# EDGAR Filing Document

**Accession Number:** 0001648636
**File Stem:** 0001493152-23-008967
**Filing Date:** 2023-3
**Character Count:** 42720
**Document Hash:** 370606556d114962c72824438129a2fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-008967.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001493152-23-008967

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20230324

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trillion Energy International Inc.
- **CENTRAL INDEX KEY:** 0001648636
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 474488552
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55539
- **FILM NUMBER:** 23761266

**BUSINESS ADDRESS:**
- **STREET 1:** TURAN GUNES BULVARI,PARK ORAN OFIS PLAZA
- **STREET 2:** 180-Y, DAIRE:54, KAT:16
- **CITY:** ORAN, CANKAYA, ANKARA
- **STATE:** W8
- **ZIP:** 06450
- **BUSINESS PHONE:** 1 (250) 996-421

**MAIL ADDRESS:**
- **STREET 1:** TURAN GUNES BULVARI,PARK ORAN OFIS PLAZA
- **STREET 2:** 180-Y, DAIRE:54, KAT:16
- **CITY:** ORAN, CANKAYA, ANKARA
- **STATE:** W8
- **ZIP:** 06450

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Park Place Energy Inc.
- **DATE OF NAME CHANGE:** 20150720

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**March 2023**

Commission File Number: 000-55539

**TRILLION ENERGY INTERNATIONAL INC.**

Suite 700, 838 W. Hastings Street, Vancouver, BC V6C 0A6

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

---

| | |
|:---|:---|
| **Exhibits:** |  |
| **99.1** | **[NEWS RELEASE DATED MARCH 23, 2023 – TRILLION ENERGY ANNOUNCES 2022 YEAR END RESERVE REPORT](ex99-1.htm)** |
| **99.2** | **[FORM 51-101F2 - STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION](ex99-2.htm)** |
| **99.3** | **[FORM 51-101F2 - REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR](ex99-3.htm)** |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **TRILLION ENERGY INTERNATIONAL INC.** | **TRILLION ENERGY INTERNATIONAL INC.** |
|  | (Registrant) | (Registrant) |
| Date: March 24, 2023 | By: | */s/ Ozge Karalli* |
|  |  | Ozge Karalli |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**<u>TRILLION ENERGY ANNOUNCES 2022 YEAR END RESERVE REPORT</u>**

 

*2P reserves increase from 20.1 Bcf to 48.6 Bcf\* while NPV10% \* increased to US $431.5 Million*

 

**March 23, 2023 - Vancouver, B.C. - Trillion Energy International Inc.** ("**Trillion**" or the **"Company**") (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide summary results of its third-party December 31, 2022 year-end reserve report.

<u>Reserve Report Highlights</u>

● Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to **USD $432 million** \* net to Trillion, up from USD $82 million\* (2021), a 426% YoY increase. The US $432 million NPV 10 value represents USD $1.12 per common share\*\*

● Proved and probable conventional natural gas reserves (P2) increased to **48.6 BCF** \* up from 20.1 BCF (2021), an increase of 141% YoY

● Net present value of Proved Reserves (P1 - NPV10) increased to US $123.8\* million from US$40.4\* million (2021) a 206% increase YoY

● Net present value of proved, probable and possible reserves (P3) NPV10 \* increased to **USD $731 million** net to Trillion, up from USD $137 million (2021), an increase of 433% and USD $1.90/ common share net present value\*\*

● Proved and probable oil reserves (2P) of 288,000 barrels of oil (boe) having an NPV10% of US$5.2 million relating to the Cendere oil field

● Net present value of P1 oil reserves NPV10 increased to US$4.3 Million compared to prior year of US$4.2 Million (2021)

 

*\*Trillion's 49% interest before income tax and royalty \*\*basic common shares*

Dr. Arthur Halleran, CEO stated:

"We are very pleased that our 2022 exploration and development efforts have paid off resulting in very substantial increases in reserves and values during the year. It is our plan to realize the reserves value through a development program extending throughout 2023 and beyond. We expect that our 2023 drilling program will further increase our reserves and cash flows. Our reserves values represent a substantial intrinsic value to shareholders."

