Exhibit 99.1

INDEPENDENCE CONTRACT DRILLING, INC. REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2016

HOUSTON, TEXAS, July 28, 2016 / PRNewsire/ – INDEPENDENCE CONTRACT DRILLING, INC. (the “Company”) (NYSE: ICD) today reported financial results for the three months ended June 30, 2016.

Second Quarter 2016 Highlights

During the second quarter of 2016, the Company reported operating revenues of $15.2 million, a net loss of $4.2 million, or $0.12 per share, an adjusted net loss of $2.2 million, or $0.07 per share, and adjusted EBITDA of $5.4 million. This compares to operating revenues of $22.5 million, a net loss of $0.4 million, or $0.02 per share, and adjusted EBITDA of $7.4 million for the first quarter of 2016, and operating revenues of $21.1 million, a net loss of $0.7 million, or $0.03 per share, and adjusted EBITDA of $6.1 million for the second quarter of 2015.

Chief Executive Officer Byron Dunn commented, “The contract drilling market has materially improved over the last two months and we believe second quarter utilization represented an operational trough for ICD. Many of our customers have plans to resume drilling using larger pads and demand is forming for pad-optimal, omni-directional walking rigs. During the quarter, we mobilized our recently converted rig onto a multi-well pad for a new customer, contracted two rigs with a new customer which will deploy to the Louisiana Haynesville region during the third quarter, received direction to deploy two standby rigs back into service in the Permian in the third and early fourth quarters and began upgrade of an idle rig to 7,500 psi/three mud pump configuration in response to multiple contract discussions for this rig. We believe ICD is ideally positioned to benefit from the industry trend towards large-pad field development and look forward to returning our ShaleDriller^® rig fleet to full effective utilization as market dynamics continue to improve.”

Quarterly Operational Results

The Company’s marketed fleet operated at 65.6% utilization and recorded 732 revenue days during the second quarter of 2016 compared to 86.4% utilization and 943 revenue days during the first quarter of 2016 and 79.4%

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utilization and 939 revenue days during the second quarter of 2015. Rig operating margins during the second quarter of 2016 were $11,359 per day, compared to $10,982 per day during the first quarter of 2016 and $9,777 per day during the second quarter of 2015. Rig operating margins during the current quarter benefitted from the recognition of $1.6 million of revenues associated with the early termination of a drilling contract at the end of the first quarter of 2016.

Operating costs during the second quarter of 2016 totaled $7.4 million, compared to $12.6 million during the first quarter of 2016 and $12.1 million during the second quarter of 2015. Included in operating costs during the period were approximately $0.5 million of Galayda Yard costs that were expensed due to intermittent rig construction activities during the quarter. These costs were capitalized in prior year periods when rig construction activities were continuous.

On a per day basis, total operating expenses were $8,757 per day during the second quarter of 2016, compared to $11,589 during the first quarter of 2016 and $11,855 during the second quarter of 2015. Operating cost per day benefitted from 363 revenue days that were earned on a standby-without-crew basis compared to 162 days during the first quarter of 2016 and 85 days during the second quarter of 2015. Excluding rigs earning revenue on a standby-without-crew basis and operational support costs and other allocations, operating costs at the rig level were approximately $10,569 per operating day during the second quarter of 2016.

Selling, general and administrative expenses during the second quarter of 2016 were $5.0 million, including a retirement accrual of $1.5 million. Excluding the retirement accrual, selling, general and administrative expenses during the second quarter of 2016 were $3.5 million, compared to $3.6 million during the first quarter of 2016 and $3.8 million during the second quarter of 2015. Selling, general and administrative expenses during the second quarter of 2016 included non-cash stock based compensation expense of $1.2 million, compared to $1.2 million and $0.8 million in the first quarter of 2016 and the second quarter of 2015, respectively. Excluding the retirement accrual and non-cash stock based compensation expense, selling, general and administrative expenses during the second quarter of 2016 were $2.3 million, compared to $2.4 million during the first quarter of 2016 and $3.0 million during the second quarter of 2015. The overall decrease in selling, general and administrative expenses, excluding these items, compared to the prior year relates to efficiency initiatives instituted during 2015, as well as a reduction in cash-based incentive compensation expense.

Interest expense during the second quarter of 2016 was $1.1 million, including a non-cash charge of $0.5 million associated with the accelerated amortization of deferred financing costs due to a reduction in commitments under the Company’s revolving credit facility during the quarter. Interest expense, excluding this one-time write-down was $0.6 million during the quarter.

Loss per share during the quarter was calculated utilizing a weighted average share count of 33.6 million shares, reflecting the closing of the Company’s recent equity offering on April 26, 2016.

Drilling Operations Update

During the second quarter, the Company operated two rigs on a spot-market basis throughout the quarter. The short-term contracts for both of these rigs were extended during the quarter to mid-September 2016. The Company also completed the conversion of one of its 100 series rigs to 200 Series pad-optimal status, which commenced drilling operations on a four-well pad in June 2016. During the quarter, the term of a contract for one of the Company’s drilling rigs expired and the rig ceased drilling operations in early June 2016. The Company is actively marketing this rig.

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At the end of the second quarter, the Company signed two six-month term contracts with a new customer for the mobilization of ShaleDriller^® rigs during the third quarter of 2016.

Capital Expenditures and Liquidity Update

Aggregate cash outlays for capital expenditures, net of disposal and insurance proceeds, during the second quarter were $4.6 million. The Company’s capital expenditure budget for the second half of 2016 is $8.0 million, representing an increase of approximately $5.0 million associated with purchases of equipment for rig upgrades and anticipated rig activations and investments in rigs that will be mobilized in connection with recently signed contracts.

At June 30, 2016, the Company had drawn $16.4 million on its revolving credit facility and had net debt, excluding capital lease obligations associated with vehicle leases, of $9.3 million. The borrowing base under the credit facility was $80.7 million at June 30, 2016.

Summary of Charges

Charges incurred during the second quarter of 2016 included the following items:

Conference Call Details

A conference call for investors will be held today, July 28, 2016, at 11:00 a.m. Central Time (12:00 p.m. Eastern Time) to discuss the Company’s second quarter 2016 results. Hosting the call will be Byron A. Dunn, President and Chief Executive 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 10089794. The replay will be available until August 4, 2016.

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.

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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. 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, 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.

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INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except par value and share data)

BALANCE SHEETS

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INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands, except per share amounts)

STATEMENTS OF OPERATION

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INDEPENDENCE CONTRACT DRILLING, INC.

Unaudited

(in thousands)

STATEMENTS OF CASH FLOWS

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The following table provides various financial and operational data for the Company’s operations during the three months ending June 30, 2016 and 2015 and March 31, 2016 and the six months ending June 30, 2016 and 2015. 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

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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. In addition, adjusted EBITDA is consistent with how EBITDA is calculated under our revolving credit facility for purposes of determining our compliance with various financial covenants. We define “EBITDA” as earnings (or loss) before interest, taxes, depreciation, and amortization, and we define “adjusted EBITDA” as EBITDA before stock-based compensation, non-cash asset impairments, gains or losses on disposition of assets, and other non-recurring items added back to, or subtracted from, net income for purposes of calculating EBITDA under our revolving credit facility. 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 compliance with various financial covenants under our revolving credit facility 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.

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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

SOURCE Independence Contract Drilling, Inc.

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