UPDATE 1-Forbes Energy sees narrower Q2 loss on higher prices

* Sees Q2 loss $4.5 mln vs $9.0 mln year ago

* Says activity increased across all markets

July 20 (BestGrowthStock) – Oilfield services contractor Forbes
Energy Services Ltd (FRB.TO: )said it expects to post a narrower
second-quarter loss, helped by price increases and strength
across all of its markets, especially in southern Texas.

The company said it implemented gradual price increases
beginning in the first quarter, which has helped it to
establish more normalized gross margins.

Net loss for the three months ended June 30 is expected to
be $4.5 million, compared with net loss of $9.0 million a year
ago.

The company also reported gross revenue for May of $27
million, a 13 percent increase from April. The company expects
June revenue to be in line with May levels, it said.

Last week, Forbes Energy had said its two workover rigs in
Pennsylvania, idled after a well blowout last month, may return
to full service as it settled with the Pennsylvania Department
of Environmental Protection. [ID:nSGE66C0E7]

Shares of the company closed at 50 Canadian cents Friday on
the Toronto Stock Exchange.

Investing Basics

(Reporting by Arnika Thakur in
Bangalore; Editing by Anne Pallivathuckal)

UPDATE 1-Forbes Energy sees narrower Q2 loss on higher prices