News Release
Forbes Energy Services Ltd. To Trade On Toronto Stock Exchange
Forbes Energy Services Ltd. - (the "Company") – An application has been granted for the original listing in the Industrial category of up to 59,364,700 common shares (“Common Shares”) of which up to 24,644,700 Common Shares will be issued and outstanding and up to 34,720,000 Common Shares will be reserved for issuance.
Listing of the Common Shares will become effective at 5:01 p.m. on Wednesday, May 28, 2008 in anticipation of the public offering closing on Thursday, May 29, 2008. The Common Shares will be posted for trading on Thursday, May 29, 2008.
Stock Symbol: "FRB"
CUSIP: G38007 10 3
Trading Currency: CDN
Temporary Market Maker: Macquarie Capital Markets Inc.
Other Markets: None.
Head Office Address: 3000 South Business Highway 281
Alice, Texas 78332
Website: www.forbesenergyservices.com
Head Office Telephone Number: (361) 664-0549
Fax Number: (361) 664-0599
Investors Relations: Kenneth S. Dennard, Dennard Rupp Gray & Easterly, LLC
Tel: (713) 529-6600
Email: ksdennard@drg-e.com
Chief Financial Officer: L. Melvin Cooper
Corporate Secretary: L. Melvin Cooper
Incorporation: The Company was incorporated under the laws of Bermuda, pursuant to the Companies Act 1981, on April 9, 2008.
Fiscal Year End: December 31
Nature of Business: The Company is an 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.
Transfer Agent & Registrar: CIBC Mellon Trust Company, at its offices in Calgary and Toronto, has been appointed as Transfer Agent and Registrar of the Company.
Dividends: The Company has not paid any dividends on its Common Shares and currently intends to reinvest any earnings to fund the development and growth of its business. Any future payments of dividends will be at the discretion of the board of directors and will depend upon the financial condition, capital requirements and earnings of the Company as well as other factors it may deem relevant.
Initial Public Offering: Pursuant to the terms of a final prospectus dated May 22, 2008, Paradigm Capital Inc., Cormark Securities Inc. and Raymond James Ltd., as agents, have agreed to sell up to 24,644,500 Common Shares (which amount includes an over-allotment option for 3,214,500 Common Shares, which has been exercised in full), at a price of $7.00 per Common Share.
