ALICE, Texas, Aug. 5 /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB)
("FES"), Forbes Energy Services LLC (the "Company"), and Forbes Energy Capital
Inc. ("Capital," and together with the Company, the "Issuers") announced today
the completion of the offer to exchange any and all of the $205,000,000
aggregate principal amount of the Issuers' outstanding 11% Senior Secured
Notes due 2015 (CUSIPs 345140 AA 5; 345140 AB 3 & U34499 AA 8) (collectively,
the "Old Notes"), which were sold in transactions exempt from registration
under the Securities Act of 1933, as amended (the "Act"), for an equal
aggregate principal amount of the Issuers' 11% Senior Secured Exchange Notes
due 2015 (CUSIP 345140 AC 1) (the "New Notes"). The issuance of the New Notes
was registered under the Act.
At the scheduled expiration time of 5:00 p.m., New York City time, on
July 30, 2008, $205,000,000 of the aggregate principal amount, or 100%, of the
Old Notes were tendered and accepted for exchange by the Issuers for New
The form and terms of the New Notes are substantially the same as the
form and terms of the Old Notes issued in February 2008. The primary
difference is that the issuance of the New Notes has been registered under the
Act and, therefore, the New Notes will be freely tradable under the Act. The
New Notes evidence the same debt as the Old Notes they replace and are issued
under and entitled to the benefits of the indenture that governs the Old
The Exchange Agent for the exchange offer was Wells Fargo Bank, N.A.,
Corporate Trust Operations, MAC N9303-121, 6th & Marquette Avenue,
Minneapolis, Minnesota 55479, 1-800-344-5128.
Forbes Energy Services 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.
Contacts: Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO
Ken Dennard, Managing Partner
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 of DRG&E,
+1-713-529-6600, for Forbes Energy Services Ltd. Web Site: