If we use the analogy of a freight train to represent the oil...

If we use the analogy of a freight train to represent the oil industry at large, you would have the majors, Exxon, Chevron, etc in the front leading the pack. However slow or fast the train is moving, the trains in the front always get to the destination before all the other trains. The trains in the middle represent the mid majors and the well known juniors. Calima is the caboose, the last train in the back where all the cooking is done and where the crew lives. The caboose always makes it to the station, just take a little while longer. This oil industry has barely started its journey after sitting in the shed for over a decade, and while we will ride the up and downs, there will be plenty of time and opportunities to monetize the supply imbalance. We are still in the early stages of the commodity cycle.

The interesting thing about the caboose, if you understand physics or have been on the last car of a roller coaster, is the forces that are pulling the train forward has the greatest momentum effect on the caboose. That's how I like to think about Calima. When we get to the destination, we will arrive with a bigger bang than all the trains that came before. Until that happens, it will seem frustrating for many here where Calima is your primary investment. You will be rewarded, but waiting sucks, especially seeing what all the other oil producers are doing. But, if you've traveled this far, seems like a waste to see to not see the journey through. The destination will be glorious. Hold tight.