Impact: Slightly Positive. Operationally, Phase I at BlackPearl's thermal Onion Lake project has commenced first steam on the Company's previously disclosed timeline while the second Blackrod pilot well pair continues to perform above our initial expectations, with current production above 500 bbl/d of oil and SOR below 3.0x. Additionally, the Company's credit facility has been renewed at $150 mm, unchanged from before, and remains more than sufficient to fund BlackPearl's near term development ....