![](ex99-1_001.jpg)

**<u>Reserve Report Summary</u>**

**Gross Reserves\***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Light and Medium** | **Light and Medium** | **Light and Medium** | **Conventional** | **Conventional** | **Conventional** | **Oil** | **Oil** | **Oil** |
|  | **Crude Oil** | **Crude Oil** | **Crude Oil** | **Natural Gas** | **Natural Gas** | **Natural Gas** | **Equivalent** | **Equivalent** | **Equivalent** |
|  | (Mbbl)<br>Dec. 31<br>2022 | (Mbbl)<br>Dec. 31<br>2021 |%<br>Change | (Bcf)<br>Dec. 31<br>2022 | (Bcf)<br>Dec. 31<br>2021 |%<br>Change | (Mboe)<br>Dec. 31<br>2022 | (Mboe)<br>Dec. 31<br>2021 |%<br>Change |
| Proved |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Producing | 166 | 165 | 0.6% | 2.7 | 0.0 |  | 624 | 165 | 278.2% |
| &nbsp;&nbsp;&nbsp;Developed Non-Producing | 56 | 47 | 19.1% | 0.0 | 0.0 |  | 56 | 47 | 19.1% |
| &nbsp;&nbsp;&nbsp;Undeveloped | 0 | 0 | - | 8.8 | 11.5 | -23.6% | 1468 | 1921 | -23.6% |
| **Total Proved** | **222** | **212** | **4.7%** | **11.6** | **11.5** | **0.3%** | **2149** | **2133** | **0.8%** |
| Total Probable | 66 | 74 | -10.8% | 37.1 | 8.6 | 330.4% | 6241 | 1509 | 313.6% |
| **Total Proved Plus Probable** | **288** | **286** | **0.7%** | **48.6** | **20.1** | **141.4%** | **8390** | **3642** | **130.4%** |
| Total Possible | 63 | 62 | 1.6% | 35.7 | 11.2 | 217.8% | 6008 | 1933 | 210.8% |
| **Total PPP** | **351** | **348** | **0.9%** | **84.3** | **31.4** | **168.8%** | **14398** | **5575** | **158.3%** |

---

\* Trillion 49% interest, before income taxes and royalties

**Net Present Value\***

---

| | | | |
|:---|:---|:---|:---|
|  | **NPV - 10%** | **NPV - 10%** | **NPV - 10%** |
|  | **Before Income Tax** | **Before Income Tax** | **Before Income Tax** |
|  | (US$M)<br>Dec. 31<br>2022 | (US$M)<br>Dec. 31<br>2021 |%<br>Change |
| Proved |  |  |  |
| &nbsp;&nbsp;&nbsp;Producing | $42.3 | $3.2 | 1215.0% |
| &nbsp;&nbsp;&nbsp;Developed Non-Producing | $1.1 | $1.0 | 12.5% |
| &nbsp;&nbsp;&nbsp;Undeveloped | $80.3 | $36.2 | 122.1% |
| **Total Proved** | $**123.8** | $**40.4** | **206.4%** |
| Total Probable | $307.8 | $41.7 | 638.0% |
| **Total Proved Plus Probable** | $**431.5** | $**82.1** | **425.7%** |
| Total Possible | $299.1 | $55.0 | 443.7% |
| **Total PPP** | $**730.6** | $**137.1** | **432.9%** |

---

\* Trillion 49% interest before income taxes and royalties

![](ex99-1_001.jpg)

**About the Reserves Evaluation**

For the year ended December 31, 2022, the Company's reserves were evaluated by GLJ, Ltd. ("**GLJ**"), in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) ("COGEH") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and are based on the Company's 2022 year-end estimated reserves as evaluated by GLJ in their report dated March 15, 2023, with an effective date of December 31, 2022 (the "**Reserves Report**"). GLJ is an independent qualified reserves evaluator as defined in NI 51-101. Additional reserves information as required under NI 51-101 will be included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1, which is expected to be filed on SEDAR by March 27, 2023. See "Advisory Note Regarding Oil and Gas Information" section in the "Advisories", at the end of this news release.

