Benzinga | Sep 3, 2020 04:33PM EDT

Independence Contract Drilling, Inc. Provides Interim Update On Certain Operational And Financial Data; Says Has Signed Contracts For The Reactivation Of Four Rigs, Expects Operating Days During The Third Quarter To Range Between 455 And 465 Day

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.