Estrella International Energy Services Ltd Energy Services Ltd.

Estrella International
Energy Services Ltd.
Corporate Update
March 2011
TSX‐V: EEN.V

Disclaimer: Forward Looking Statements
Certain statements included or incorporated by reference in this presentation constitute forward‐looking statements or
forward‐looking information under applicable securities legislation. Such forward–looking statements or information
are provided for the purpose of providing information about management's current expectations and plans relating to
the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as
making investment decisions. Forward‐looking statements or information typically contain statements with words such
as "anticipate", "believe", "expect“, "plan", "intend", "estimate", "propose", "project“, “seek”, “continue”, “forecast”,
“may”, “will”, “potential”, “could”, “should” or similar words suggesting future outcomes or statements regarding an
outlook. Forward‐looking statements or information in this presentation include, but are not limited to, statements or
information i with ih respect to: business strategy and objectives; acquisition iii plans and the timing i thereof; capital
expenditures; net revenue; operating and other costs; and taxes.
Forward‐looking statements or information are based on a number of factors and assumptions that have been used to
develop such statements and information but which may prove to be incorrect. Although Estrella Overseas Ltd. (the
“Company”) believes that the expectations reflected in such forward‐looking statements or information are reasonable,
undue reliance should not be placed on forward‐looking statements because the Company can give no assurance that
such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this
presentation, assumptions have been made regarding, among other things: the impact of increasing competition; the
general stability of the economic and political environment in which the Company operates or plans to operate; the
timely receipt of any required regulatory approvals; and the ability of the Company to obtain qualified staff, and
equipment in a timely and cost‐efficient manner.
Forward‐looking statements or information are based on current expectations, estimates and projections that involve a
number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the
Company and described in the forward‐looking statements or information.
The forward‐looking statements or information contained in this presentation are made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any forward‐looking statements or information, whether
as a result of new information, future events or otherwise unless required by applicable securities laws. The forwardlooking
statements or information contained in this presentation are expressly qualified by this cautionary statement.
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Disclaimer: Privileged Information
This presentation may contain information concerning Estrella of a material nature that has not been generally
disclosed. This information is being provided to you in the necessary course of the business of Estrella in connection
with proposed business or professional activities to be conducted between Estrella and you. You understand that this
information is being provided to you on the understanding that you are considered a person or company which is in a
“special relationship” with Estrella, as defined in the applicable securities laws, and as such, you may not purchase or sell
any securities of Estrella with knowledge of a material information, nor disclose any material information concerning
Estrella, that has not been generally disclosed. Any failure to adhere to such prohibitions against such trading and
tipping could expose you to criminal and civil liability.
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Latin American OFS company, growing consistently
since 2005
Rapid regional expansion over the last five years, with
our customers support
Public company (TSX:EEN.V) with Latin America
based bi‐lingual and bi‐cultural management
‐ Operate at the highest level of service quality
‐ Operate with global experience and local know how
‐ Vision
To set the standard of excellence by which all other
service companies in Latin America are measured
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Ser mejor, hacer mas

