HOUSTON, July 1, 2020 /PRNewswire/ -- Independence
Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD)
provided the following operational and financial updates for the
three months ended June 30, 2020:
- The Company expects to report approximately 834 revenue days
during the three months ended June 30,
2020. Reported revenue days exclude rigs earning revenues on
an early termination basis.
- The Company expects to report a backlog of term contracts with
original terms of six months or more of approximately $15.1 million as of June
30, 2020, representing approximately 2.26 rig years of work.
Of this backlog, 84% is expected to be realized during the
remainder of 2020.
- The Company exited the quarter with five rigs operating and one
additional rig earning revenue on an early termination basis.
- During the second quarter of 2020, the Company issued 1,192,566
shares of common stock at an average gross selling price of
$6.15 per share pursuant to its ATM
stock offering. The Company expects weighted average shares
outstanding for the three months ended June
30, 2020, to be approximately 4,018,000 shares.
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.