Forbes Energy Services Announces the Completion of Required Repurchases of
11% Senior Secured Notes due 2015

    



    
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<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>
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<p>The repurchase and cancellation leaves an outstanding principal amount of approximately <span class="xn-money">$192.5 million</span> of Senior Notes.</p>
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    About Forbes Energy

    
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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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    Contacts:    Forbes Energy Services Ltd.
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                 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: L. Melvin Cooper, SVP & CFO of Forbes Energy Services Ltd., [phone]; or Ken Dennard, Managing Partner, or Ben Burnham, AVP, both of DRG&E, [phone], for Forbes Energy Services Ltd.