ALICE, Texas, June 29 /PRNewswire-FirstCall/ -- Forbes Energy Services Ltd. (TSX: FRB) today announced that it has completed the repurchases of the 11% Senior Secured Notes due 2015 required by the indenture governing such notes. In total, $7,250,000 principal amount of such 11% Senior Secured Notes were repurchased in 2010 in the open market (in addition to the $5,250,000 in principal amount repurchased in the open market in 2009), which has resulted in a nominal gain on extinguishment of debt in 2010. The repurchased Senior Notes have been cancelled.
The repurchase and cancellation leaves an outstanding principal amount of approximately $192.5 million of Senior Notes.
About Forbes Energy
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.
Forbes Energy Services Ltd.
L. Melvin Cooper, SVP & CFO
Ken Dennard, Managing Partner
Ben Burnham, AVP
SOURCE Forbes Energy Services Ltd.