Notes: April 17, 2017 -- Forbes Energy Services Ltd. today announced that the plan of reorganization under Chapter 11 of the United States Bankruptcy Code of Forbes and its domestic subsidiaries became effective on April 13, 2017. As previously announced, the Plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas-Corpus Christi Division on March 29, 2017. The Debtors have emerged from a successful restructuring process with a net reduction in their debt of approximately $260 million. On the Effective Date, all prior equity interests of Forbes were extinguished and a new class of common stock was created. Also on the Effective Date, all of Forbes' 9% senior notes due 2019 were cancelled, and each holder of the Senior Notes received such holder's pro rata share of $20 million in cash and 100% of the new common stock of reorganized Forbes ("New Common Stock"), subject to dilution only as a result of the shares of New Common Stock issued or available for issuance in connection with a management incentive plan adopted on the Effective Date (as described below). The Company has applied to have its New Common Stock (CUSIP number 345143 200) designated for trading on the OTCQB or OTCQX marketplaces. As soon as final approval for either such platform occurs, the Company will announce details of the commencement of trading on such platform.