Attached files
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8-K - FORM 8-K - Forbes Energy Services Ltd. | d231952d8k.htm |
Exhibit 99.1
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NEWS RELEASE | |
Contacts: Forbes Energy Services Ltd. L. Melvin Cooper, SVP & CFO 361-664-0549 | ||
FOR IMMEDIATE RELEASE | ||
DRG&L Ken Dennard, Managing Partner Ben Burnham, AVP 713-529-6600 |
Forbes Energy Services Enters into $75 Million
Revolving Credit Facility with Regions Bank
ALICE, TEXAS September 13, 2011 Forbes Energy Services Ltd. (NASDAQ: FES and TSX: FRB) (the Company) announced today that on September 9, 2011, the Company and certain of its subsidiaries entered into a five year asset based revolving credit facility with Regions Bank and certain other lenders, which is secured by substantially all of the Companys assets. The credit facility provides for initial borrowing availability of up to $75 million, subject to certain maximum borrowing base restrictions as defined in the credit facility agreement. The agreement governing the credit facility contains certain negative and affirmative covenants that are customary for loans of this nature, and permits the Company to use the proceeds from the credit facility for the purchase of equipment, permitted acquisitions and other general corporate purposes.
About the Company
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.