ALICE, Texas, Sept. 16 /CNW/ -- On September 11, 2008 John E. Crisp,
President and Chief Executive Officer of Forbes Energy Services Ltd.
("Forbes"), acquired 10,000 common shares of Forbes ("Common Shares") through
the facilities of the Toronto Stock Exchange ("TSX"). Mr. Crisp beneficially
owns, or exercises control and direction over, directly or indirectly, an
aggregate of 10,000 Common Shares as at the date hereof. This represents an
undiluted 0.04% interest in Common Shares based upon the 24,644,700 Common
Shares currently issued and outstanding.
Mr. Crisp also owns 8,850,000 of the 29,500,000 Class B shares of Forbes
(the "Class B Shares"), all of which are convertible into Common Shares on a
one-for-one basis at the option of the holder. As a result, Mr. Crisp
beneficially owns, or exercises control and direction over, directly or
indirectly, an aggregate of 8,860,000 Common Shares (representing a 16.4%
interest in Common Shares on a fully-diluted basis, assuming the conversion of
Class B Shares).
Mr. Crisp purchased the Common Shares for investment purposes and he may
in the future increase his holdings depending on market conditions. This news
release is being issued pursuant to section 5.2 of Multilateral Instrument
62-104 Take-Over Bids and Issuer Bids ("MI 62-104") and will be filed on the
System for the Electronic Document Analysis and Retrieval ("SEDAR") with the
report required under MI 62-104 and National Instrument 62-103 The Early
Warning System and Related Take-Over Bid and Insider Trading Reporting Issues.
Contacts: Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO
Ken Dennard, Managing Partner
Ben Burnham, AVP
John E. Crisp
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 John E. Crisp