ALICE, TEXAS – May 15, 2009 – Forbes Energy Services Ltd. (TSX: FRB) today announced financial and operating results for the quarter ended March 31, 2009.

Revenues for the first quarter declined to $63.4 million compared to $96.7 million in the fourth quarter of 2008 as a result of lower pricing and utilization in both operating segments.

Net loss for the three months ended March 31, 2009 was $4.5 million, or a loss of $0.07 per share, compared to a net loss of $2.3 million, or $0.04 per share, in the quarter ended December 31, 2008. EBITDA for the first quarter of 2009 totaled $9.0 million versus $21.2 million in the 2008 fourth quarter.

EBITDA is a non-GAAP financial measure, defined by the Company as net income before interest, taxes, depreciation and amortization. For a reconciliation of EBITDA to net income, please see the disclosures at the end of this release.

John Crisp, Forbes Energy’s President and Chief Executive Officer, stated, "As expected, the U.S. operating environment was quite challenging during the first quarter due to a significant decline in customer spending as a result of lower energy prices. We have continued to implement cost cutting measures, including headcount and salary reductions, in an effort to keep pace with declining revenues.

Going into the second quarter we continue to experience utilization and pricing pressures, although indications are that the rate of decline is slowing, and the market may begin stabilizing later this year.

"In contrast to the domestic environment, Mexico is truly a bright spot for Forbes Energy. We put our first four rigs to work there in the first quarter, and we have two more expected to be ‘on well’ before the end of the second quarter. We anticipate that Mexico will be an area of continued growth for us going forward," concluded Crisp.