Recent developments include the company's strategic pivot to the M47 Oil Block with a farm-in agreement, sale of prior assets, financial restructuring, and advancement of earn-in payments.

• In January 2026, Trillion Energy entered a farm-in agreement to earn a 29% interest in the M47 Oil Block in Turkey, committing to fund approximately US$15 million in exploration and development over two years [S1].
• In April 2026, the company sold its subsidiary Park Place Energy Turkey, which held interests in the SASB natural gas project and the Cendere oil field, retaining a 7% gross overriding royalty on future production revenues [S1].
• The SASB gas field experienced production decline due to water-loading issues, leading to the strategic pivot to the M47 Oil Block [S1].
• The company completed drilling two wells in the M47 block in 2025, with oil discoveries and an independent resource report prepared as of December 31, 2025 [S1].
• In April 2026, the company consolidated its share capital on a 5:1 basis [S1].
• In May 2026, Trillion Energy advanced an earn-in payment of US$250,000 towards its obligations and announced attendance at the Emerging Growth Conference [S2].
• The company restructured convertible debentures with maturity extensions and share issuances to settle interest and debt during 2025 [S1].

The company has secured a farm-in agreement to earn a 29% interest in a large oil block in Turkey with recent oil discoveries and independent resource evaluations supporting potential value. The strategic pivot away from underperforming assets to focus on this block, combined with planned seismic and drilling programs, could enhance resource delineation and commercial viability. The retention of a royalty interest in sold assets provides ongoing revenue potential. Financial restructuring efforts may improve balance sheet flexibility to support exploration activities.

Operational challenges in the SASB gas field, including water-loading issues, led to production declines and the sale of related assets, indicating risks in asset performance. The company's pivot to the M47 Oil Block requires significant capital commitments, with funding contingent on successful equity financing. Exploration activities carry inherent geological and commercial risks, and the company's financial position shows net losses and modest liquidity ratios. Failure to meet funding obligations or to confirm commerciality of resources could adversely impact the company's prospects.

Trillion Energy's moat is centered on its strategic land position in the M47 Oil Block in Turkey, where it holds a farm-in agreement to earn a significant working interest. The company's early-stage exploration success, including oil discoveries and independent resource assessments, provides a foundation for potential development. However, the company's recent divestiture of prior producing assets and operational challenges in the SASB gas field indicate a transitional phase. The company's ability to meet funding commitments and execute exploration programs will be critical to maintaining and expanding its resource base.

• Exploration and Development Risk: The company's focus on the M47 Oil Block involves exploration activities with inherent geological uncertainties and the need to confirm commercial viability.
• Funding and Liquidity Risk: Significant capital commitments are required to meet farm-in obligations, with contingent financing conditions and modest liquidity ratios as of the latest reporting.
• Operational Risk: Past operational issues in the SASB gas field, including water-loading, highlight risks in production performance and asset management.
• Market and Commodity Price Risk: The company's financial performance is sensitive to fluctuations in oil and gas prices, which can impact revenue and project economics.

• Trillion Energy International Inc. is a Canadian-based oil and gas exploration and production company with operations primarily in Turkey.
• The company trades on the OTCQB under the ticker TRLEF and on the Canadian Securities Exchange under TCF.
• In 2026, the company pivoted its strategic focus to earn a 29% working interest in the M47 Oil Block in Turkey through a farm-in agreement with Derkim Poliüretan Sanayi ve Ticaret A.S.
• The farm-in agreement requires Trillion Energy to fund approximately US$15 million in exploration and development work, including funding 80% of the costs of the first three exploration wells over two years.
• The company sold its license interests in the SASB natural gas project and the Cendere oil field by selling its subsidiary Park Place Energy Turkey in April 2026, retaining a 7% gross overriding royalty on future production revenues from these licenses.
• The SASB gas field experienced production decline due to water-loading issues, leading to the strategic pivot.
• The M47 Oil Block made an oil discovery in 2025, with drilling of two wells (Çetinkaya-1 and Çetinkaya-2) completed, showing gross pay of 50-60 meters and oil recovered with API grade 32.4.
• An independent resource report as of December 31, 2025, classified contingent and prospective resources for the M47 block with varying chances of commerciality.
• The company’s liquidity as of December 31, 2024, included cash and equivalents of approximately $1.03 million USD, current assets of $1.83 million USD, current liabilities of $1.49 million USD, a current ratio of 1.23, and a cash ratio of 0.69.
• For the fiscal year ended December 31, 2021, the company reported revenue of approximately $7.0 million USD and a net loss of about $2.05 million USD, with basic EPS of -$0.01.
• The company has restructured convertible debentures with maturity extensions and share issuances to settle interest and debt.
• The company advanced an earn-in payment of US$250,000 in May 2026 and announced attendance at an Emerging Growth Conference.
• The company consolidated its issued share capital in April 2026 on a 5:1 ratio.