Trillion Energy International Inc.

Trillion Energy International Inc. restated its Q1 2026 financial statements, reporting a net income of $5.78 million, a significant increase from the originally filed net loss of $2.17 million. This change primarily resulted from a $7.93 million gain on debt extinguishment due to a re-assessment of accounting for convertible debentures. Concurrently, the company classified its wholly-owned subsidiary, Park Place Energy Turkey (PPE Turkey), as held for sale and subsequently entered into a definitive agreement in April 2026 to sell it, while retaining a 7% gross overriding royalty on future production. Despite the improved net income, the company reported a substantial working capital deficit and noted material uncertainty about its ability to continue as a going concern.

Trillion Energy International Inc. announced the closing of a private placement, raising CAD$1.5 million in cash and settling CAD$1.07 million in debt through the issuance of units. The company also announced an extension for 2,124,515 warrants by one year. Trillion Energy is seeking to upsizes its private placement to CAD$3.5 million to fund its work commitments on the M47 Concession in Turkey and for general corporate purposes. Additionally, the company has engaged Independent Trading Group for market-making services.

Trillion Energy International Inc. has advanced a US$250,000 payment towards its earn-in obligations, demonstrating progress on its commitments. Additionally, the company announced its participation in the upcoming Emerging Growth Conference, aiming to enhance its market visibility.

Trillion Energy International Inc. announced a US$250,000 earn-in payment for its 29% working interest in the M47c,d oil block in Türkiye, bringing total advanced payments to US$500,000 against a US$9.5 million work program commitment. The company is preparing for an upcoming seismic program on the underexplored block, which is expected to generate additional drillable exploration locations. The M47 block holds significant contingent resources with a North Prospect unrisked NPV-10 of US$733.5 million.

Trillion Energy International Inc. announced the filing of its annual audited financial statements, MD&A, and annual report for the year ended December 31, 2025. This filing was delayed due to a strategic pivot towards onshore oil exploration, including asset write-downs and engaging a new reserves reporter. With the filings complete, the company has applied for the revocation of its management cease trade order (MCTO). The company highlighted its 29% earn-in interest in Türkiye's M47c,d Block, which has a 2C Contingent Resource of 27.6 MMbbl and an unrisked NPV-10 of US$733.5 million net to Trillion.

Trillion Energy International Inc. issued a bi-weekly default status report, confirming that its audited annual financial statements for the year ended December 31, 2025, have not yet been filed. Consequently, the management cease trade order (MCTO) granted on May 1, 2026, remains in effect, restricting trading by certain insiders. The company is working with its auditor to complete the filings as soon as practicable. Additionally, Trillion Energy expects to close a private placement around May 22, 2026, with proceeds intended to fund its M47 farm-in obligations, including an extended US$9.5 million payment deadline to June 30, 2026.

Trillion Energy International Inc. announced its intention to extend the expiry date of 4,633,965 outstanding warrants by one year, to dates in May and June 2027. These warrants were issued in connection with private placements in 2024. The exercise price remains $0.90. The extension may be considered a related party transaction due to a director's holdings, but it is exempt from formal valuation and minority shareholder approval requirements.

Trillion Energy International Inc. announced a strategic pivot, agreeing to sell its wholly-owned subsidiary, PPE Turkey, which holds its license interests in the SASB natural gas project and Cendere oil field. This divestment, agreed upon in April 2026, includes a retained 7% gross overriding royalty on future production revenues. Concurrently, the company is focusing on an earn-in agreement for a 29% working interest in the M47 Oil Block with a $15.0 million funding commitment. For the first quarter of 2026, the company reported a net loss of $(2,169,588), a significant decrease from a net income of $2,195,682 in the prior year, and faces material uncertainty regarding its ability to continue as a going concern.

Trillion Energy International Inc. has made a payment for its participating interest in the M47c,d oil block in southeastern Türkiye, which will be applied towards previously announced work program commitments. The M47c,d block, covering 450 km² in a highly active oil region, has significant contingent and prospective oil resources as identified by a recent third-party evaluation. The company is committed to funding US$15 million for 2026 and 2027 work programs to earn a 29% working interest in the block. Additionally, Trillion Energy is scheduled to present at the Emerging Growth Conference on May 6, 2026.

Trillion Energy International Inc. announced that the British Columbia Securities Commission has issued a Management Cease Trade Order (MCTO) due to a delay in filing its annual financial statements for the year ended December 31, 2025. The MCTO restricts trading for the CEO and CFO but does not impact other shareholders. The company expects to file the delayed annual financial statements, management's discussion and analysis, and related certifications on or about May 8, 2026, attributing the delay to a transition to a new reserves evaluator.