Forbes Energy Services Ltd. announced that it has acquired Cretic Energy Services, LLC from Catapult Energy Services Group, LLC, an NGP and NGP Energy Technology Partners portfolio company. Joe Michetti will become President and Co-Chief Operating Officer of Forbes, and brings with him an experienced and professional team of managers, technical support staff, and operators, each of whom will continue in their current roles under Cretic.

In order to fund the Cretic acquisition, Forbes entered into a new $35 million ABL facility with Regions Bank and (ii) amended and upsized its existing first lien term loan to receive an additional $60 million of term loan proceeds. Following the Cretic acquisition, the short term portion of Forbes' term loan, in the amount of $50 million, is expected to be repaid with proceeds from a planned offering of rights to purchase unsecured subordinated convertible debt securities to its existing shareholders on a pro rata basis. Forbes' two large shareholders have committed to purchase the debt securities underlying any rights that are not exercised by other shareholders. In the event Forbes does not consummate the planned rights offering within twelve months following the Cretic transaction, the short term portion of the term loan will automatically convert to unsecured subordinated convertible debt securities.