HOUSTON, Sept. 3, 2020
/PRNewswire/ -- Independence Contract Drilling, Inc. (the
"Company" or "ICD") (NYSE: ICD) provided the following interim
operational and financial updates for the third quarter of
2020:
- Since June 30, 2020, the Company
has signed contracts for the reactivation of four rigs, with three
of the contracts extending until at least the end of 2020.
The Company currently expects operating days during the third
quarter to range between 455 and 465 days.
- The Company has completed its ATM offering. Overall, the
Company raised $11 million of gross
proceeds, issuing 2.4 million shares at an average gross selling
price of $4.66 per share.
Incremental gross proceeds from sales since June 30, 2020 totaled $3.6
million.
Anthony Gallegos, President and
Chief Executive Officer, commented, "We are very pleased with our
overall progress quarter to date, especially regarding rig
reactivations, which are ahead of the cadence we expected earlier
in the quarter. With the completion of our ATM offering
process, we have made significant strides to improve our balance
sheet and financial liquidity. Looking forward, we continue
to have constructive conversations with existing and new customers
in all of our core markets for potential additional reactivations
later this year and are beginning to discuss incremental rig adds
for 2021 as well."
Piper Sandler & Co., through
its Simmons Energy division, served as exclusive agent for the ATM
offering.
About Independence Contract Drilling, Inc.
Independence Contract Drilling provides land-based contract
drilling services for oil and natural gas producers in the United States. The Company constructs,
owns and operates a fleet of pad-optimal ShaleDriller rigs that are
specifically engineered and designed to accelerate its clients'
production profiles and cash flows from their most technically
demanding and economically impactful oil and gas properties. For
more information, visit www.icdrilling.com.
Forward-Looking Statements
This news release contains certain forward-looking statements
within the meaning of the federal securities laws. Words such as
"anticipated," "estimated," "expected," "planned," "scheduled,"
"targeted," "believes," "intends," "objectives," "projects,"
"strategies" and similar expressions are used to identify such
forward-looking statements. However, the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements relating to Independence Contract
Drilling's operations are based on a number of expectations or
assumptions which have been used to develop such information and
statements but which may prove to be incorrect. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict, and
there can be no assurance that actual outcomes and results will not
differ materially from those expected by management of Independence
Contract Drilling. For more information concerning factors that
could cause actual results to differ materially from those conveyed
in the forward-looking statements, please refer to the "Risk
Factors" section of the Company's Annual Report on Form 10-K, filed
with the SEC and the information included in subsequent amendments
and other filings. These forward-looking statements are based on
and include our expectations as of the date hereof. Independence
Contract Drilling does not undertake any obligation to update or
revise such forward-looking statements to reflect events or
circumstances that occur, or which Independence Contract Drilling
becomes aware of, after the date hereof.
INVESTOR CONTACTS:
Independence Contract Drilling,
Inc.
E-mail inquiries to: Investor.relations@icdrilling.com
Phone inquiries: (281) 598-1211
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SOURCE Independence Contract Drilling, Inc.