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Message: Operating Data for February 2009 + Mexico op started

Operating Data for February 2009 + Mexico op started

posted on Mar 19, 2009 02:33AM

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.

<<

For the month ending

February 28, January 31, February 29,

2009 2009 2008

<<

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

>>

<<

Truck hours 68,665 89,383 72,343

>>

<<

Working days represent the week days in the month less holidays.

Rig and truck hours represent actual hours billed to customers.

>>

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."

<<

>>

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 and Mexico.

<<

Contacts: Forbes Energy Services Ltd.

L. Melvin Cooper, SVP & CFO

361-664-0549

>>

<<

DRG&E

Ken Dennard, Managing Partner

Ben Burnham, AVP

713-529-6600

>>

-30-

/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./

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