CEO's Message

I am proud to announce another year-on-year increase in production, allowing the company to realize record financial results in 2022. This outstanding achievement is a testament to the hard work and dedication of our entire team.

The continued development of the Hawler license area resulted in the addition of proved oil reserves which more than offset those produced during the year, resulting in a replacement ratio of 157%. Benefiting from higher production and a strengthened market, Forza Petroleum booked $323.8 million of revenue in 2022, a record high for the Corporation. The $112 million of cash generated in 2022 positions the Corporation to settle in full the $76.2 million deferred liability related to our original acquisition of the Hawler license area in 2011.

In the year ahead, wells drilled in existing reservoirs provide the ability to increase production, while further 3D seismic enables us to refine existing targets and unlock potential new opportunities within the license. Planning is also underway to reduce the flaring of by-product gas, and previously announced investments in facilities and pipelines should permit intra-field transportation of oil by road tankers to be discontinued.

Our team remains focused on executing the projects needed to accommodate incremental production and reducing both the costs and environmental impact of our operations.

Shane Cloninger     

Chief Executive Officer     

March 16, 2023