ALICE, Texas--(BUSINESS WIRE)--Forbes Energy Services Ltd. (NASDAQ: FES) (TSX: FRB) announced today it will celebrate its recent U.S. exchange listing by ringing The NASDAQ Opening Bell at 9:30 a.m. EST on Nov. 30, 2011, at the NASDAQ Market Site in New York’s Times Square. Following the bell ceremony, company executives will host an Analyst Day starting at 10:30 a.m. EST at the Market Site’s conference center.
On Aug. 16, 2011, Forbes Energy commenced trading on NASDAQ Global Market under the ticker symbol “FES.” The move followed a reincorporation into Texas from Bermuda and a four-to-one consolidation of its common stock. Additionally, Forbes retained its listing on the Toronto Stock Exchange (TSX), where it is listed under the ticker symbol “FRB.”
Forbes Energy President and CEO John Crisp said, “This moment marks a significant milestone in our company’s evolution into one of the top five U.S. leaders in well servicing and fluid logistics management. Our South Texas legacy, now heavily fueled by capital commitments to the Eagle Ford, and our presence in other newly active shale plays in West Texas and East Texas, undoubtedly gives us many opportunities. We believe the strong regional position we’ve built and now our increased accessibility and visibility in the U.S. market from the NASDAQ listing gives us a springboard from which to propel our company into new growth.”
About Forbes
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.
Forward-Looking Statements and Regulation G Reconciliation
This press release contains “forward-looking statements,” as contemplated by the Private Securities Litigation Reform Act of 1995, in which the Company discusses factors it believes may affect its performance in the future. The accuracy of the Company’s assumptions, expectations, beliefs and projections depend on events or conditions that change over time and are thus susceptible to change based on actual experience, new developments and known and unknown risks. 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 Company’s actual future results might differ from the forward-looking statements made in this press release for a variety of reasons, which include: supply and demand for oilfield services and the level of oil and natural gas prices; the continued uncertainty in the global financial markets and its effect on domestic spending in the oil and natural gas industry; the Company's ability to maintain or improve pricing on its core services; the potential for excess capacity in the industry; and competition. Additional factors that you should consider are set forth in detail in the Risk Factors section of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and its Annual Report on Form 10-K for the year ended December 31, 2010, which were previously filed, as well as other filings the Company has made with the Securities and Exchange Commission. Should one or more of the foregoing risks or uncertainties materialize, or should the Company’s underlying assumptions prove incorrect, the Company’s actual results may vary materially from those anticipated in its forward-looking statements, and the Company’s business, financial condition and results of operations could be materially and adversely affected.