On the back of Saturday's 2-0 defeat at Aston Villa, Wolves were under pressure to respond as they bid to remain in the top half of the Premier League table.
With several of their best players missing and competing at a ground where they had not won since 2010, the West Midlands outfit were up against it, particularly with Burnley having recently put together a three-match unbeaten run.
The odds were further stacked against Wolves when Burnley went ahead through a smart Jacob Bruun Larsen volley in the first half.
However, just before the break, Rayan Ait-Nouri scored a rare header to get his side back on level terms, before both teams wasted chances in the second half.
During that period at Turf Moor, Wolves were also able to welcome back Matheus Cunha, who was making his first appearance since suffering a hamstring injury on February 10.
What did O'Neil have to say?
Speaking to BBC Match Of The Day, O'Neil indicated that he was satisfied with leaving the North-West with a point, admitting that a share of the spoils was "fair".
He said: "Probably a fair result on the balance of play. The first half it took us a while to get to grips with them. I thought in the second half we were much more comfortable and looked really threatening.
"It was a good effort from the lads. We're not at full strength at the moment, but we're working really hard and still fighting.
"Matheus Cunha's back and a point away from home takes us past last season's tally. Not a bad evening."
What next for Wolves?
Wolves remain in 10th position in the Premier League table, three points adrift of West Ham United in seventh place with a game in hand on the Hammers.
Coincidentally, the two teams square off at Molineux on Saturday afternoon which has the potential to be a pivotal game in Wolves' campaign.
However, O'Neil and Wolves will not just be focused on the East Londoners courtesy of just six points separating the teams between seventh and 13th position.
Four of Wolves' next five matches are scheduled to be played at Molineux, although they also still have trips to Manchester City and Liverpool on their schedule.