Corporate Update TSX- V: EEN.V

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1 Corporate Update TSX- V: EEN.V 1

2 San Antonio Colombia Acquisi1on 2

3 Disclaimer: Forward Looking Statements Certain statements included or incorporated by reference in this presenta8on cons8tute forward- looking statements or forward- looking informa8on under applicable securi8es legisla8on. Such forward looking statements or informa8on are provided for the purpose of providing informa8on about management's current expecta8ons and plans rela8ng to the future. Readers are cau8oned that reliance on such informa8on may not be appropriate for other purposes, such as making investment decisions. Forward- looking statements or informa8on typically contain statements with words such as "an8cipate", "believe", "expect, "plan", "intend", "es8mate", "propose", "project, seek, con8nue, forecast, may, will, poten8al, could, should or similar words sugges8ng future outcomes or statements regarding an outlook. Forward- looking statements or informa8on in this presenta8on include, but are not limited to, statements or informa8on with respect to: business strategy and objec8ves; acquisi8on plans and the 8ming thereof; capital expenditures; net revenue; opera8ng and other costs; and taxes. Forward- looking statements or informa8on are based on a number of factors and assump8ons that have been used to develop such statements and informa8on but which may prove to be incorrect. Although Estrella Interna8onal Energy Services Ltd. (the Company ) believes that the expecta8ons reflected in such forward- looking statements or informa8on are reasonable, undue reliance should not be placed on forward- looking statements because the Company can give no assurance that such expecta8ons will prove to be correct. In addi8on to other factors and assump8ons which may be iden8fied in this presenta8on, assump8ons have been made regarding, among other things: the impact of increasing compe88on; the general stability of the economic and poli8cal environment in which the Company operates or plans to operate; the 8mely receipt of any required regulatory approvals; and the ability of the Company to obtain qualified staff, and equipment in a 8mely and cost- efficient manner. Forward- looking statements or informa8on are based on current expecta8ons, es8mates and projec8ons that involve a number of risks and uncertain8es which could cause actual results to differ materially from those an8cipated by the Company and described in the forward- looking statements or informa8on. The forward- looking statements or informa8on contained in this presenta8on are made as of the date hereof and the Company undertakes no obliga8on to update publicly or revise any forward- looking statements or informa8on, whether as a result of new informa8on, future events or otherwise unless required by applicable securi8es laws. The forward- looking statements or informa8on contained in this presenta8on are expressly qualified by this cau8onary statement. 3

4 Disclaimer: Privileged Informa1on This presenta8on may contain informa8on concerning Estrella of a material nature that has not been generally disclosed. This informa8on is being provided to you in the necessary course of the business of Estrella in connec8on with proposed business or professional ac8vi8es to be conducted between Estrella and you. You understand that this informa8on is being provided to you on the understanding that you are considered a person or company which is in a special rela8onship with Estrella, as defined in the applicable securi8es laws, and as such, you may not purchase or sell any securi8es of Estrella with knowledge of a material informa8on, nor disclose any material informa8on concerning Estrella, that has not been generally disclosed. Any failure to adhere to such prohibi8ons against such trading and 8pping could expose you to criminal and civil liability. 4

5 La8n American OFS company, growing consistently since 2005 opera8ng in 7 countries with 1700 employees TSX.V:EEN - La8n 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 La1n America are measured 5

6 Acquisi1on of San Antonio Interna1onal Colombia 6

7 Experience 30 years of experience in Colombian Market Strong reputa8on technically and safety Consistent history of high u8liza8on and solid profitability Strong management team Scale 20 drilling rigs and 6 workover rigs Cemen8ng and Coil Tubing services Casing Running Services Integrated services Customers Summary of the SAIC Provide services to a good mix of customers Strong commercial team 7

8 Summary of the Market Drilling Rigs Workover Rigs Total Uni ts Mkt Share Uni ts Mkt Share Units Mkt Share SAIC 20 12% 6 6% 26 10% Estrella 4 2% 7 7% 11 5% Independe nce 10 6% 24 22% 34 12% Petroworks 10 6% 9 9% 19 7% Nabors 15 9% % Saxon 12 7% % Key % 12 4% Tuscany 9 5% 1 1% 10 4% Sinopex 7 4% 3 3% 10 4% Serinco 4 2% 6 6% 10 4% Total % % % 8

9 Combined Opera1onal Footprint Revenue by Client 24 Drilling Rigs 13 Workover Rigs Operating Bases Laboratory 6 Cementing Ops Barrana Bermeja Ecopetrol Pacific Rubiales Hocol Petrobras Gran Tierra 2 Coiled Tubing Units *Map shows active rigs on contract only Sopo / Tibitoc Yopal Equion Cepsa Oxy Neiva Canacol Select Clients 9