Contents
• Our services and who we are
• Why South America and why services?
• Overview and investment highlights
• Capitalization
• Expansion success
• Ser Mejor, Hacer Mas
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Diversified Service Offering
Drilling and Workover Rigs
• 350 –1200 HP modern rig fleet
• Modern, portable, self erecting
rigs (no cranes required)
• Automation
• No external anchor lines
• High efficiency, low emission
engines
Tools and Services:
• Directional Drilling & Tool
Rental
• Completion and Workover
Engineering & Consulting
• Wll Well design and engineering
i
• Project management and
field operations management
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World Class O.F.S. Team
Management Title Experience
Warren Levy Chairman & CEO 15 years of global l OFS experience – SLB
Christian Bauwens CFO 18 years of corporate finance / CM experience (GM/Nissan/BNP)
Guillermo Lamacraft Senior Advisor 35 years of experience in regional Oil & Gas
Matthew Holdeman VP, Engineering 25 years of experience, SLB & BHI (IPM & QHSE)
Gary Pidcock VP New Ventures 28 years of experience, onshore and offshore, (SLB, BP, Gulf,
PlusPetrol) ‐ Camisea Project Manager
Luis Aviles VP Sales & Marketing 27 years (SLB) in operational & management roles
Giovanni Rios GM, Peru 15 years of experience(SLB, Oxy), 17 countries ‐ MWD/LWD
Patrick Galletti GM Arg/Chile/Para 10 years of experience(SLB) ‐ MWD/LWD ‐ 3 regions
Wade Maingot GM Col 26 years in industry, 6 countries in South America (SLB)
Jesus Orozco GM STS 12 years in industry.
Directors
Title
Warren Levy
Chairman & CEO
Christian Bauwens Director & CFO
Carlos Contreras,Sr. Director 30 years of oil & gas experience (Oxy). Former Energy Minister,
Bolivia
Andrew Fentress Director Partner, Medley Capital (Shareholder nominated director)
Gustavo Garrido Director Managing Partner at large M&A law firm in Buenos Aries
John Zaozirny Director Vice Chair at Canaccord, former Alberta Minister of Energy
Director of Pacific Rubiales, PetroAmericas and others
Remo Mancini Director Former MPP (Ontario), 30 years of experience in
business/government
With new Colombian acquisitions: 800 employees, 15 nationalities
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Barranca
Locations
Argentina
Chile
Buenos Aires – Headquarters 2005
Comodoro Rivadavia – Ops Base 2005
Neuquen – Ops Base 2006
ECN – Storage Yard 2007
25 de Mayo – Living Camp 2007
Kaike – Storage Yard 2008
Punta Arenas –Ops Base 2005
Santiago –Sales Office 2009
Cl Calama – Storage Yard 2009
Peru Lima –Sales Office 2008
El Altos de Talara – Ops Base 2010
Colombia Bogota –Sales Office 2010
Yopal – Ops Base 2010
Barranca Bermejo –Ops Base 2010
Bolivia Santa Cruz de la Sierra –Sales Office 2010
Paraguay Asuncion –Sales Office 2010
2005 2006 6 2007 2008 8
2009 2010 2011
Current Deployed Rig Fleet
Argentina
Chile
Peru
Colombia
551P –550 HP AC Portable Drilling Rig
101S – 350 HP Portable Workover Rig
102S –350 HP Portable Workover Rig
103S –350 HP Portable Workover Rig
1201P –1200 HP AC Geothermal Drilling Rig
Maple1* – 2000 HP DC HeliRig
552P –550 HP Ultra Portable Drilling Rig
351 –350 HP Light Drilling, Heavy Workover
STS Acquisition –5 Workover Rigs
PL/Z Acquisition –4 Drilling / 8 Workover Rigs
Punta Arenas Bolivia 1001P – 1000 HP Drilling Rig
.
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*Rig Leased from Customer –sold in 2010

Rig Fleet
Barranca
STS1 250 HP Workover Idle
STS2 440 HP Workover On Contract
STS3 350 HP Workover On Contract
Colombia
STS4 375 HP Workover On Contract
STS5 375 HP Workover On Contract
t
PL1 550 HP Drilling On Contract
PL2 350 HP Workover On Contract
PL10 450 HP Workover On Contract
PL11 450 HP Workover On Contract
PL12 350 HP Workover On Contract
PL20 550 HP Drilling/WO On Contract
PL21 550 HP Drilling/WO On Contract
Z2 550 HP Drilling On Contract
Z3 350 HP Workover On Contract
Z4 900 HP Drilling On Contract
Z5 550 HP Drilling In Refit
Z6 250 HP Workover Idle
Peru
351 350 HP Drilling/WO Mobilizing
552 550 HP Drilling On Contract
1001 1000 HP Drilling Mobilizing
Bolivia
Argentina
101 350 HP Workover On Contract
102 350 HP Workover On Contract
103 350 HP Workover On Contract
551 550 HP Drilling On Contract
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Punta Arenas
1201
.
Chile
1201 1200 HP Drilling On Contract
25 Rigs – 8 Drilling 3 Drl/Wo 14 Workover
88% contracted, 4% in refit

