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Independence Contract Drilling, Inc. Announces Closing of Issuance Under Exercise of Underwriters' Option to Purchase Additional Shares of Common Stock

HOUSTON, Aug. 29, 2014 /PRNewswire/ -- Independence Contract Drilling, Inc. (NYSE: ICD), announced today that it has closed today the issuance of 1,500,000 shares of common stock at $11.00 per share pursuant to the full exercise of the option to purchase additional shares of common stock granted to the underwriters in connection with ICD's recent initial public offering of 10,000,000 shares.  ICD's initial public offering of 10,000,000 shares of common stock closed on August 13, 2014.  The shares trade on the New York Stock Exchange under the ticker symbol "ICD."

Morgan Stanley, RBC Capital Markets and Tudor, Pickering, Holt & Co. are acting as book-running managers for the offering. Canaccord Genuity, Capital One Securities, Cowen and Company, FBR, IBERIA Capital Partners L.L.C. and Johnson Rice & Company L.L.C. acted as co-managers. The offering was made only by means of a prospectus.  Potential investors can obtain a prospectus that meets the requirements of Section 10 of the Securities Act of 1933 from:

Morgan Stanley & Co. LLC
Attn: Prospectus Department
180 Varick Street, 2nd Floor
New York, NY 10014

RBC Capital Markets, LLC
Attn: Prospectus Department
Three World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281
Telephone: (877) 822-4089

Tudor, Pickering, Holt & Co. Securities, Inc.
Attn: Prospectus Department
Heritage Plaza
1111 Bagby, Suite 5100
Houston, TX 77002
Telephone: (713) 333-7100

To obtain a copy of the prospectus free of charge, visit the U.S. Securities and Exchange Commission's website, www.sec.gov, and search under the registrant's name, "Independence Contract Drilling, Inc."

About Independence Contract Drilling

Independence Contract Drilling was formed in November 2011 and provides land-based contract drilling services for oil and natural gas producers in the United States.

Investor Contacts:

Investor Relations
[email protected]
(281) 598-1211

A registration statement relating to these securities has been filed with, and declared effective by, the SEC.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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, including, but not limited to the assumption that the market and services rates for land-based contract drilling services will be consistent with the current environment. 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 registration statement on Form S-1 initially filed by Independence Contract Drilling on June 19, 2014 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.

SOURCE Independence Contract Drilling, Inc.

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