I was diagnosed with a slightly exophytic evolving hemorrhagic ovarian cyst and a possible para ovarian cyst. Is it possible that these might be cancerous or present any other concerning compilations? It was also recommended that I consider taking Metfo

Unlikely. Anything is possible, but cysts are common and come and go with your cycles. Para-ovarian cysts are benign. There is no need to be concerned unless a cyst is symptomatic and persistent or if it is unusually large (greater than 10 cm usually)
Possible . Since the only way to be sure that any tissue is not malignant is to take at least a piece of it out and look at it thru a microscope, one can't be completely certain it isn't cancerous but it doesn't sound like there are any of the signs of cancer present and a follow up ultrasound in a month to 6 weeks should show that they aren't growing.Metformin is used for PCOS and not for anything cancerous.