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CEO's Message

Operations during the third quarter resulted in a modest increase in oil production rate and contributed to a $10.2 million increase in the Corporation’s balance of cash and cash equivalents at period-end. The cash and cash equivalents balance of $53.6 million at period-end is supplemented by a $36.5 million increase in the trade and other receivables balance to $71.0 million. The Corporation’s liquidity permits continuation of an active work program for the balance of 2022 and into 2023.

 

We are happy to be mobilizing a drilling rig to the Ain al Safra field, which was evacuated due to the invasion of ISIS in 2014. We look forward to completing the previously drilled AAS-1 and AAS-2 wells in the Jurassic and Triassic reservoirs, respectively, and to assessing the productive capacity of these completions.

 

Forza Petroleum remains on track to achieve what should be its most successful year yet.

 

Vance Querio     

Chief Executive Officer     

November 8, 2022