**About the Company**

Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye 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. More information may be found on <u>www.sedar.com</u> and our website.

**Contact**

Corporate offices: 1-778-819-1585

e-mail: <u>info@trillionenergy.com</u>

Website: <u>www.trillionenergy.com</u>

**Cautionary Statement Regarding Forward-Looking Statements** 

*This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.* 

 

*These 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 filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings for the first quarter of 2023. For a full summary of our oil and gas reserves information for Turkey, 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, 2022.*

## Exhibit 99.2

**Exhibit 99.2**

**TRILLION ENERGY INTERNATIONAL INC.**

**STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION**

**(Form 51-101F1)**

**For the Year Ended December 31, 2022**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| PART 1: | INTRODUCTION | 2 |
| PART 2: | DISCLOSURE OF RESERVES DATA | 3 |
| PART 3: | PRICING ASSUMPTIONS | 6 |
| PART 4: | RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE | 9 |
| PART 5: | ADDITIONAL INFORMATION RELATING TO RESERVES DATA | 10 |
|  | Undeveloped Reserves | 10 |
|  | Significant Factors or Uncertainties Affecting Reserve Data | 10 |
|  | Future Development Costs | 11 |
| PART 6: | OTHER OIL AND GAS INFORMATION | 11 |
|  | Oil and Gas Properties and Wells | 11 |
|  | Properties with No Attributed Reserve | 13 |
|  | Forward Contracts | 14 |
|  | Tax Horizon | 14 |
|  | Cost Incurred | 14 |
|  | Exploration and Development Activities | 15 |
|  | Production History | 17 |

---

**Part 1 – Introduction**

The effective date of the information being provided in this statement is December 31, 2022, unless otherwise indicated. The preparation date of such information is March 15, 2023.

In accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, the tables contained in this filing are a summary of the oil and natural gas reserves and the value of future net revenue of Trillion Energy International Inc. (the "Company" or "Trillion") as evaluated by GLJ Ltd. ("GLJ") effective as at December 31, 2022, based on their reports (the "GLJ Reports"). GLJ is an independent qualified reserves evaluator and auditor.

The GLJ Report dated March 15, 2023, evaluated Trillion reserves for the South Akcakoca Sub-Basin (SASB) gas field and the Cendere oil properties both located in Turkey.

It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company's reserves estimated by GLJ represent the fair market value of those reserves. The recovery and reserve estimates of the Company's oil and natural gas reserves provided are estimates only there is not guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided.

In preparing this report, GLJ relied upon certain factual information and data furnished by the Company with respect to ownership interests, oil and natural gas production, historic costs of operation and development, product prices, agreements relating to current and future operations, sales of product and other relevant data. The extent and character of all factual information and data supplied were relied upon by GLJ in preparing their report and was accepted as represented without independent verification. GLJ relied upon representations made by the Company as to the completeness and accuracy of the data provided and that no material changes in the performance of the properties has occurred nor is expected to occur, from that which was projected in this report, between the date that the data was obtained for this evaluation and the date of this report, and that no new data has come to light that may result in a material change to the evaluation of the reserves presented in this report.

The evaluation has been conducted within GLJ's understanding of petroleum legislation, taxation and other regulations that currently apply to these interests.

The evaluation reflects GLJ's informed judgement based on the Canadian Oil and Gas Evaluation Handbook Standards but is subject to generally recognized uncertainties associated with the interpretation of geological, geophysical and engineering data. The reported hydrocarbon resource volumes are estimated based on professional engineering judgement and are subject to future revisions, upward or downward, as a result of future operations or as additional information become available.

**Advisories – Future Net Revenue**

The estimates of future net revenue in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained, and material variances could result. There is no guarantee that the estimates for oil and natural gas reserves provided will be recovered. Actual oil and natural gas volumes recovered may be greater or less than the estimates provided.

**Part 2 – Disclosure of Reserve Data**

The following tables are prepared from information contained in the GLJ Report as of December 31, 2022. Some of the numbers in the tables may not add due to rounding.

![](ex99-2_001.jpg)

Notes: See definitions of "proved", "probable" and "possible" reserves on page 5 of this document.

