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ALICE, Texas, Sept. 28 /CNW/ -- Forbes Energy Services Ltd. (TSX: FRB)

(the "Company") announced today that on September 25, 2009 the Company and its

domestic subsidiaries entered into a definitive agreement with Goldman, Sachs

& Co. ("Goldman Sachs") to have the Company's subsidiaries, Forbes Energy

Services LLC and Forbes Energy Capital Inc., sell $20 million aggregate

principal amount of first lien floating rate notes to Goldman Sachs in a

private placement in reliance on an exemption from registration under the

Securities Act of 1933, as amended. The Company intends to use the net

proceeds from this issuance to repay outstanding indebtedness under and

terminate its existing revolving credit facility. This transaction is

expected to close on or about September 30, 2009, subject to satisfaction of

customary closing conditions.

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About the Company

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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 and Mexico.

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Forward Looking Statements

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This press release contains "forward-looking statements," as contemplated

by the Private Securities Litigation Reform Act of 1995, including statements

regarding the anticipated closing of the announced transaction. 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 closing of the

financing is dependent on a variety factors, including whether the Company and

its subsidiaries will be able to satisfy the closing conditions. Additional

factors that you should consider are set forth in detail in the Risk Factors

section of the Company's most recent quarterly report on Form 10-Q and annual

report on Form 10-K as well as other filings the Company has made with the

Securities and Exchange Commission, which are posted on the "Corporate" page

of Forbes Energy's website, www.forbesenergyservices.com.

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Contact: Forbes Energy Services Ltd.

L. Melvin Cooper, SVP & CFO

361-664-0549

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DRG&E

Ken Dennard, Managing Partner

Ben Burnham, AVP

713-529-6600

-30-

/For further information: L. Melvin Cooper, SVP & CFO, Forbes Energy

Services Ltd., +1-361-664-0549; Ken Dennard, Managing Partner, or Ben Burnham,

AVP, both of DRG&E, +1-713-529-6600 Web Site:

http://www.forbesenergyservices.com/