Impact: Neutral to slightly positive. In light of the depressed commodity environment, BlackPearl has outlined an initial 2016e cash flow funded budget of $15 mm aimed at preserving its balance sheet and paying down debt while corporate production expected to grow to 10,000-10,500 boe/d given the ongoing ramp-up from the Phase I of its Onion Lake thermal project. Additionally, the Company's lenders have maintained its credit facility at $150 mm.