Estrella International Energy Services Ltd. Announces Filing of Q3 Financial Statements

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 it has filed its Interim Condensed Consolidated
Financial Statements and the related Management's Discussion and Analysis
("MD&A") for the three and nine month period ended September 30, 2012. 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 September 30, 2012, the Company made some progress in
consolidating its position in Colombia. The Company is still working through the
impacts of the region wide strike in the Barrancabermeja area of Colombia, which
lasted the month of January (please the press release dated January 16, 2012 for
more information). After the strike ended, Estrella was left with six rigs idle
that had been continuously working prior to the strike and received a further
three rigs from Petroland of which two were also idle after the strike. The
Company is currently marketing the rigs to obtain new contracts.


The Company is looking to expand the financial contribution of its directional
drilling and consulting services, and made progress this quarter with new
consulting projects in Argentina, Chile and Colombia and the initiation of
activities with the Scientific Drilling joint venture. Additionally, the Company
continues to work on reducing the corporate SG&A and has made positive strides
during the quarter to this area. Management's goal is to have over 80% of its
rig fleet on term contracts and to have disposed of underperforming assets to
ensure that the Company is well positioned for future growth.


While utilization of the rig fleet was substantially lower than our target, the
Company has been awarded three 3+2 year contracts for rigs that had been idle
and also awarded two 3 year extensions to existing contracts during the quarter.
Also, large increases in consulting business and the growth in the directional
business are expected to continue through the remainder of the year and are
expected to have positive impact in the operating performance of the Company.


Selected Financial Information for the Quarter Ended September 30, 2012

During the quarter the Company recorded revenues of $16,145 ($15,230 in 2011),
this notwithstanding that the Company's rig utilization rate was 40% (69% in
2011), which is much lower than historical averages. The revenues were offset by
general and administrative expenses of $2,690 ($4,095 in 2011), depreciation of
$2,650 ($2,508 in 2011), interest expense of $3,286 ($2058 in 2011) and oilfield
expenses of $15,201 ($12,313 in 2011). For the quarter ended September 30, 2012,
the Company recorded a net loss of $8,096 (loss of $8,114 in 2011) and EBITDA of
-$1,746 (-$1,999 in 2011). For the quarter ended September 30, 2012, the Company
recorded a net loss per share of -$0.0356 (-$0.0621 in 2011).


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Estrella International Energy Services Ltd.
Warren Levy
Chairman & Chief Executive Officer
[phone]
[phone] (FAX)
[e-mail]
www.estrellasp.com