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, 2013. Copies of
these documents can be found on the SEDAR website at www.sedar.com. In this
press release all dollar amounts are in US$ '000 unless otherwise specified.


Financial Highlights for the Quarter Ended June 30, 2013 

This is the first quarter where the Company's results included the consolidated
operations of San Antonio Internacional Co. Inc., which was acquired by the
Company on August 1, 2013. For the quarter ended September 30, 2013, the Company
recorded its highest ever quarterly revenue of $38,648 ($16,145 in 2012). The
Company's rig utilization rate for the quarter was 58% (40% in 2012).
Utilization outside of Colombia continues to be very strong, with further
improvements in Colombia being the main area of focus for the Company going
forward. 


The revenue for the quarter ended September 30, 2013 was offset by general and
administrative expenses of $6,209 ($2,690 in 2012), depreciation of $7,170
($2,650 in 2012), interest expense of $3,129 ($3,286 in 2012) and oilfield
expenses of $32,066 ($15,201 in 2012). For the quarter ended September 30, 2013,
the Company also recorded other (income) and expense of $591 ($-681 during
2012). The net loss was $8,254 ($8,096 in 2012). The Company recorded an EBITDA
of $373 (-$1,746 in 2012).


Significant Events Subsequent to the Quarter End 

On October 31, 2013, the Company filed articles of amendment ("Articles of
Amendment") to consolidate its issued and outstanding Common Shares on a 100:1
basis. The Articles of Amendment also created a new series of preference shares
designated as Series B Preference Shares and made administrative adjustments to
the terms of the Series A Preference Shares to account for and reflect the
consolidation of the Common Shares. 


On November 1, 2013, the Company completed a previously announced private
placement of Series B Preference Shares to Ringo Holding L.P. The Company issued
24,664,514 Series B Preference Shares to Ringo Holding at an issue price of
CDN$5.00 per share, for aggregate gross proceeds to the Company of
CDN$123,322,570. The proceeds of the private placement were used to repay all
outstanding indebtedness owing by the Company to Ringo Holding. The Series B
Preference Shares are convertible into post-consolidated Common Shares of the
Company on a 1 for 1 basis.


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 five 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.
Warren Levy
Chief Executive Officer
[phone]
[phone] (FAX)


Estrella International Energy Services Ltd.
Javier Vedoya
Chief Financial Officer
[phone]
[phone] (FAX)
[e-mail]