HOUSTON, April 17,
2023 /PRNewswire/ -- Independence Contract Drilling,
Inc. (the "Company" or "ICD") (NYSE: ICD) today announced that
Daniel F. McNease has retired from
the Company's Board of Directors, effectively immediately, for
personal reasons. Mr. McNease served on the Company's Board
of Directors since 2012 and served as Chairman of the Board since
2019. The Board has selected James G.
Minmier to replace Mr. McNease as Chairman of the
Board. Mr. Minmier has served as director of the Company
since 2018. The Board has elected Brian D. Berman to the Board of Directors to
fill the vacancy created by Mr. McNease's departure.
J. Anthony Gallegos, Jr.,
President and Chief Executive Officer stated, "On behalf of our
Board and ICD's management team, we thank Danny for his service and
longstanding commitment to the Company. His leadership and
insight over the past 11 years through multiple market cycles has
been invaluable to the Company. We are pleased to welcome
Brian to our Board of Directors. ICD has positively
transformed since exiting the pandemic with materially improved
financial performance and a strengthening balance sheet, which we
believe positions us to capitalize upon the emerging opportunities
in front of us. We look forward to Brian's contributions to
our future success."
Mr. McNease stated, "It has been an honor to work with Anthony
and the rest of ICD's Board and management team over the past 11
years, and I regret I need to retire at this time. Today, ICD
has never been stronger, and under Anthony's and the Board's
leadership, ICD's future looks very bright. I look forward to
watching their progress as a stockholder over the coming
years."
About Brian D. Berman
Mr. Berman is a founding partner of Glendon Capital Management
and has served in such position since 2013. Prior to such time, Mr.
Berman was a Managing Director of the Barclays Asset Management
Group from 2006 until 2013 and served as a Managing Director at
Oaktree Capital Management from 1996 to 2006. Prior to Oaktree, Mr.
Berman was employed for one year at Tamkin Capital Partners in
merchant banking and for five years at Wertheim Schroder & Co.
Mr. Berman received a B.S.E. from The Wharton School of the
University of Pennsylvania in 1989 and
earned an M.B.A. from The UCLA Anderson School of Management in
1996.
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.