![](ex99-2_002.jpg)

Notes: See definitions of "proved", "probable" and "possible" reserves on page 5 of this document.

![](ex99-2_003.jpg)

Notes: See definitions of "proved", "probable" and "possible" reserves on page 5 of this document.

![](ex99-2_004.jpg)

Notes: See definitions of "proved", "probable" and "possible" reserves on page 5 of this document.

Notes to Evaluation of Reserves and Future Net Revenues:

&nbsp;&nbsp;&nbsp;&nbsp;1. "Gross
 Reserves" are the Company's working interest share before deduction of royalties.
 "Net Reserves" are the Company's working interest share after deduction
 of royalty obligations.

&nbsp;&nbsp;&nbsp;&nbsp;2. "Proven"
 reserves are those reserves that can be estimated with a high degree of certainty to be recoverable.
 There is a 90% probability that the actual remaining quantities recovered will equal or exceed
 the estimated proved reserves.

&nbsp;&nbsp;&nbsp;&nbsp;3. "Probable"
 reserves are those additional reserves that are less certain to be recovered than proved
 reserves. It is equally likely that the actual remaining quantities recovered will be greater
 or less than the sum of the estimated proved plus probable reserves.

&nbsp;&nbsp;&nbsp;&nbsp;4. "Possible"
 reserves are those additional reserves that are less certain to be recovered than probable
 reserves. There is a 10% probability that the quantities actually recovered will equal or
 exceed the sum of proved plus probable plus possible reserves.

&nbsp;&nbsp;&nbsp;&nbsp;5. "Developed"
 reserves are those reserves that are expected to be recovered from existing wells and installed
 facilities or, if facilities have not been installed, that would involve a low expenditure
 to put the reserves on production.

&nbsp;&nbsp;&nbsp;&nbsp;6. "Developed
 Producing" reserves are those reserves that are expected to be recovered from completion
 intervals open at the time of the estimate. These reserves may be currently producing or,
 if shut-in, they must have previously been on production, and the date of resumption of production
 must be known with reasonable certainty.

&nbsp;&nbsp;&nbsp;&nbsp;7. "Developed
 Non-Producing" reserves are those reserves that either have not been on production,
 or have previously been on production, but are shut-in, and the date of resumption of production
 is unknown.

&nbsp;&nbsp;&nbsp;&nbsp;8. "Undeveloped"
 reserves are those reserves expected to be recovered from known accumulations where a significant
 expenditure is required to render them capable of production. They must fully meet the requirements
 of the reserve's classification (proved, probable) to which they are assigned.

**Part 3 – Pricing Assumptions**

The following table details the benchmark reference prices used in the evaluation of the properties in which the Company had reserves as at December 31, 2022, and are reflected in the reserves data disclosed above under "Part 2 – Disclosure of Reserve Data". The prices are provided by GLJ, which is an independent qualified reserves evaluator.

Table 3.2:

![](ex99-2_005.jpg)

![](ex99-2_006.jpg)

![](ex99-2_007.jpg)

**Part 4 – Reconciliation of Changes in Reserves**

The following table sets forth a reconciliation of the year over year changes in the Company's gross reserves based on the forecast price and cost assumptions.

![](ex99-2_008.jpg)

Notes: See definitions of "proved", "probable" and "possible" reserves on page 6 of this document.

**Part 5 – Additional Information Relating to Reserve Data**

**5.1 Undeveloped Reserves**

Proved and probable undeveloped reserves have been estimated in accordance with procedures and standards contained in the COGE Handbook.

![](ex99-2_009.jpg)

Table 5.1.1(a) provides a summary of the proved undeveloped reserves first attributed during the current fiscal year and the Company's total at the current year-end effective date.

Approximately 100 percent of the proved undeveloped reserves are scheduled to be developed within the next four years. An outlined of capital costs scheduled after 2022 is provide below under Item 5.3.

![](ex99-2_010.jpg)

Table 5.1.2(a) provides a summary of the probable undeveloped reserves first attributed during the current fiscal year and the Company's total at the current year-end effective data.

