Independence Contract Drilling, Inc. Announces Board and Executive Changes
April 06, 2020 at 07:08 am EDT
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Independence Contract Drilling, Inc. announced that in connection with cost reduction measures instituted by the Company in response to deteriorating market conditions caused by the global response to the COVID-19 pandemic as well as production increases from OPEC+, the employment of Christopher K. Menefee, the Company’s Senior Vice President - Business Development and named executive officer, was terminated effective April 2, 2020. Mr. Menefee will be due a cash severance of $467,668 pursuant to the terms of his existing employment arrangements. In connection with these cost cutting initiatives, the Board of Directors has also determined to reduce the number of director seats from seven to five following the Company’s 2020 Annual Meeting of Stockholders. In connection with this reduction, two current directors, Thomas R. Bates, Jr. and James D. Crandell, will not stand for re-election at the Company’s 2020 Annual Meeting.
Independence Contract Drilling, Inc. 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 improve its clients production profiles. The Company's operations are focused on unconventional resource plays located in geographic regions that it can support from its Houston, Texas and Midland, Texas facilities. The Company's rig fleet includes approximately 26 pad-optimal, superspec AC powered (AC) rigs. Its rigs are operating in the Permian Basin and the Haynesville Shale. The Company's customers for contract drilling services in the United States include oil and natural gas companies, independent oil and natural gas companies, as well as small to mid-sized publicly-traded and privately held oil and natural gas companies.
INDEPENDENCE CONTRACT DRILLING, INC. 
