Estrella International Energy Services Ltd.
TSX VENTURE : EEN

Estrella International Energy Services Ltd.

April 11, 2012 16:01 ET

Estrella Announces Appointment of New CFO and Vice President of Operations

BUENOS AIRES, ARGENTINA--(Marketwire - April 11, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Estrella International Energy Services Ltd. (the "Company" or "Estrella") (TSX VENTURE:EEN), wishes to announce that Mr. Christian Bauwens has tendered his resignation as a Director and Chief Financial Officer of the Company. Mr. Bauwens is leaving to pursue other opportunities outside of the energy industry and outside of Latin America. Mr. Bauwens last day with the Company will be April 15, 2012. Warren Levy, Chairman & Chief Executive Officer of Estrella commented: "Management and the board wish to extend its appreciation to Mr. Bauwens for all his hard work and effort over the last two years and wish him all the best in his future endeavours."

Mr. 'Hernán Montoya will be appointed as interim Chief Financial Officer of the Company to replace Mr. Bauwens.

Mr. Montoya has been the Corporate Controller for the Company since September 2007. Before joining Estrella, Mr. Montoya was Business Controller for Kuehne + Nagel (Argentina), a leading logistics provider headquartered in Buenos Aires. Prior to that he held several accounting positions in Kuehne + Nagel and also worked as an auditor for Deloitte Touché and Price Waterhouse Coopers. Mr. Montoya graduated from Universidad Nacional de La Plata (Argentina) as a National Public Accountant and also holds a post-graduate diploma in finance from the Universidad de San Andrés, Argentina.

The board of directors, and its Governance Nominations and Compensation Committee has not yet identified a replacement director to fill the vacancy that will be created by Mr. Bauwens resignation.

The Company is also pleased to announce the appointment of Doug Parker as Vice President of Operations for Estrella. Mr. Parker will be responsible for all operations relating to Estrella's rig fleet in South America, reporting directly to the CEO.

Mr Parker brings over 30 years of experience in the management of foreign branches of international drilling contractors. He has worked on two occasions as Latin American General Manager for a major US based drilling contractor. His most recent position was as Global Director of Rigs and Third Parties, for Baker Hughes Integrated Operations.

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 statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the future business plans, prospects and services.

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 or the current market price of oil 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.

Contact Information

  • Estrella International Energy Services Ltd.
    Warren Levy
    Chairman & Chief Executive Officer
    +54 (11) 5217-5250
    +54 (11) 5217-5280 (FAX)
    info@estrellasp.com