Directional Drilling
Barranca
Job Capacity:
Argentina: 5
Chile: 3
Peru: 2
Colombia: 2
Punta Arenas
Directional i and Service Bases
.
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Engineering Services
Barranca
Country
Oil &Gas
Ge eothermal
l
Solution
Mining
Argentina
Chile
Peru
Colombia
Canada
Kenya
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Punta Arenas
.
Current and Past Projects
Size = relative revenue

Capabilities and Experience
Oil & Gas
• Current presence in six Latin American markets
• Multiple service offering and integrated project ready
• Proven ability to grow around the region
• Globally experienced team, all resident in the region and all Bi or Tri‐
lingual – experience in every Latin American market where wells have
been drilled
Non Standard Expertise
• World class team in remote and non standard projects
• Geothermal and mining experience and capabilities
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Why Focus on Latin American
• Less volatile than global market
• Up by > 50% in last six years and expected to continue to grow
• E&P operators have > $10 billion in E&P commitments in 2011 on land
• Democratization of block bidding has facilitated entry of juniors and mid sized
players.
• Numerous remote and challenging projects, antiquated equipment and
increasing customer demands to improve
• Must have a regional footprint to take advantage of sustained growth
4000
3500
3000
2500
2000
1500
1000
500
0
Active Drilling Rig Count
World
Latin Am
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The Operating Markets
Hot
Poised for
Steady Politically
Markets Growth State Challenges
Limiting
Activity
Colombia Peru – 2012 Brazil – Venezuela
jungle drilling & Offshore focus
near shore of Petrobras
Bolivia Chile – Trinidad Ecuador –
Geothermal
activity, but not
boom
stable
Argentina –
2011 Elections
Central America
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The Geothermal Market
Global Production Base
• US, Indonesia, Philippines, Mexico,
New Zealand, Italy, Kenya, Central America
• 10.7 GW of installed capacity
• Steady growth for the last 30+ years
Sustainable Growth
• Each 40 MW plant requires 8-15 wells
• Virtually zero carbon footprint
• Long plant life and excellent baseload power
(>95% uptime on production)
Latin American Potential
• Current developments in Central America and Chile,
greenfields projects in Peru and Argentina
• Chile has stated goal of 3000 MW of installed power by 2015
Source: US Geological Survey
Only part of the
“Ring of Fire”
without current
geothermal
production
Global Geothermal Production
30 years of steady growth
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Source: Bertani, 2010

Diversified Market Presence
• Only active rig and directional player in the rapidly growing
Geothermal Market
• Argentina seeing geothermal interest in San Juan, Salta, Jujuy,
Neuquén. One production project underway.
Estrela Rig 1201 drilling a
geothermal e well in northern ot Chile at 4500 m of altitude
Proved that a modern
automated rig can
outperform in remote
geothermal operations
Rig is now mobilizing
onto a new contract
t
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Case Study – Full Service Capabilities
• Rio Tinto / Vale ‐ Potash Development – Mendoza Province, Argentina
• Estrella got involved in late 2005
– Initial work to evaluate feasibility of a directionally drilled development, Later to design and have
fabricated a custom built , fully automated 1000 HP AC walking rig
– Field taken to 16 well pads, saving hundreds of millions on infrastructure costs and being featured in Rio
Tinto’s quarterly update to investors as a case study in reduced environmental impact
• 5 years later‐ Estrella continues to supervise the rig operation and provide engineering support
• Recently awarded phase II rig construction project to design and build two
additional rigs and awarded early engineering work in the Vale Saskatchewan
Potash project
Manipulator Crane
Each circle is 2 wells
1000 x 16 well pads
17 Walking Automated Rig

