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CEO's Message

The resumption of our development drilling program on January 1, 2021, which started bearing fruit in the form of new production before the end of February, along with recovering prices for oil, has resulted in the Corporation realizing nearly $36 million of revenue for Q1 2021, one of our best quarters ever. The Ministry of Natural Resources of the Kurdistan Region of Iraq continues to make monthly payments against both current and overdue receivables and Forza Petroleum continues to build a strong financial foundation to support a full work program for 2021.

 

After drilling the Banan-8 well targeting the Cretaceous reservoir in the eastern area of the Banan field, we plan to use the drilling rig we have under contract to drill three more wells. We also plan to complete the Ain al Safra-2 well and to install a gathering system to eliminate trucking in the western part of the Hawler production area to reduce environmental impact and operating expense. Additional development activity that can be completed and funded this year is being considered. We continue to forecast that our 2021 work program can be funded entirely from internally generated cash flow.

 

Momentum continues to build after the successful completion of the Zey Gawra-5 well in February. Our small but dedicated staff and our directors are all enthusiastic about the progress we expect to make in 2021.

 

Vance Querio     

Chief Executive Officer     

May 6, 2021