Forbes Energy Services Announces Closing of Private Placement of $20 Million
of First Priority Notes

    


    
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<p>ALICE, Texas, <chron>Oct. 5</chron> /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB) (the "Company") announced today that on <chron>October 2, 2009</chron> the Company and its domestic subsidiaries completed the sale by the Company's subsidiaries, Forbes Energy Services LLC and Forbes Energy Capital Inc., of <money>$20 million</money> aggregate principal amount of first lien floating rate notes to Goldman, Sachs & Co. in a private placement in reliance on an exemption from registration under the Securities Act of 1933, as amended.  The Company used the net proceeds from this issuance to repay outstanding indebtedness under and terminate its existing revolving credit facility.</p>
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    About the Company

    
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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 and <location>Mexico</location>.</p>
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    Contacts:  Forbes Energy Services Ltd.
               L. Melvin Cooper, SVP & CFO
               361-664-0549
    
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               DRG&E
               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, Ben Burnham, AVP, both of DRG&E, [phone], for Forbes Energy Services Ltd.