Impact: Negative, as the Company announced 4Q15 and early 2016e production numbers that were behind our estimates and will result in a downdraft to our proforma estimates. With that said, the Company is making strides on the cost savings front with the announcement of staff reductions, salary decreases and Montney well costs that continue to trend downward after the recent completion and tie-in activity of two 6-well Ultra-Rich Montney pads.
