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TSXV:EEN | TSX Venture | Common Stock |
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NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES Estrella International Energy Services Ltd. ("Estrella" or the "Company") (TSX VENTURE:EEN) announces that on May 30, 2014 it filed its Interim Condensed Consolidated Financial Statements and the related Management's Discussion and Analysis ("MD&A") for the three month period ended March 31, 2014. Copies of these documents can be found on the SEDAR website at www.sedar.com. In this press release, except for share amounts, all dollar amounts are in US$ '000 unless otherwise specified. During the quarter ended March 31, 2014, the Company placed additional rigs to work in Colombia and started operations with rig 1001 on a 5 year contract in Argentina, which was moved to Argentina from Bolivia in the last quarter of 2013. During the first quarter of 2014, the entire Argentine rig fleet (6 rigs) operated on multi-year contracts. The Company finished the first quarter of 2014 with 47% average rig utilization. The Company currently has 24 of 45 rigs on contracts. Similar to the year ended December 31, 2013, during the first quarter of 2014, the Company showed significant progress in the Argentine market with its directional drilling alliance with Scientific Drilling International, recording its highest ever quarterly revenue of $1,837. The Company expects to increase this investment in the Argentine market in 2014 by bringing new sets of directional drilling tools that will allow the Company to expand its market position. Selected Financial Information for the Quarter Ended March 31, 2013 During the quarter ended March 31, 2014, the Company recorded total revenues of $56,256 ($16,532 in 2013). The revenue for the quarter ended March 31, 2014 was offset by general and administrative expenses of $3,874 ($2,935 in 2013), depreciation of $9,023 ($3,253 in 2013), interest expense of $1,913 ($1,523 in 2013) and oilfield expenses of $45,505 ($14,821 in 2013). For the quarter ended March 31, 2014, the Company also recorded other (income) and expense of $-204 ($-28 during 2013). EBITDA of the quarter ended March 31, 2014 was $6,877 ($-1,224 in 2013) representing a remarkable improvement for the Company. About Estrella Estrella is an oil and natural gas, geothermal and mining service company with operations throughout Latin and South America. It provides conventional drilling services; directional drilling services; tools and equipment sales and rentals; work-over and finishing services; and consulting and engineering services. The Corporation is headquartered in Buenos Aires, Argentina and has operating locations in six countries Latin and South America. Forward Looking Statements This press release may contain forward-looking statements which reflect management's expectations regarding future growth, results of operations, performance and business prospects of Estrella. These forward-looking statements may relate to, among other things, forecasts or expectations regarding business outlook for Estrella; commodity prices for oil and natural gas; oil and natural gas demand and production growth; debt service requirements for Estrella; improvements in operating procedures and technology; capital expenditures by Estrella and the oil and gas industry; the business strategies of Estella's customers; future global economic conditions; and future results of operations; expectations regarding the Corporation's ability to raise capital; realization of the anticipated benefits of acquisitions and dispositions, revenue growth, future acquisitions, generation of cash flow, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements are not historical facts or guarantees of future performance, but instead represent management's current expectations, estimates and projections regarding future events. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances, such as future availability of capital on favourable terms, may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Estrella. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and Estrella does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law. THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Estrella International Energy Services Ltd. Carlos Valencia Chief Executive Officer +54 (11) 5217-5250 Estrella International Energy Services Ltd. Javier Vedoya Chief Financial Officer +54 (11) 5217-5250 +54 (11) 5217-5280 (FAX) info@estrellasp.com www.estrellasp.com
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