Forbes Energy Services Reports Selected Operating Data for March 2010


    
    ~ U.S. Rig hours up 21.7% year-over-year ~

    ~ Truck hours up 31.7% year-over-year ~





    
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<p>ALICE, Texas, <span class="xn-chron">April 12</span> /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB) today announced its rig and trucking hours for the month of <span class="xn-chron">March 2010</span>.</p>
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                                      For the month ending
                                      --------------------
                      March 31, 2010    February 28, 2010   March 31, 2009
                      --------------    -----------------   --------------
    Working days            23                  20                22
    
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    Rig hours
      U.S.              25,807              20,305            21,207
      Mexico             6,168               5,688             3,336
                         -----               -----             -----
      Total rig hours   31,975              25,993            24,543
    
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    Truck hours         93,742              82,319            71,171


    
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<p><span class="xn-person">John Crisp</span>, Forbes Energy's President and Chief Executive Officer, commented, "Our industry is continuing to experience a robust recovery.  Forbes is benefitting significantly from the recent strength in oil prices due to our exposure to oily markets, such as the Eagle Ford Shale in South Texas, the Permian Basin in West Texas, and Chicontepec in <span class="xn-location">Mexico</span>.</p>
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<p>"In particular, we expect significant additional upside from our position in the Eagle Ford Shale.  One of our largest customers recently stated, 'We believe the South Texas Eagle Ford horizontal crude oil play will prove to be one of the most significant <span class="xn-location">United States</span> oil discoveries in the past 40 years.'  South Texas is Forbes core base of operations, and with seven of our twenty eight yards supporting the Eagle Ford, we have the infrastructure in place to continue to leverage our rapid growth in the play.  With the youngest rig fleet engineered with the most modern technology, and with significant experience working in tight formations similar to the Eagle Ford, we believe Forbes is the best suited Company for managing the depth and complexity of these wells for our larger customers.  Five of our top ten customers, and nine of our top twenty-one customers, operate in the Eagle Ford shale, resulting in more than one third of Forbes fluid logistics revenues currently being generated from this play.</p>
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<p>"Pricing has firmed up across both of our operating segments.  Although price increases have been sporadic across our geographic area, on average we see improvement throughout 2010 as strong oil prices continue to encourage increased activity."</p>
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<p>Forbes Energy Services cautions that several factors other than those discussed above may impact the Company's operating results and that a particular trend regarding the factors above may or may not be indicative of the Company's current or future financial performance.</p>
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<p>U.S. rigs generally work all weekdays except holidays.  <span class="xn-location">Mexico</span> rigs generally work every day except holidays.  Trucks generally operate every day except Sundays and holidays.   Rig and truck hours represent actual hours billed to customers.</p>
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<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>
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    Forward-Looking Statements
    
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<p>This press release contains "forward-looking statements," as contemplated by the Private Securities Litigation Reform Act of 1995, in which the Company discusses factors it believes may affect its performance in the future. The accuracy of the Company's assumptions, expectations, beliefs and projections depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks. The Company gives no assurance that the forward-looking statements will prove to be correct and does not undertake any duty to update them. The Company's actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, which include: supply and demand for oilfield services and the level of oil and natural gas prices; the continued uncertainty in the global financial markets and its effect on domestic spending in the oil and natural gas industry; the Company's ability to maintain or improve pricing on its core services; the potential for excess capacity in the industry; competition and the ability to obtain additional cash resources through a financing or other permitted transaction. Should one or more of the foregoing risks or uncertainties materialize, or should the Company's underlying assumptions prove incorrect, the Company's actual results may vary materially from those anticipated in its forward-looking statements, and the Company's business, financial condition and results of operations could be materially and adversely affected.   Additional factors that you should consider are set forth in detail in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended <span class="xn-chron">December 31, 2009</span> (the "Form 10-K") as well as other filings the Company has made with the Securities and Exchange Commission.</p>
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    Contacts:     Forbes Energy Services Ltd.
                  ---------------------------
                  L. Melvin Cooper, SVP & CFO
                  361-664-0549
    
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                  DRG&E
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                  Ken Dennard, Managing Partner
                  Ben Burnham, AVP
                  713-529-6600





    

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.

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FORBES ENERGY SERVICES LTD.

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