This question is hard to answer unambiguously. In general, this is trivial, but then again it is not.
Drawing a "flat rectangle with something on it" is a couple of API calls, as simple as it can get. Drawing text in OpenGL in an efficient way, and high quality, and without big preprocessing is an entirely different story.
What I would do is render text using whatever the "normal system-supported" way is under iOS (just like you would draw in any window, I wouldn't know this specific detail), but draw into a bitmap rather than on the screen. This should be supported, pretty much every OS has supported this for at least 10-15 years. Then turn this bitmap into a texture, bind it, and draw your trivial flat quad with OpenGL (set up a vertex buffer with 4 vertices, each vertex a texture coordinate, and draw two triangles - as easy as it gets).
The huge advantage of that is that you get to use the installed system fonts (or any fonts available), you don't need to generate a bitmap font and don't need to think about really ugly things such as hinting and proper spacing, and it's much easier to mix different text styles, etc. OpenGL has built-in support for text too, of course, but it is not terribly efficient or nice either. If the text does not change every millisecond, it's really best to render it using the standard renderer that the operating system provides (yes, that probably won't be hardware accelerated, but so what... since the user must read the text, it likely won't change every millisecond).
Now it gets more complicated if your "piece of paper" should bend and twist too, or do a page peel effect rather than being just a flat rectangle. In that case you need to tesselate it, which can be harder than it sounds, too. Not all tesselations look optimal for all bends/twists, or they do but do not have the optimal (read as minimum) number of vertices.
There is an article on "page peel" and such tesselation in one of the GPU Gems or GPU Pro books, let me search...
There: Andreas Bizzotto: "A Shader-Based eBook Reader - Page peeling effect", GPU Pro2 pp. 278-299
Maybe you can get hold of a copy or are lucky enough to find it on Google Books or something.