ICD - CORRECTION TO PRESS RELEASE ANNOUNCING FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2022

Published: 2022-05-17 10:23:50 ET ICD

HOUSTON - Independence Contract Drilling, Inc. (the 'Company' or 'ICD') (NYSE: ICD) today announced a correction to its press release issued on May 5, 2022, announcing the Company's unaudited financial results for the first quarter ended March 31, 2022.

The correction to the press release had no negative impact on the Company's revenues, revenue or cost per day, cash flows, adjusted net loss, or Adjusted EBITDA reported in the press release.

The correction relates to non-cash entries recorded to finalize the valuation and accounting presentation of embedded features associated with the Company's Convertible Senior Secured PIK Toggle Notes due 2026 and conforms reporting and presentation in the press release to the results and presentation as reported in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2022.

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.

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 the Company's 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.

Contact:

Tel: (281) 598-1211

Email: [email protected]