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Axis Acquires Assets from Forbes Energy Services to Offer More Diverse Well Service Offerings

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Longview, TX – May 5, 2021 – Axis Energy Services, LLC (“Axis” or the “Company”), a data-driven oil and gas well service company that provides integrated solutions across the life of the well, announced today it has entered into an agreement to acquire the well servicing and coiled tubing assets of Forbes Energy Services Ltd. (“Forbes”). Forbes is a leading independent oilfield services contractor that provides a broad range of completion and production related services to oil and natural gas companies in the US.

The transaction will strengthen Axis’ well servicing and plug & abandonment business lines by adding Forbes’ infrastructure and crews to the Axis team. The combination will result in Axis’ rig fleet doubling in capacity and the expansion of service offerings to customers. With this acquisition, Axis will become a top four well servicing company in the US by total rig count and grow the Company’s presence in South Texas and the Eagle Ford Shale. As the Company scales, it has more capability to deliver Axis CORE® technology to more customers and provide game-changing data acquisition and analytics that improve operations.

“We are very proud of the data-driven, completions-focused company we have built and the growth driver it has become that has given us a strong balance sheet to pursue accretive opportunities,” said Dirk Lee, President and CEO of Axis. “During the past year and a half, we looked at several potential targets and knew we had found the right one when we met with the great people of Forbes. With the integration of Forbes’ knowledge base, we are deepening our well servicing and recompletion roots and will now be able to provide more value to our customers and employees.”

Axis is committed to long-term sustainability by ensuring all equipment is fit for today’s oilfield. As part of this responsibility to the environment and its people, Axis plans to recycle any outdated and potentially unsafe equipment that it may acquire during this transaction, as well as continue to utilize modern technology and safe practices.

About Axis Energy Services, LLC

Axis is a data-driven energy services company committed to continuous improvement across the life of the well by utilizing innovative technologies, employee training, and best-in-class customer service. The proprietary Axis CORE® system is a data acquisition and analytics software platform offered with our services that enables safer, more efficient operations and a data-driven experience for our customers. Formed in 2018, Axis is a private company backed by Lime Rock Partners and B-29 Investments. Our leadership brings decades of experience to provide our customers with necessary service offerings, including completions, workovers, pressure control, and pumping services, as well as BOP equipment rentals, chemical mixing, nitrogen, fishing and rental services, and plug and abandonment services. Axis is headquartered in Longview, Texas with operations in the Bakken, Eagle Ford, Haynesville, Marcellus, Permian, and Utica basins.

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