BlackPearl reported first quarter operating and financial results that trailed volume-wise, reflective of voluntary shut-in of a portion of conventional Onion Lake barrels, though delivering financial results in line with expectations in aggregate. The largest takeaway is affirmation that BlackPearl has completed construction of the 6,000 bbl/d Onion Lake SAGD infrastructure and is current commissioning facilities, executing its build within its budget ($220 mm) and ahead of schedule.