Approximately 100 percent of the probable undeveloped reserves are scheduled to be developed within the next four years. An outlined of capital costs scheduled after 2022 is provide below under Item 5.3.

**5.2 Significant Factors or Uncertainties Affecting Reserves Data**

The estimation of reserves requires significant judgment and decisions based on available geological, geophysical, engineering and economic data. These estimates can change substantially as additional information from ongoing development activities and production performance becomes available and as economic and political conditions impact oil and gas prices and costs change. The Company's estimates of its reserves are based on current production forecasts, prices and economic conditions. All of the Company's reserves have been evaluated by GLJ, an independent engineering firm.

As circumstances change and additional data becomes available, reserve estimated also change. Based on new information, reserves estimated are reviewed and revised, either upward or downward, as warranted. Although every reasonable effort has been made by the Company to ensure that the estimates of its reserves are accurate, revisions may arise as new information becomes available. As new geological, production and economic data is incorporated into the process of estimating reserves, the accuracy of the reserves estimate improves.

Certain information regarding the Company set forth in this report, including management's assessment of the Company's future plans and operations contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These risks include, but are not limited to: commodity prices and exchange rates; oil and gas industry related risks that could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans; risks associates with the uncertainty of reserve estimated; health and safety risk; political, social, fiscal, legal and economic risks; the effects of regulations (including environment regulation) and changes in regulatory regimes; and the uncertainty of estimates and projections of production, costs and expenses. Competition from other producers, the lack of available qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources are additional risks the Company faces in this market. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward- looking statements and accordingly, no assurance can be given that any events anticipated by the forward- looking statements will transpire or occur, and if any of them do, what benefits the Company may derive therefrom. The reader is cautioned not to place undue reliance on this forward- looking information.

The Company anticipates that any future exploration and development costs associated with it reserves will be financed initially primarily through debt and equity financing and including internally-generated cash flow.

**5.3 Future Development Costs**

![](ex99-2_011.jpg)

**Part 6 – OTHER OIL AND GAS INFORMATION**

**6.1 Oil and Gas Properties & Wells** 

**CENDERE OIL FIELD (Turkey)**

Cendere oil Field is located onshore in Turkey. Cendere has 25 wells of which 17 wells are producing. The Turkish Petroleum Corporation ("TPAO" – Turkiye Petrolleri Anonim Ortakligi) is the operator of Cendere. The Company's interest is 19.6% for all wells except for wells C-13, C-15 and C-16, for which its interest is 9.8%. The 27.5<sup>o</sup> API oil is produced from 16 wells and collected at the Cendere gathering station. From there the oil is transported to the TPAO Karakus processing facility which then is transported onwards to the BOTAS operated pipeline (State owned Petroleum Pipeline Corporation). On December 31, 2022, the Company net oil production was 105/ bopd.

The Cendere Oil Field exploitation permit consists of 1,168 hectares (net 229 hectares) and has the expiry date of July 2031.

**SASB OFFSHORE GAS FIELD (Turkey)**

South Akcakoca Sub-Basin (SASB) gas field is offshore Turkey in the Black Sea. SASB has 10 (two of them dual completed) wells of which 4 are producing. TPAO is the operator of SASB. The Company's interest is 49%.

The SASB permit area is 12,385 hectares (net 6,068 hectares) and has the first term expiry date of November 9<sup>th</sup>, 2032 which can be extended to 2042 if the field remains in production.

The SASB consists of four producing fields, each with a production gas platform which are tied into an onshore gas production facility through subsea pipelines. The 12" subsea pipeline transports the gas to the onshore Cayagzi gas plant. The gas plant at Cayagzi is capable of processing 75 MMcf gas per day. Sales gas is exported by an 18.6 kilometre long 16" onshore pipeline, which ties into the main national gas transmission network operated by BOTAS. Historically, gas has been produced at rates of as high as 30 MMcf/d and total production to date from the four fields is more than 42.1 Bcf.

As at December 31, 2022, the Company net gas production was 3.16 mmcf/day from two producing wells. Upon completion of the Guluc-2 wells and West Akcakoca wells commencing in April 2023, production is expected to increase to over 6 mmcf/day for the SASB gas field for a total of four producing wells at the SASB gas field.

