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Abstract
Estrella International Energy Services Ltd. ("Estrella" or the "Company") (TSX VENTURE:EEN) is pleased to announce that it has closed its previously announced acquisition (the "Acquisition") of all of the issued and outstanding shares of San Antonio Internacional Co. Inc. ("SAI Colombia") from San Antonio International Oil & Gas Services LLC and Armadillo Drilling Services LLC (collectively the "Sellers") for a purchase price of approximately US$122 million (the "Acquisition"). As a result of the Acquisition, Estrella now controls 37 rigs in the Colombian market making it the largest single rig operator in Colombia.
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.