Operating Data for February 2009 + Mexico op started
posted on
Mar 19, 2009 02:33AM
Edit this title from the Fast Facts Section
Attention Business And Energy Editors
Forbes Energy Services Reports Selected Operating Data for February 2009
ALICE, Texas, March 19 /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB)
today announced its rig and trucking hours billed for the month of February
2009.
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For the month ending
February 28, January 31, February 29,
2009 2009 2008
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Working days 20 21 21
Rig hours
U.S. 21,551 26,016 25,050
Mexico 1,412 - -
Total rig hours 22,963 26,016 25,050
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Truck hours 68,665 89,383 72,343
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Working days represent the week days in the month less holidays.
Rig and truck hours represent actual hours billed to customers.
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John Crisp, President and CEO, stated, "We are pleased to report that our
previously announced project in Mexico has commenced. Reported rig hours for
February represent a partial contribution for the month from our first four
Mexico rigs. We expect that number to increase over the next several months
as we report a full month's contribution in March and deliver two additional
rigs in the near future. Going forward, we anticipate further expansion
opportunities in Mexico due to the favorable competitive environment. With
the current challenging domestic operating environment, we believe that the
project in Mexico provides Forbes with valuable diversification to help offset
the decline in the U.S. oilfield services market."
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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.
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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 Mexico.
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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
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/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 Forbes Energy Services Ltd./