The production license for SASB is covered by a modern 223 square kilometre 3D survey. There are several proved gas discoveries in SASB that have not yet been developed. There are several additional natural gas prospects defined by 3D seismic that warrant exploration.

As at the date of this filing, three additional conventional natural gas discoveries have been made as a result of our 2022 – 2023 drilling and exploration program, two of which occurred after the December 31 2022 GLJ reserve report and one during 2022.

The December 31, 2022 GLJ reserve report includes one additional discovery made through drilling (South Akcakoca well) as well as additional reserves of natural gas obtained through drilling extensions of existing non-producing gas wells which the Company plans to develop and produce in the future.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Form 51-101F1** | **TABLE 6.1.2 OIL AND GAS WELLS** | **TABLE 6.1.2 OIL AND GAS WELLS** | **TABLE 6.1.2 OIL AND GAS WELLS** | **TABLE 6.1.2 OIL AND GAS WELLS** | **TABLE 6.1.2 OIL AND GAS WELLS** |
| **Well** | **Country** | **Field** | **Gas or Oil** | **Producing or Non-Producing** | **Net** |
| Cendere 01 | Turkiye | Cendere | Oil | Non-Producing | 19.60% |
| Cendere 03 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 05 A | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 07 | Turkiye | Cendere | Oil | Non-Producing | 19.60% |
| Cendere 09 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 10 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 11 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 13 | Turkiye | Cendere | Oil | Producing | 9.80% |
| Cendere 14 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 15 | Turkiye | Cendere | Oil | Producing | 9.80% |
| Cendere 16 | Turkiye | Cendere | Oil | Producing | 9.80% |
| Cendere 17 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 19 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 22 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 23 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 24 | Turkiye | Cendere | Oil | Producing | 19.60% |
| Cendere 25 | Turkiye | Cendere | Oil | Producing | 19.60% |

---

**6.2 Properties with No Attributed Reserves**

**VRANINO 1-11 (Bulgaria)**

In October 2010, the Company was awarded an exploration permit for the "Vranino 1-11 Block", a 38,663 hectare oil and gas exploration land located onshore in Dobrudja Basin, Bulgaria, by the Bulgarian Counsel of Ministers. The Company has 100% interest in Vranino. On April 1, 2014, the Company entered into an Agreement for Crude Oil and Natural Gas Prospecting and Exploration in the Vranino 1-11 Block with the Ministry of Economy and Energy of Bulgaria (the "License Agreement"). The initial term of the License Agreement is five years. This five-year period will commence once the Bulgarian regulatory authorities approve the Company's work program for the permit area. The License Agreement provides for possible extension periods for up to five additional years during the exploration phase, as well as the conversion of the License Agreement to an exploitation concession, which can last for up to 35 years. Under the License Agreement, the Company is to submit yearly work program that is subject to the approval of the Bulgarian regulatory authorities.

The Company's commitment is to perform geological and geophysical exploration activities in the first 3 years of the initial term, followed by drilling activities in years 4 and 5 of the initial term. The Company is required to drill 10,000 metres of new wellbore (which may be vertical, horizontal or diagonal) and conduct other exploration activities during the initial term.

Pursuant to the License Agreement, the Company is obligated to incur minimum costs during the initial term as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) $925,000
 US for the Exploration and Geophysical Work Stage, and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) $3,675,000
 US for the Data Evaluation and Drilling Stage.

In addition, during the term of the License Agreement, the Company is obligated to pay an annual land rental fee of 15,897 BGN (US $8,584 based on the exchange rate of 0.54 Lev to Dollar). The Company is permitted to commence limited production during the initial term of the License Agreement. Upon confirmation of a commercial discovery, the Company is entitled to convert the productive area of the license to an exploitation concession that may last for up to 35 years provided that the minimum work commitments are satisfied.

