ALICE, Texas, July 8 /PRNewswire-FirstCall/ -- 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 the commencement on Tuesday, July 1, 2008 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 440543 AB 2) (the "New Notes"). The issuance of the New Notes has been registered under the Act.
The Company will accept for exchange any and all original notes validly tendered and not validly withdrawn before the expiration time of 5:00 p.m., New York City time on July 30, 2008 (the "Expiration Time"), unless extended. Original notes validly tendered may be withdrawn at any time before the Expiration Time only in accordance with the withdrawal rights set forth in the exchange offer prospectus under the caption "Exchange Offer - Withdrawal of Tenders."
Copies of the exchange offer prospectus and related transmittal materials governing the exchange offer may be obtained from the exchange agent, Wells Fargo Bank, N.A., Corporate Trust Operations, MAC N9303-121, 6th & Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Reorg. Dept., or by calling 1-800-344-5128.
This release is not an offer to sell or a solicitation of an offer to purchase the New Notes or an offer to purchase or solicitation of an offer to sell the Old Notes.
Forbes Energy Services is an independent oilfield services contractor that provides well servicing and fluid logistics products and services primarily to the Texas market.
Forward-Looking Statements
This news release contains forward-looking statements, including, in particular, statements about Forbes Energy Services Ltd.'s plans and intentions regarding the exchange of New Notes for Old Notes. These have been based on the Company's current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct.
Contacts: Forbes Energy Services Ltd. L. Melvin Cooper, SVP & CFO 361-664-0549 DRG&E Ken Dennard, Managing Partner Ben Burnham, Assistant Vice President 713-529-6600