10 Drilling Rigs 3 x 2000 HP 1 x 1700 HP 4 x 1500 HP 2 x x HP 1 x 550 HP 15 of 20 with Top Drives Summary of the SAIC Workover Rigs 3 x 550 HP 3 x 350 HP Services 4 x Cemen8ng units 2 x Coiled tubing units Integrated full field management 10

11 Combined En1ty Value Proposi1on Market leader in Colombia 37 rigs, or 14% market share Largest rig operator Gives a total of 45 rigs around La8n America Breadth of service offerings Direc8onal Coil Tubing Cemen8ng Strong project management and integrated project capabili8es Combine deep experience, with higher level of technical sophis8ca8on Opera8onal strength from target SSMACD and technical sophis8ca8on of Estrella Solid profitability, provide cri>cal mass, growth poten>al, broad services offering 11

12 Estrella Overview Estrella Rig 1201 Operating in the Chilean Andes 12

13 Diversified Service Offering Drilling and Workover Rigs 26 Drilling Rigs ( HP) 19 Workover Rigs ( HP) Oilfield Services Direc8onal Drilling & Tool Rental Cemen8ng Coil Tubing 13

14 Opera1ons Toronto Admin & Public Lis8ng Canada Argentina Colombia Chile Peru Ecuador Buenos Aires Headquarters Neuquen Opera8ons Base Comodoro Opera8ons Base Bogota Sales Office Sopo Opera8ons Base Barranca Bermeja Opera8ons Base Yopal Opera8ons Base San1ago Sales Office and Opera8ons Base Punta Arenas Opera8ons Base Lima Sales Office Talara Opera8ons Base Quito Sales Office Coca Gyro opera8ons base Santa Cruz de la Sierra Sales Office and Opera8ons Base (to close 2013) Bolivia 14

15 Rig Fleet Rig Count Colombia Drilling of 26 drilling rigs have top drives Majority of the fleet is fast moving Peru Argen1na 15

16 Oilfield Services 4 x Cemen8ng Units In Colombia 2 x Coil Tubing Units In Colombia Direc8onal Drilling - Argen8na, Chile and Peru Gyro Services - Argen8na, Chile, Peru, Ecuador and Colombia Casing Running Services Colombia, Argen8na 16

17 Direc1onal Drilling 2013 Year End Expected Number of Kits Country MWD GR / APWD Gyro Argen8na 8 2 / 2 2 Chile 2 1 / 1 Peru 2 3 / 3 2 Colombia 3 3 / 3 2 Somos una nueva empresa, con 30 años de experiencia. 17

18 Full Field Management Consul1ng & Engineering Services 5 year contract to manage the Campo San8ago field for Ecopetrol: SAIC supplying field management, rigs, cemen8ng, engineering and tubular services Well Engineering and Project Management Hos8le and Remote Environment Exper8se Produc8on Enhancement Fit for Purpose Rig & Equipment Design Pad Drilling Development Plans 18

19 World Class O.F.S. Team Estrella Management Title Experience Warren Levy Director & Founder 18 years of global OFS experience (SLB) Carlos Valencia CEO 10 years of financial and consulting experience Javier Vedoya CFO 20 years of technical and finance experience Maqhew Holdeman VP Consul8ng 27 years of experience in DD, IPM, QHSE (SLB & BHI ) Luis Aviles VP Sales & Marke8ng 29 years (SLB) in opera8onal & management roles Mario Rodriguez GMgr Colombia 37 years of industry experience with SAIC Nelsy Carreno Director SSMACD 17 years of HSE experience with drilling contractors Directors Title Warren Levy Director Horacio Reyser Chairman Partner at Southern Cross, with over 18 years of management, investment and M&A experience in La8n America. Ricardo Rodriguez Director Founding partner of Southern Cross. 30 years of La8n American investment experience Diego Acevedo Director Head of Southern Cross Bogota office. Over 10 years of management consul8ng and investment experience. Phil MacDonnell Director Board experience at over 14 public and private cos. Chair and co- founder of Insurance pay (sold to Macquarie capital in 2008). C.A. Remo Mancini Director Former Minister of Revenue for Ontario, 30 years of experience in business/government Daniel Kokogian Director 30+ year petroleum industry veteran. Ex President for Argen8na of successful Canadian junior PetroAndna. Current director of CGC hydrocarbons. Extensive M&A, management and opera8ons experience. 19