Loyal Customer Base
• Long term, sustained customer relations
• Many of our new country entries have been facilitated by existing
customers
• Only Key customers that have fallen off the list have stopped E&P
operations (March & Maple)
YEAR
Customers > 1 MM in Revenue
2005 ‐
2006 ‐
2007 PRC / Oxy
2008 PRC / Oxy / PetroAndina / Maple / March
2009 PRC / Oxy / PetroAndina / ENAP / ENG / Maple
2010 PRC / Oxy / PetroAndina / ENAP / ENG /
GeoPark / PlusPetrol / Ecopetrol
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Ownership
• Stable Management with strong alignment with investor base
• 15 million share position escrowed against price performance (vesting at
4 million at $1.30, 6 million at $1.40 and 5 million at $2.00)
• Management and early principal investor (Medley) have majority control of
Estrella both on a common stock basis and fully diluted basis
Capitalization
Basic Shares – Management 1
Basic Shares – Medley
Basic Shares ‐ Public
Basic Shares –Total
15.0 Million
39.6 Million
47.6 Million
102.2 Million
Share Price (CDN$) 2 $0.80
Market Capitalization
Long Term Debt 3
$82 Million
$32 + $15 Million
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1. Management shares are escrowed against share price performance
2. Closing price as of Feb 23, 2010
3. Credit Suisse provided a senior secured loan facility of $32 million USD. Under certain conditions, this facility could be
expanded up to $80 million USD. An additional $15 Million convertible debenture is expected to be closed this week.
4. Associated with the STS acquisition, the shareholders of STS were issued 4.75 Million preferred shares with a $1 / share
conversion price
5. The company has 38.7 Million warrants outstanding at $1.5 / warrant
6. The company issued warrants to Credit Suisse in conjunction with the long term debt facility. These warrants have a strike
price of $0.91 / warrant
7. The company will issue warrants to the Convertible Debenture investors with a strike price of $0.80 / warrant.

Expansion Experience and Plans
Expansion
• Successful growth in six countries
• Successful deployment of rigs in three countries
• Continue organic growth of rig and service tool
fleet
– Plan to deploy an additional 4‐5 rigs in coming year, grow
fleet to 35+ rigs in near term
– Plan to expand service tool fleet during 2011, and grow to
number 3 provider in the region
– Targeted growth for consulting business in areas high pull
through potential –become a viable alternative to the big
four service companies
• Objective for 2009/2010 – reduce relative risk
exposure to Argentina
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Expansion Experience and Plans
Acquisition
• March 2010 –acquired single rig operating entity in Chile from partner
• November 2010 – acquired STS de los Andes
– Colombia based 5 rig company
– Existing contracts with Ecopetrol and Occidental
– Strong base off which to grow in high overhead market
– 15 MM in cash and 4,75 MM in preferred shares issued at $1/share
– Purchase Price (inclusive of cancelled debt) approx $20 MM
– Proforma EBITDA of > $5 MM
• January 2011 – acquired Petroland and Zigma
– Colombia based 7 and 5 rig companies respectively
– 4 drilling, 2 drilling/workover and 6 workover rigs
– Purchase 49% in Jan for 10.3 MM
– Option to purchase an addition 11% now for 2.3 MM
– Balance of 40% due in Q1 2012 and based off of actual performance of companies,
half paid in shares and half in cash
– Implied purchase price based on 49% and 11% options (inclusive of debt)
approx $33.8 MM
– Proforma EBITDA of > 7 ‐ 9 MM
• 2011 Proforma cashflows > 80% from Peru, Colombia and Chile
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Why Estrella ?
People and Presence
• Only small service provider with a fully Latin
American based team
• International and home grown talent
• World class capabilities for remote and nonstandard
projects
• Sustained, proven growth around the region
for the last five years
• Close ties with the local communities and
commitment to local employment
• Successfully executing organic and
acquisition iii based growth
Clients
• We work and grow alongside our customers
• Long standing, close customer relations
• Customer driven solutions
• Contract discipline
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Why Estrella ?
Safety / Quality / Environment
• Focused on high quality, efficient equipment
• The youngest and most automated rig and equipment fleet in Latin
America
• Diversified geographic and market presence including key niches of
geothermal and potash development
• We are relentless in the pursuit of setting the standard for quality,
safety and environmental performance
• opportunities are abundant, obtaining growth that can be
sustained is the only acceptable goal
sustained is the only acceptable goal
Be better,
domore
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Estrella International Energy Services Ltd.
Warren Levy
Chairman & CEO
wlevy@estrellasp.com
Christian Bauwens
CFO
cbauwens@estrellasp.com
Phone: +5411 5217 5250
Fax: +5411 5217 5280
www.estrellasp.com
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