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Trillion Energy (CSE: TCF) has reported its first quarter 2023 financial results, highlighted by topline revenues of US$6.1 million, a record figure verses the $5.8 million recognized in the fourth quarter of 2022.
“We achieved record revenues this quarter, based on production from our first two wells increasing our revenue to over USD$6.15m [CAD$8.3m]. We look forward to experiencing further significant revenues growth during our second quarter 2023 based on our now four producing wells,” commented CEO Arthur Halleran on the results.
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Natural gas pricing during the quarter is said to have averaged at US$22.26, which assisted in driving revenues higher for the period, along with higher daily sales volumes.
Expenses during the quarter came in at $6.0 million, consisting of general and administrative expenses of $2.2 million, along with depletion of $2.0 million and production costs of $1.4 million, resulting in operating income of $0.2 million.
After other income of $2.1 million, largely driven by a $2.7 million gain on net monetary position, the company ended the quarter with net income of $2.3 million.
The firms cash position meanwhile improved to $2.4 million as of the quarters end.
READ: Trillion Energy Begins Drilling Fifth Well At SASB Gas Field
Proved and probable natural gas reserves (2P) increased to 63.3 BCF during the quarter, while the gross gas production rate for the SASB gas field was 12.6 MMcfd, based on a 100% interest. The company is currently working to conduct flow testing on the fifth well drilled under its multi-well program, the Bayhanli-2. Seven perforations are said to have been successfully conducted on the well.
“Our focus is adding additional production at the SASB natural gas field, where we expect to add a fifth production well to be brought on production later this week,” concluded Halleran.
Trillion Energy last traded at $0.345 on the CSE.
FULL DISCLOSURE: Trillion Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Trillion Energy. The author has been compensated to cover Trillion Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