20 La1n America Market 20

21 Stable Growing Rig Market Region has much lower vola8lity than other markets Explora8on and Produc8on (E&P) operators have > $10 billion in commitments in 2012 on land Democra8za8on of block bidding has facilitated entry of smaller players. Numerous remote and challenging projects, an8quated equipment and increasing customer demands to improve Huge resource poten8al in a growing economic environment Must have a regional footprint to take advantage of sustained growth La1n American rig market up 100% in 10 years Rig Count La1n America and World Rig Count Ex LatAm Other Venezuela* Peru Mexico Ecuador Colombia Chile Brazil Bolivia 0 0 Argentina

22 Target Market - Colombia A country with oil on the verge of becoming an oil country Strong ac8vity by juniors and Ecopetrol have helped to meet the elusive goal of 1,000,000 bbls/day of produc8on Large number of projects s8ll in explora8on phase Slow to develop infrastructure is restric8ng pace of growth Security and social concerns have lost some ground awer major improvements over the last 10 years Ac8vity outlook remains strong, despite short term delays due to environmental permixng issues Rig 553 outside of Bogota Drilling Rigs Opera1ng Workover Rigs Opera1ng Ac1ve Drilling Contractors 40 Approx. 150 Over 30 Source: Baker Hughes 22

23 Regulatory improvements Target Market - Colombia Forma8on of the ANH and the opening of bidding rounds has led to influx of new players and new capital Over 100 operators in country Foreign direct investment in sector reached over US$5.1 billion Strong development in conven8onal and major upside in non- conven8onals 23

24 Target Market - Argentina Government take over of YPF sets the tone for massive non conven1onal poten1al Government take over of 51% of YPF has set a nega8ve investment sen8ment for outsiders unfamiliar with the market but has spurred rapid ac8vity increases Massive shale gas and oil poten8al (EIA rates Argen8na s gas resource poten8al as second highest in the world behind only the US and ahead of China Infrastructure and workforce are in place to support a boom, but import and investment environment could be improved to help speed the entry of the required equipment into the country Growing nega8ve energy trade balance is forcing rapid ac8on in the sector Improvement in the labour situa8on with ac8vity increases Rig 551 has drilled 180+ wells in four years in Argen8na Drilling Rigs Opera1ng Workover Rigs Opera1ng Ac1ve Drilling Contractors 94 Approx. 280 Over 10 Source: Baker Hughes 24

25 Secondary Market - Chile Niche Market for Remote Opera1ons Country lacks sufficient domes8c energy supply and is pushing on all fronts Looking to diversify driving growth in geothermal development in the high Andes Challenging remote opera8ons Small oil and gas ac8vity in south of country Home to one of the worlds largest methanol plants going wan8ng due to lack of Argen8ne gas supply Most aqrac8ve fiscal and investment regime in the region Rig 1201 opera8ng in the Andes buried in snow Drilling Rigs Opera1ng Workover Rigs Opera1ng Ac1ve Drilling Contractors ENAP Source: Baker Hughes 25

26 Three markets in one Talara marginal fields Offshore plazorm developments Jungle heli rig opera8ons Secondary Market - Peru Long awai8ng jungle developments finally gexng green light from government Offshore ac8vity also set to increase with new capital coming into key player Will remain a small market, but with aqrac8ve long term contrac8ng opportuni8es Rig 201 Awer Upgrades Drilling Rigs Opera1ng Workover Rigs Opera1ng Ac1ve Drilling Contractors Source: Baker Hughes 26

27 Global Produc1on 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% up8me on produc8on) La1n American Poten1al Current developments in Central America and Chile, greenfields projects in Peru, Argen8na and Bolivia First projects in development stage in Chile and Argen8na The Geothermal Market Only part of the Ring of Fire without current geothermal produc9on Global Geothermal Produc9on 30 years of steady growth 27

28 Progress and Objec1ves 28

29 Obtain Cri1cal Mass Objec1ves Post acquisi8on, Estrella will have 45 rigs, and have the largest rig presence in the key Colombian Market Consolida1on of posi1on in Colombia Goal of one unified opera8on Streamlined administra8on Effec8ve opera8onal efficiency Improvement of standards on older rigs (introduc8on of mobility improvements and automa8on to remain compe88ve) Ra8onaliza8on of opera8ng facili8es and staff Targe1ng U1liza1on of rigs > 80% 7 of 8 rigs outside Colombia on long term contracts, 8 th mobilizing In Colombia u8liza8on is above market average Focus going forward will be on term contracts Debt Reduc1on Fundamental reduc8on in debt at both Estrella and SAIC Debt levels to be maintained at comfortable levels of 2-2.5x proforma EBITDA Step change improvement in the cot of capital 29

