 (the “Prospects Report” (1) (2)).

1) Summary of GLJ’s assessments of the SASB Gas fields in the Reserve Report and Prospects Report

ItemClassBcf(1)NPV10% $US Million(2)ClassBcf(1)NPV10% $US Million(2)

Discovered non- producing (1) (2)2P20.2$56.8 m3P31.4$101.3 m

Development prospects, risked (3)Medium estimate23$83.0 mHigh Estimate36.4

$141.9 m

2) Further assessments to identify potential reserves and prospects to occur during 2021 on SASB

The Company intends to assess the 13 unassessed gas prospects during the initial redevelopment of SASB, which will add additional gas reserves and resources. These 13 unassessed gas prospects are comprised of stratigraphic channels, thin bed gas layers in the existing fields. Trillion has exceptionally good quality 3D seismic over the existing production license and plans to reprocess the seismic with more modern methods and remap the block, will is expected to take 6 months. This new seismic work will de-risk the known exploration prospects and bring them to being drill ready. The new seismic work and mapping will also allow the initial investigation of stratigraphically deeper gas potential.

3) Cendere Reserves

GLJ assessed the Company’s’ interest in the Cendere oil field as P2 reserves(1) of 303 Mbbls and P3 reserves of 370 Mbbl, all having a NPV10(2) for P2 reserves of US$3.9 million and P3 of US$4.9 million.

Footnotes:

• The Reserves Report and Prospects Report have been prepared in accordance with resource definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. The resources definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101).

• (*NPV 10 Valuation is the discounted value of the reserves after all capital development, operating, costs, and royalties before taxes, discounted to present day dollars)

• Prospective resources have both an associated chance of discovery and a chance of development to derive a final chance of commerciality. GLJ has assigned a 90% chance of development for all six prospects and a chance of discovery ranging from 50% to 90% resulting in a range of chance of commerciality from 45% to 81%.

About the Company

Trillion Energy is an oil and gas producing company with multiple assets throughout 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; a 100% interest in 42,833 hectares oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.

For further information, please see our website: www.trillionenergy.com or email us: info@trillionenergy.com The Company’s NI 51-101 and other reports relating to its reserves as of December 31, 2020 and prospective resources may be found on www.edgar.com www.sedar.com, www.thecse.com, as well as the Company’s website. Investors may request full copies of GLJ’s reports from the Company.

Contact

Art Halleran: 1-250-996-4211

Corporate offices: 1-778-819-1585

e-mail: info@trillionenergy.com

Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements and other information about this news release and the Company reserves

The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgement. While resources estimate presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoirs performance subsequent to the date of the estimate may justify revision, either upward or downward.

Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the resources evaluated herein.

This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such statements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as 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 profitable to do so and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a full summary of our oil and gas reserves information, please refer to 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, 2020 and or Prospective Resource report dated July 31, 2020.