Trillion Energy International Inc reported its 3Q financial results showing the oil and gas firm swung to a profit of US$5.4 million from its oil and gas assets in Turkey and Bulgaria.
The figure is a sharp contrast to the comparable year-ago quarter when it recorded a net loss of $140,000.
The company boosted its revenue to US$879,000 during the three-month period to end September 2021 thanks to higher commodity prices, an increase of 78% compared to the same period last year, when it reported just under US$494,000.
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Trillion said it is producing 172 barrels of oil equivalent per day from its assets in Turkey and Bulgaria.
Year-to-date, Trillion has recorded over US$2.8 million in revenue, a jump over the $1.8 million it reported at the same nine-month mark in 2020.
“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,” CEO Arthur Halleran said in a statement.
Vancouver-based Trillion owns 49% 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.
The company ended the quarter with nearly US$1.5 million in cash.
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