Before the license for the Bulgarian project is "effective", the Company's overall work program and first year annual work program must be approved by both the Bulgarian environmental ministry and the energy ministry. On August 26, 2014 the Bulgarian environmental agency approved the Company's overall work program and first year annual work program. A number of parties appealed the decision of the environmental agency and an appeal proceeding was commenced before a three-judge administrative panel. The three-judge panel issued a decision on February 3, 2017 in which it was ruled that the environmental agency had failed to follow its own regulations in approving the Company's work programs.

At present the Company has no current plans to commence exploration and is seeking avenues to exit the VRANINO 1-11 block through a disposition or obtaining a working interest farm-in partner.

**6.2.1 Significant Factors or Uncertainties Relevant to Properties with No Attributed Reserves**

The Company has land holdings with no attributed reserves for future exploration and development that are pending the geoscience and engineering analysis to identify and evaluate future prospects. These exploration and development activities are pending in part on government approval and the availability of future capital.

**6.3 Forward Contracts**

The Company has no forward contracts.

**6.5 Tax Horizon**

Based on after tax economic forecasts prepared by GLJ, income taxes are payable in 2023 for both the proved plus probable reserves category. After tax revenue projections are provided in the After-Tax Analysis section of this report.

**6.6 Costs Incurred**

(a) Property acquisition costs

There were no property acquisition costs in 2022

(b) Exploration Costs

No exploration costs were incurred for the Cendere oil field.

Exploration costs incurred during 2022 at the SASB gas field include the South Akcakoca well, which was completed during November 2022 at a cost of USD $7 million net to the Company. The West Akcakoca well, was in progress at the end of the year and completed during March 2023 resulting in a discovery incurred approximately USD $2 million in cost net to Company during 2022. The total cost of exploration activities was approximately USD $9 million for the South Akcakoca and West Akcakoca wells until December 31, 2022.

Between the effective date of the GLJ December 31 year end reserve report and the effective date of this report, the Company has incurred additional exploration costs through the drilling of Guluc-2 well and completion of the Akcakoca West well, both of which resulted in significant discoveries. Each well cost approximately USD $7 million net to Company for a total of USD $14 million.

(c) Development Costs

It is currently the Company's policy to develop and produce wells as discoveries are made. Development costs have been minimal because exploration wells drilled during 2022 and until the effective date of this report have been drilled from existing offshore platforms and are tied into existing pipelines and gas plant. Thus, no or nominal costs in addition to the exploration costs for the Akcakoca South, West Akcakoca, and Guluc-2 or were incurred to develop the wells or for production to commence.

During the fall of 2022, the Akcakoca-3 well was re-entered and perforated from an existing platform costing approximately US $2 million net to Company

**6.7 Exploration and Development Activities**

Exploration or Development Activities occurred in 2022.

During 2022 the Company commenced a multi well drilling program at the SASB gas field using the Uranus drilling rig. Drilling activities were conducted at the Akcakoca offshore platform exclusively, commencing with the South Akcakoca well, followed by recompletion of the Akcakoca-3 well and then the West Akcakoca exploration well commencement.

After the effective date of the December 31 2022 GLJ reserve report, and prior to the effective date of this report, during 2023, West Akcakoca well and Guluc wells were completed resulting in discoveries of commercial natural gas reserves.

During the fall of 2022 the Akcakoca-3 well was re-entered and perforated from an existing platform resulting in conventional natural gas production recommencing.

**Future activities** 

During 2023 and prior to the effective date of this report, the Company completed two additional exploration wells, the Akcakoca West well and Guluc Wells off of the Akcakoca offshore platform. Both wells are entering production in or around the date of the filing of this report.

After completion of drilling activities on the Akcakoca platform at the SASB gas field, the drilling rig will be moved to the three other platforms at the SASB gas field for drilling of additional wells, lengthening of wells through sidetrack operations and recompletions.

The Company plans a total of 8 well operations during 2023 at the SASB gas field, which are a mix of development wells targeting reserves and exploration wells targeting near field prospects. All well operations will occur proximate to the existing drilling platforms, such that upon completion the wells will be able to enter production immediately.

Several long reach directional wells drilled from platforms will be used to target previously discovered gas pools to produce. An additional activity will be recompletion and lengthening of existing production wells using sidetrack drilling operations to produce reserves. Exploration wells planned will only produce gas if and when a discovery occurs. To date, three out of three exploration wells on the SASB gas field have resulted in successful discoveries and production.