30 Objec1ves SSMACD Excellence (Safety, Security, Environment and Quality System) Change out of staff and fundamental change in focus has started to make game changing improvements All opera8ons ISO 9000/14000/18000 cer8fied by year end Growth in Services Business Direc8onal business growing well around the region Cemen8ng and coil tubing opera8ons star8ng strongly in Colombia Reduce in SG&A to < 10% of revenues Ra8onaliza8on and replacement of expats with locals in key management posi8ons Promo8on from within to replace key departures Elimina8on of many one 8me costs associated with inefficient capital raising Step change improvement in cost of capital 30

31 Objec1ves Client Nego8ated Extension on 8 key contracts (4 rigs, 3 services, 1 consul8ng) Diversifying customer base in Colombia. Entry into new markets Environment Waste classifica8on and separa8on at all rig sites Carbon footprint study launched Quality Awarded 98% on quality cer8fica8on in Colombia Launched Trigpoint maintenance management system Our People Expanded into Colombia, Bolivia Promo8ons of senior local staff into execu8ve roles Safety 1 year completely accident free on two rigs in Argen8na Awarded Cruz Esmerelda award by the Colombian Sawey Council Incident frequency and severity down substan8ally post changes in SSMACD team 31

32 Financial Results 32

33 A History of Growth CAGR : 70% (Estrella Only) SAIC operated as part of Pride Interna>onal prior to

34 Stabilizing the Balance Sheet Fundamental reduc1on in debt both at the Estrella and combined levels Target leverage levels of 2-2.5xEBITDA 34

35 Rig Fleet U1liza1on % 45 90% 40 80% Rig Count Rig Count Drilling Rig Count Workover Utilization Estrella Utilization SAIC 70% 60% 50% 40% 30% Utilization 10 20% 5 10% 0 0% E Colombia Impact Fleet u8liza8on in heavily impacted by Colombia Prior to 2009, SAIC was owned by Pride Interna8onal Con1nued Focus on Maximizing Term Contracts 35

36 Capitaliza1on Current Issued and Outstanding Post Consolida1on Common Share Equivalent (1) Common Shares 299,476,450 2,994,765 Class A Preference Shares 4,750,000 47,500 Op8ons 2,546,500 25,465 Warrants (2) 38,712, ,125 Warrants (3) 1,875,000 18,750 Warrants (4) 66,666, ,667 Conver8ble Debentures (5) Class B Preference Shares to be issued in connec8on with the Proposed Private Placement (6) Post transac8on, post consolida8on fully diluted $10,525, ,252 26,000,000 30,245,524 Notes: (1) Based on a consolida8on of the outstanding Common Shares on a 1 for 100 basis. (2) Exercisable for 38,712,500 pre- Consolidated Common Shares CDN$1.50 per share expiring July 25, On Consolida8on the Exchange Basis will be adjusted on the same basis as the consolida8on ra8o. (3) Represents 150 Warrants exercisable for 1,875, 000 pre- consolidated Common Shares at a price of CDN$0.80 per share un8l January 21, 2016, upon consolida8on the Exercise price will be CDN$80 per share. (4) Exercisable for 66,666,667 pre- consolidated Common Shares at a price of CDN$0.15 per share un8l February 10, 2014, upon consolida8on the Exercise price will be CDN$15.00 per share. (5) Due December 31, 2015, with an annual interest rate of 12% per annum. Conver8ble at the op8on of the Holder, into fully- paid common shares in the capital of the Issuer at any 8me prior to maturity at a conversion price of $1.00 per common share for every S1.00 of principal. Upon consolida8on, the conversion will be adjusted such that the holder shall be en8tled to convert the principal into fully- paid Common Shares in the capital of the Company at a conversion price of $ per common share for every S of principal. (6) To be issued on a post- consolidated basis at a price of CDN$5.00 per share. 36

37 Priori1es for Successful Integra1on with San Antonio - Build on opera8onal history and strength of SAIC and add Estrella s technical and interna8onal capabili8es - Realize synergies in 2013 Secure long term rig contracts to get u1liza1on over 80% - 7 of 8 rigs outside of Colombia on long term contracts, and the 8 th is mobilizing Growth in Services Business - Higher rate of return on capital than rigs Substan1al SG&A reduc1on as a func1on of revenue 37

38 Estrella Interna8onal Energy Services Ltd. Warren Levy Carlos Valencia Javier Vedoya Director & Founder CEO CFO Phone: Fax:

39 click the star to watch video 39

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