ALICE, Texas, Dec. 13, 2010 /PRNewswire/ -- Forbes Energy Services Ltd. (TSX: FRB) today announced its rig and trucking hours for the month of November 2010.
November 30, November 30, 2010 October 31, 2010 2009 ------------- ---------------- ------------- Working days 19 21 19 Rig hours U.S. 25,724 29,971 17,804 Mexico 3,216 6,216 5,520 ----- ----- ----- Total rig hours 28,940 36,187 23,324 Truck hours 102,839 102,225 74,478
John Crisp, Forbes Energy's President and Chief Executive Officer, commented, "Our operating hours continue to improve in line with industry trends, although our hours were certainly impacted by the typical holiday slow down. We see continued opportunities for growth in the upcoming year, particularly in South Texas."
"As occurred in September and October, our Mexico operations once again experienced significant downtime due to delays by Pemex related to their annual budgeting process. Unfortunately, we will not be able to recapture any of this lost time. However, Pemex has now completed their budgeting process and as of the date of this release, all eleven work-over rigs are in the field working. In addition, we continue working toward completing our contract extension into 2011."
U.S. rigs generally work all weekdays except holidays. Mexico 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.
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.
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 Mexico.
Forward-Looking Statements
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 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 December 31, 2009 (the "Form 10-K") as well as other filings the Company has made with the Securities and Exchange Commission.
Contacts: Forbes Energy Services Ltd. -------------------------------------- L. Melvin Cooper, SVP & CFO 361-664-0549 DRG&L ----- Ken Dennard, Managing Partner Ben Burnham, AVP 713-529-6600
Forbes Energy Services Ltd.
CONTACT: L. Melvin Cooper, SVP & CFO of Forbes Energy Services Ltd.,
+1-361-664-0549; or Ken Dennard, Managing Partner, or Ben Burnham, AVP,
+1-713-529-6600, both of DRG&L, for Forbes Energy Services Ltd.