**6.8 Production Estimates**

![](ex99-2_012.jpg)

**6.9 Production History**

Cendere Oil Field

![](ex99-2_013.jpg)

SASB Gas Field

![](ex99-2_014.jpg)

**SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENT**

Certain statements contained in this Statement of Reserves constitute forward-looking statements under applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "predict", "project", "should", "target", "will", or similar words suggesting future outcomes or language suggesting an outlook> Statements relating to "reserves" or "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves and resources described can be profitable produced in the future. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Management believes that expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking statements and information in this Statement of Reserves include, but are not limited to, statements with respect to:

● drilling plans and timing of drilling and testing of wells;

● productive capacity of wells, anticipated or expected production rates and anticipated dates of commencement of production;

● drilling, completion and facilities costs;

● results of various projects of the Company;

● timing of development of undeveloped reserves

● transportation arrangements and markets for oil and/or gas produced from the Company's properties;

● the performance and characteristics of the Company's oil and natural gas properties;

● the quantity of oil and natural gas reserves and resources;

● capital expenditure programs;

● supply and demand for oil and natural gas and commodity prices;

● expected levels of royalty rates, operating costs, general administrative costs, costs of services and other costs and expenses;

● treatment under governmental regulatory regimes and tax laws; and

Although the Company believes that the assumptions and expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such assumptions and expectations will prove to be correct. The Company cannot guarantee future results, levels of activity, performance or achievements. Consequently, there is no representation by the Company that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements and information. The factors or assumptions of which the forward-looking information is based include:

● the Company's projected capital investment levels;

● the flexibility of capital spending plans and the associated source(s) of funding;

● the expertise of management of the Company in contributing to increased production volumes and the success and revenues of the Company; and

● estimates of quantities of oil and natural gas from properties and other sources not currently classified as proved reserves.

Some of the risks and other factors, some of which are beyond the Company's control, which could cause results to differ materially from those expressed in the forward-looking statements and information contained in this Statement of Reserves include, but are not limited to:

● competition within the oil and natural gas industry for, among other things, capital, and skilled personnel;

● environmental risks and hazards associated with the oil and gas industry;

● adverse weather conditions in areas where the Company conducts operations;

● variations in foreign exchange rates and interest rates;

● the availability of certain equipment and services and the Company's access to such equipment and services;

● political, social, fiscal, legal and economic risks in the countries in which the Company operates;

● the early stage of some of the Company's operations;

● risks associated with the exploration, development and production of the Company's interests, including geological, technical, drilling and processing problems and other difficulties in producing reserves and failure to realize anticipated benefits of exploration activities;

● the effects of regulations (including environmental regulation) and changes in regulatory regimes in the countries in which the Company operates;

● the risks and effects of sanctions of the U.S. government on the Company's interests in Turkey;

● risks associated with the Company's reliance on its third party operators;

● uncertainties regarding the interpretation and application of foreign laws and regulations; and

Readers are cautioned that the foregoing lists are not exhaustive. The factors and risks set out in these lists are difficult to predict and the assumptions used in the development of the forward-looking information contained herein, although considered reasonably accurate at the time of development, may prove to be incorrect or incomplete. Furthermore, the forward-looking statements contained in this Statement of Reserves are made as of the date hereof, and the Company undertakes no obligation, except as required by applicable securities laws, to update publicly or to revise any of the included forward-looking statements, whether as result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

**Abbreviations**

The Abbreviations set forth below have the following meanings:

![](ex99-2_015.jpg)

**Use of Equivalence**

Equivalencies, whether barrel of oil equivalent (boe) or Thousand Cubic Feet equivalent on the basis that 1 barrel of oil is equivalent to 6 Mcf of natural gas may be misleading, particularly if used in isolation. A conversion ratio of 1 barrel of oil for 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Currencies

Unless otherwise indicated, references to "dollars" or "$", whether as a stand along quantity or per unit basis (for example per $/bbl, $/Mcf, etc.) are to U.S. dollars.

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

![](ex99-3_002.jpg)