Exhibit 99.1

INDEPENDENCE CONTRACT DRILLING, INC. ANNOUNCES FIRST QUARTER RESULTS

HOUSTON, TEXAS, May 7, 2015 / PRNewswire/ – INDEPENDENCE CONTRACT DRILLING, INC. (the “Company”) (NYSE: ICD) today reported financial results for the three months ended March 31, 2015.

First Quarter 2015 Highlights

Chief Executive Officer Byron Dunn commented, “Despite a continued challenging market environment our financial results, utilization, rig uptime and safety record demonstrate the quality of ICD operations and validate the ongoing rig replacement cycle, use of pads in unconventional resource development and growing operator demand for pad optimal equipment. Our balance sheet is solid and we are positioned to successfully navigate through the current down cycle and to take advantage of opportunities as the energy cycle turns.”

Quarterly Financial Results

The Company reported net income of $1.4 million, or $0.06 per share, for the first quarter of 2015, compared to a net loss of $3.7 million, or $0.30 per share, for the first quarter ended March 31, 2014. Included in net income during the first quarter of 2015 and net loss during the first quarter of 2014 were the following items not related to on-going operations:

Excluding these items, the Company reported net income of $0.9 million, or $0.03 per share, for the first quarter of 2015, compared to a net loss of $0.7 million, or $0.06 per share, for the first quarter of 2014. Revenues for the first quarter of 2015 were $22.3 million, compared to $13.5 million for the first quarter of 2014, and Adjusted EBITDA for the first quarter of 2015 was $6.3 million, compared to $3.1 million for the first quarter of 2014.

Quarterly Operational Results

The Company’s rigs achieved 92.6% contractual utilization and had 951.2 revenue days during the first quarter of 2015 compared to 100% contractual utilization and 607.3 revenue days during the first quarter of 2014 and 100.0% contractual utilization and 921.4 revenue days during the fourth quarter of 2014. Revenue days during the first quarter of 2015 included 183.6 days in which the Company earned a standby rate. The sequential improvement in revenue days reflects the addition of the Company’s 11^th ShaleDriller in December 2014 and the Company’s 12^th and 13^th ShaleDriller in March 2015, partially offset by a shorter calendar quarter and the idling of one of the Company’s 100 Series rigs in January 2015.

During the first quarter of 2015, revenues totaled $22.3 million compared to $13.5 million during the first quarter of 2014. On a sequential basis, revenues during the first quarter of 2015 decreased 3% compared to $23.0 million during the fourth quarter of 2014. The sequential decrease in revenue resulted primarily from the shorter calendar quarter and an increase in standby days during the current quarter.

Operating costs totaled $13.1 million compared to $8.8 million during the first quarter of 2014. On a sequential basis, operating expenses during the first quarter of 2015 increased 3% compared to $12.7 million during the fourth quarter of 2014. On an operating costs per day basis, operating expenses were $13,035 per day during the first quarter of 2015 compared to $12,697 during the first quarter of 2014, and $12,454 during the fourth quarter of 2014. While cash operating costs per day at the rig level generally remained flat, the sequential increase in operating costs per day primarily related to incremental ad valorem taxes, stacking costs for the Company’s one idle rig, and higher repair costs for one of the Company’s rigs.

Selling, general and administrative expenses were $3.8 million compared to $2.1 million during the first quarter of 2014. On a sequential basis, selling, general and administrative expenses during the first quarter of 2015 decreased 14% compared to $4.4 million of expenses during the fourth quarter of 2014. The sequential decrease was associated with decreases in incentive compensation awards.

Drilling Operations Update

As of the end of the first quarter of 2015, the Company had one ShaleDriller under construction and one rig that was stacked and not expected to earn revenue in the near term. During the first quarter of 2015, one term contract expired and the rig continued working for the customer on a single well contract that is ongoing. The Company also successfully entered into a new long-term contract on a farm-out basis for one of its 200 Series ShaleDriller™ rigs with a new client that is a major Permian operator. Since the first quarter of 2015, the Company has successfully entered into a new multi-well contract for one of its rigs with an expiring contract and is actively marketing a second rig for which its contract expired during the first week of May 2015. The Company’s 14^th ShaleDriller™ rig, which is scheduled for completion during the third quarter of 2015, remains on time and on budget.

Capital Expenditures and Liquidity Update

During the first quarter, the Company made capital expenditures, net of insurance payments received, of approximately $25.9 million. The Company’s estimated capital expenditures budget for the remainder of 2015 is between $26.0 million and $30.0 million, which will fund the completion of its 14th ShaleDriller™ rig, capital spare inventories and maintenance capital expenditures, as well as approximately $13.0 million of additional expenditures that can be utilized in the construction of additional ShaleDriller™ rigs or the upgrade of the Company’s two non-walking rigs with ShaleDriller™ walking systems.

As of March 31, 2015, the Company had drawn $35.9 million on its revolving credit facility, which matures in November 2018. The borrowing base under the credit facility at March 31, 2015 was $123.8 million.

Conference Call Details

A conference call for investors will be held today at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s first quarter 2015 results. Hosting the call will be Byron A. Dunn, Chief Executive Officer, Edward S. Jacob, III, President & Chief Operating Officer, and Philip A. Choyce, Senior Vice President and Chief Financial Officer.

The call can be accessed live over the telephone by dialing (855) 239-3115 or for international callers, (412) 542-4125. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529 or for international callers, (412) 317-0088. The passcode for the replay is 10065222. The replay will be available until May 14, 2015.

Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company’s website at www.icdrilling.com in the Investor Relations section. A replay of the webcast will also be available for approximately 30 days following the call.

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, 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2014, 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.

INDEPENDENCE CONTRACT DRILLING, INC.

(in thousands, except par value and share data)

BALANCE SHEETS

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except per share amounts)

STATEMENTS OF OPERATIONS

INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands)

STATEMENTS OF CASH FLOWS

The following table provides various financial and operational data for the Company’s operations during the three month periods ending March 31, 2015, March 31, 2014 and December 31, 2014. This information contains non-GAAP financial measures of the Company’s operating performance. The Company believes this non-GAAP information is useful because it provides a means to evaluate the operating performance of the Company on an ongoing basis using criteria that are used by our management. Additionally, it highlights operating trends and aids analytical comparisons. However, this information has limitations and should not be used as an alternative to operating income (loss) or cash flow performance measures determined in accordance with GAAP, as this information excludes certain costs that may affect the Company’s operating performance in future periods.

OTHER FINANCIAL & OPERATING DATA

Unaudited

Non-GAAP Financial Measure

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define “EBITDA” as earnings (or loss) before interest, taxes, depreciation, and amortization, and we define “Adjusted EBITDA” as EBITDA before stock-based compensation, gain/loss on warrant derivative liability and non-cash asset impairments and other one-time non-operating items. Adjusted EBITDA is not a measure of net income as determined by U.S. generally accepted accounting principles (“GAAP”).

Management believes Adjusted EBITDA is useful because it allows our stockholders to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in calculating Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), the most closely comparable financial measure calculated in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as stock-based compensation and the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our results will be unaffected by unusual or non-recurring items. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measure of net income for each of the periods indicated.

INVESTOR CONTACTS:

Independence Contract Drilling, Inc.

E-mail inquiries to: Investor.relations@icdrilling.com

Phone inquiries: (281) 598-1211