Independence Contract Drilling : August 2023 Investor Presentation

Sidoti MicroCap Conference

August 16, 2023

Preliminary Matters

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Various statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "plan," "goal," "will" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this presentation speak only as of the date of this presentation; we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including those discussed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, contingencies and uncertainties include, but are not limited to, the following:

• decline in or substantial volatility of crude oil and natural gas commodity prices;
• a decrease in domestic spending by the oil and natural gas exploration and production industry;
• fluctuation of our operating results and volatility of our industry;
• inability to maintain or increase pricing of our contract drilling services, or early termination of any term contract for which early termination compensation is not paid;
• our backlog of term contracts declining rapidly;
• the loss of any of our customers, financial distress or management changes of potential customers or failure to obtain contract renewals and additional customer contracts for our drilling services;
• overcapacity and competition in our industry;
• an increase in interest rates and deterioration in the credit markets;
• our inability to comply with the financial and other covenants in debt agreements that we may enter into as a result of reduced revenues, financial performance or financial requirements;
• unanticipated costs, delays and other difficulties in executing our long-term growth strategy;
• the loss of key management personnel;
• new technology that may cause our drilling methods or equipment to become less competitive;
• labor costs or shortages of skilled workers;
• the loss of or interruption in operations of one or more key vendors;
• the effect of operating hazards and severe weather on our rigs, facilities, business, operations and financial results, and limitations on our insurance coverage;
• increased regulation of drilling in unconventional formations;
• the incurrence of significant costs and liabilities in the future resulting from our failure to comply with new or existing environmental regulations or an accidental release of hazardous substances into the environment; and
• the potential failure by us to establish and maintain effective internal control over financial reporting.

All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the factors discussed throughout this presentation and in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K. Further, any forward-looking statement speaks only as of the date of this presentation, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

Adjusted Net Income or Loss, EBITDA and adjusted EBITDA are supplemental non-GAAP financial measures that are used by management and external users of the Company's financial statements, such as industry analysts, investors, lenders and rating agencies. The Company's management believes adjusted Net Income or Loss, EBITDA and adjusted EBITDA are useful because such measures allow the Company and its stockholders to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods or capital structure. See non-GAAP financial measures at the end of this presentation for a full reconciliation of Net Income or Loss to adjusted Net Income or Loss, EBITDA and adjusted EBITDA.

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Highest Asset Quality

100% Pad-Optimal,

Super-Spec

Significant InvestmentFleet Opportunity - Meaningful

Current Valuation

Discount to Market Based Upon Both Asset Values and Cash Flow Multiples

Fleet 100% Dual-Fuel	Land Drilling's Only U.S.
Enabled / Electric Hi- Line
Publicly-Traded,Pure-Play,
Capable: Substantial
Pad-Optimal,Super-Spec,
GHG Reduction /
Growth Story
Elimination

Expansion of

Margins/Cash Flows

Driving Overall Net Debt

Reduction and

Shareholder Upside

Ideal Geographic Focus on Most

Prolific Oil and Natural Gas

Producing Regions

Recognized Industry

Leader for Service and

Professionalism

Premier

Customer

Base

Presentation Outline

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1. Company Background: Pure- Play, 100% Pad- Optimal, Super- Spec U.S. Land Contract Driller
2. Market Dynamics and Outlook
3. Drivers of Returns, Free Cash Flow, Debt Reduction and Imbedded Value in Current Market
4. ESG
5. Appendices

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COMPANY

BACKGROUND

Pure-Play, 100%

Pad-Optimal,

Super-Spec U.S.

Land Contract

Driller