<p>ALICE, Texas, <span class="xn-chron">June 29</span> /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB) today announced that it has completed the repurchases of the 11% Senior Secured Notes due 2015 required by the indenture governing such notes. In total, <span class="xn-money">$7,250,000</span> principal amount of such 11% Senior Secured Notes were repurchased in 2010 in the open market (in addition to the <span class="xn-money">$5,250,000</span> in principal amount repurchased in the open market in 2009), which has resulted in a nominal gain on extinguishment of debt in 2010. The repurchased Senior Notes have been cancelled.</p>
<p>The repurchase and cancellation leaves an outstanding principal amount of approximately <span class="xn-money">$192.5 million</span> of Senior Notes.</p>
About Forbes Energy
<p>Forbes Energy Services Ltd. is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas, Mississippi, Pennsylvania and <span class="xn-location">Mexico</span>.</p>
Contacts: Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO
Ken Dennard, Managing Partner
Ben Burnham, AVP
For further information: For further information: L. Melvin Cooper, SVP & CFO of Forbes Energy Services Ltd., +1-361-664-0549; or Ken Dennard, Managing Partner, or Ben Burnham, AVP, both of DRG&E, +1-713-529-6600, for Forbes Energy Services Ltd.