ALICE, Texas, May 31, 2016 (GLOBE NEWSWIRE) — Forbes Energy Services Ltd. (NASDAQ:FES) today announced that it has retained financial advisors Jefferies LLC and legal advisors Pachulski Stang Ziehl & Jones LLP to advise management and its board of directors on strategic alternatives related to its capital structure. No assurance can be given as to … Continued
ALICE, Texas, May 31, 2016 (GLOBE NEWSWIRE) — Forbes Energy Services Ltd. (NASDAQ:FES) today announced that it has retained financial advisors Jefferies LLC and legal advisors Pachulski Stang Ziehl & Jones LLP to advise management and its board of directors on strategic alternatives related to its capital structure.
No assurance can be given as to the outcome or timing of this strategic and financial review. The Company does not intend to make any further announcements concerning this process unless and until the Company determines that disclosures are necessary or appropriate.
About Forbes Energy Services
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 and Pennsylvania. More information on the Company can be found by visiting www.forbesenergyservices.com.
Forward-Looking Statements and Regulation G Reconciliation
This press release includes certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the appearance in such a statement of words like “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project” or “should” or other comparable words or the negative of these words. When you consider our forward-looking statements, you should keep in mind the risk factors we describe and other cautionary statements we make in our Annual Report on Form 10-K for the year ended December 31, 2015. Our forward-looking statements are only predictions based on expectations that we believe are reasonable. Our actual results could differ materially from those anticipated in, or implied by, these forward-looking statements as a result of known risks and uncertainties set forth below and in such Annual Report on Form 10-K. These factors include or relate to: the amount of debt outstanding under our revolving credit facility and indenture; the level of cooperation of debt holders in connection with any capital restructuring; the timing and scope of such a capital restructuring; our ability to access capital markets to finance operations; and the availability of any strategic alternatives to effect a capital restructure. In addition to the above factors related to the capital structure of the Company, actual operating results directly impact our ability to effect a capital restructuring and could continue to be impacted by the following: oil and natural gas commodity prices; market response to global demands to curtail use of oil and natural gas; spending by the oil and natural gas industry; supply and demand for oilfield services and industry activity levels; our ability to maintain stable pricing; our level of indebtedness; possible impairment of our long-lived assets; our ability to maintain stable pricing; the impact of excess capacity for current industry conditions; competition; substantial capital requirements; significant operating and financial restrictions under our indenture and revolving credit facility; technological obsolescence of operating equipment; dependence on certain key employees; concentration of customers; substantial additional costs of compliance with reporting obligations, the Sarbanes-Oxley Act and indenture covenants; seasonality of oilfield services activity; collection of accounts receivable; environmental and other governmental regulation, including potential climate change legislation; the potential disruption of business activities caused by the physical effects, if any, of climate change; risks inherent in our operations; ability to fully integrate future acquisitions; variation from projected operating and financial data; variation from budgeted and projected capital expenditures by our customers; volatility of global financial markets; and the other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. To the extent these risks, uncertainties and assumptions give rise to events that vary from our expectations, the forward-looking events discussed in this press release may not occur. All forward-looking statements attributable to us are qualified in their entirety by this cautionary statement.
Contact: Casey Stegman Investor Relations 214-987-4121