Forbes Energy Services Reports Selected Operating Data for April 2010

ALICE, Texas, May 12 /PRNewswire-FirstCall/ -- Forbes Energy Services Ltd. (TSX: FRB) today announced its rig and trucking hours for the month of April 2010.  

John Crisp, Forbes Energy's President and Chief Executive Officer, commented, "We're seeing substantial year-over-year improvements across all of our operations.  Sequentially, rig and truck hours per day are continuing to rise and we expect the improvements to endure as we're now headed into our peak season.  During the months of May through October we typically experience stronger activity due to improved weather and longer daylight hours.

"Most of the growth is driven by strength in oil-directed work in West Texas, and natural gas liquids in our core South Texas market.  However, we're also seeing early signs of improvement in the natural gas focused East Texas market.

"We're also continuing to see firmer pricing in various degrees across the different geographic regions.  Some of that is due to pass-through of rising labor costs, but some of that is also coming in the form of expanding margin.  Although pricing is still significantly below 2008 peak levels, we expect that gap to gradually decrease as long as utilization trends remain healthy.

"In Mexico, our utilization remains strong in spite of the issues that some other operators have experienced in the region.  As our new management team continues streamlining processes, cutting costs, and recruiting talented local personnel, we expect improved financial results from that operation going forward."

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.

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 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 demand 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.

SOURCE Forbes Energy Services Ltd.

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