Trillion is a Canadian oil and gas exploration company focused on Turkey. The company recently transitioned from a producer to an early-stage explorer after selling its legacy producing assets, the SASB gas field and Cendere oil field, in April 2026. While Trillion no longer operates these fields, it retains a contingent royalty interest in future revenues from those licenses. Trillion's primary focus is now the M47 Oil Block in southeastern Turkey. The company is earning a working interest in the block through a farm-in agreement that requires Trillion to fund exploration and seismic programs. Previous drilling at M47 encountered oil, and Trillion's business model centers on raising capital to delineate and commercialize this discovery. The company plans to process new seismic data and drill at least one exploration well, including a sidetrack of a previously unstable wellbore. Trillion currently generates no meaningful operating revenue and relies on equity financing to meet its earn-in obligations. The company's strategy depends on completing a capital raise to fund its work program and trigger the conversion of its outstanding convertible debentures into equity. This restructuring aims to reduce debt and transition Trillion into a funded explorer. Trillion's success depends on proving the commerciality of the M47 discovery through its planned drilling and seismic activities.