Estrella Shareholders Approve Private Placement and Creation of New Control Person

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES


Estrella International Energy Services Ltd. (the "Company" or "Estrella") (TSX
VENTURE:EEN), is pleased to announce that it has received shareholder approval
of its previously announced private placement ("Private Placement") of
166,666,667 units to Ringo Holding L.P., a subsidiary of Southern Cross Latin
America Private Equity Fund IV, L.P. (the "Purchaser"), pursuant to an
investment agreement dated June 26, 2012 (the "Investment Agreement"). 


In addition to the approval of the Private Placement, the shareholders also
elected Warren Levy, Remo Mancini, Phil MacDonnell, Ricardo Rodriguez, Horacio
Reyser, Diego Acevedo and Daniel Kokogian as directors of the Company. Gustavo
Garrido and Andrew Fentress did not stand for re-election to the board.
Background details on the Private Placement and the members of the board of
directors, can be found in the management information circular of the Company
dated June 29, 2012, a copy of which is filed on SEDAR.


Warren Levy, President and Chief Executive Officer of the Company noted:

"Management and the board of directors of Estrella wish to extend its sincere
appreciation to Gustavo Garrido and Andrew Fentress for their dedicated service
and effort to the Company over the past three years, and wish them all the best
in their future endeavours. I would also like to welcome back Remo Mancini and
Phil MacDonnell to the board, and welcome Ricardo Rodriguez, Horacio Reyser,
Diego Acevedo and Daniel Kokogian to the board for the first time. I look
forward to working with all of them in the future as we take Estrella though
this important next stage of its development." 


The Private Placement, and the associated creation of the Purchaser as a new
control person, was approved by over 99% of the votes cast at the meeting.
Provided that all remaining conditions of the Investment Agreement are
satisfied, including obtaining waivers of certain change of control provisions
from all holders of convertible debentures, Estrella and the Purchaser intend to
complete the Private Placement as soon as possible thereafter.


About Southern Cross Group

Southern Cross is a value oriented private equity buyout firm focused on
operational and strategic management. Southern Cross was created to make
value-oriented, control investments in Latin American companies that have
significant potential for improved performance and growth. Since its inception
in 1998, Southern Cross has raised over $2.5 billion and has completed 25
investments in the region, including investments in oil & gas companies in the
region. Southern Cross seeks to deliver superior returns by optimizing its
companies' strategic direction and operating performance through the principals'
direct involvement with the management of each portfolio company. As a result of
its extensive regional experience, Southern Cross is well-positioned to identify
and capitalize on high quality investment opportunities in Latin America.


About Estrella

Estrella and its subsidiaries are engaged in providing services to the
petroleum, mining and geothermal sectors with operations focused on the Latin
American markets, this includes drilling and work-over rigs, directional
drilling, other in wellbore services, consulting, engineering and project
management services. 


The Company is run by a team of experienced industry experts who have more than
300 years of combined experience working in the petroleum, mining and geothermal
sectors for multinational companies across the globe. Estrella is headquartered
in Buenos Aires, Argentina, and employs approximately 764 workers in five
countries: Argentina, Chile, Colombia, Peru and Bolivia. 


The Company is focused on delivering safe, high quality, modern, portable
equipment and services. The Company is committed to regional growth, employing
high-quality personnel and is pledged to providing customer-driven solutions to
challenging problems in a variety of environments.


Statements in this press release may contain forward-looking information. Any
statements in this press release that are not statements of historical fact may
be deemed to be forward-looking information. Forward-looking information are
often identified by terms such as "may", "should", "anticipate", "expects",
"will", "intend" and similar expressions. Forward-looking statements in this
press release include, but are not limited to, statements with respect to
services anticipated use of proceeds of the Private Placement and the
anticipated closing date of the Private Placement.


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.