Investor Presentation

Byron A. Dunn

President & Chief Executive Officer

June 2013

Forward Looking Statements

Statements in this presentation that are not historical facts are hereby identified as “forward-looking statements,” including any statements about future earnings, future

demand for our products and services, future events and future performance, that are not historical facts should be considered forward looking. There statements are

often, but not always, made through the use of words or phrases such as “anticipate”, “illustrative”, “believes”, “can”, “could”, “may”, “potential”, “estimate”, “plans”,

“projects”, “expects”, “targets” and similar words or phrases. Accordingly, these statements are only predictions or illustrations that involve estimates, known and

unknowns risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or indicated in them. Our actual results could

differ materially from those anticipated in such forward-looking statements as a result of several risk factors, including the following:

• A sustained decrease in domestic spending by the oil and natural gas exploration and production industry;

• A decline in or substantial volatility of crude oil and natural gas commodity prices;

• A loss or interruption in operations of one or more of our key suppliers or a significant increase in delivery times for key rig components purchased by us;

• Overcapacity and competition in the industry;

• The introduction of new technologies by our competitors;

• Risk inherent in a newly formed company like ourselves competing against significantly larger and more established companies, including disadvantages

associated with access to capital, lack of economies of scale and limited geographic scope.

• Loss of one or more significant customers;

• Loss of key management personnel;

• Our inability as a new company to obtain contracts from customers with day rates, duration and other terms that are acceptable to us;

• Unanticipated costs, delays and other difficulties in executing our long term strategy;

• Our inability to access capital upon terms acceptable to us to maintain our rig build and growth strategy;

• A shortage of qualified workers and our inability to recruit such workers;

• Liabilities associated with hazards inherent in our industry and our inability to insure against all of these risks; and

• 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.

All forward-looking statements are qualified in their entirety by the risk factors described above and there can be no assurance that actual results

will not differ materially from expectations, thus you are cautioned not to rely on such statements. Further, any forward-looking

statements speak only as to the day on which such statements are made, and we undertake no obligation to update any forward-looking

statements to reflect events or circumstances after the date on which such statements are made or reflect the occurrence of unanticipated

events.

2

Independence Contract Drilling: Company Profile

• Premium land drilling contractor headquartered in Houston, Texas

• Formed through acquisition of rig manufacturing facilities and

design IP from Global Energy Services

• $130 million 144A equity private placement in March 2012

• $60 million ABL debt facility closed in May 2013

• Industry has entered a land rig replacement cycle

• New technology, fast moving, AC programmable walking rigs

• Older, less efficient SCR and mechanical rigs rendered obsolete

• ICD ShaleDriller™ premium rig design

• Fully integrated rig manufacturing and assembly provides

sustainable, compounding capital advantage

• 7 premium rigs expected to be operating by end 2013

• 14-rig fleet by early 2015

• 2014E pro forma EBITDA greater than $55mm

• Senior Management and Board of Directors collectively possess

over 250 years experience in the land drilling sector

3

ShaleDrillerTM 201

Houston, Texas

Industry Overview and Assessment of Opportunity

• Secular growth in E&P capital investment and associated drilling activity,

driven by North American land unconventional resource plays

• Majors and large independents moving to consolidate holdings, control

unconventional resource

• Much of the current US land drilling rig fleet technically/economically obsolete;

mechanical rigs can’t deliver high quality long reach horizontals and have

become technologically obsolete; DC (SCR) rigs are becoming economically

obsolete – those contractors with new technology, fast moving AC rig fleets will

vastly outperform

• Billions in new capital will be required over the next 5 – 10 years to upgrade

US land drilling fleet. Sustainable, compounding capital advantage to drilling

contractors who manufacture and assemble versus those contractors who

purchase third party or only assemble. Independence Contract Drilling

ShaleDriller™ series rig – type rig of choice by Operators

4

Numbers supporting secular shift are staggering:

Demand drivers suggest the trend should continue

• Prices are above $90 per barrel

• Recent recovery in natural gas prices having a

modest but visible positive impact on rig demand

• Increasing focus from large operators and

financial investors

• CHK Utica, LLC estimates 10,000 net well

inventory

Historical Horizontal and Vertical Rig Count

Source: EIA “Outlook for Shale Gas and Tight Oil Development”, April 2013. Baker Hughes

1. Production, recoverable gas reserves, and capex figures for the calendar year-ended December

31, 2012

2. As per Baker Hughes

3. As per equity research estimates

Demand:

Unconventional Development & Horizontal Drilling

Metric 2008 Now1

Shale gas production (Bcf/d) 6.1 26.0

Tight oil production (MMboe/d) 0.2 1.9

Horizontal rig count 447 1,0892

Recoverable gas reserves (Tcf) 1,622 2,203

North American E&P Capex

($ billions)

$160 $1843

5

0%

50%

100%

150%

200%

250%

300%

-

200

400

600

800

1,000

1,200

Rig

Co

un

t

Vertical and Directional Horizontal Gas Price Oil Price

Buyer Announced Date Transaction Value Target Resource Play

6/3/13 $660 Liberty Resources Williston Basin Assets Williston

3/29/13 485 25% of Quicksilver's Interest in its Barnett Shale oil and gas assets Barnett

2/1/13 Pending Utica and Tuscaloosa Shale Assets Utica / Tuscaloosa

1/31/13 1,700 40% Interest in Wolfcamp Shale Wolfcamp

1/15/13 3,640 Encana-owned oil and gas leasehold mineral interests Piceance

10/22/12 1,450 Petro-Hunt Williston Basin Assets Bakken

9/20/12 1,600 Denbury Onshore Bakken

9/12/12 1,365 Chesapeake Energy producing Permian Basin Shale assets Permian

9/12/12 1,935 Chesapeake Energy producing Permian Basin Shale assets Permian

8/23/12 1,380 Helis Oil and Gas oil weighted properties Williston

8/1/12 1,365 30% of Devon Energy's Interest in Cline and Midland-Wolfcamp Shales Cline and Midland-Wolfcamp

6/25/12 1,025 BP Wyoming Jonah Field Gas Assets Green River

1/3/12 2,200 Devon Energy US Unconventional Assets Tuscaloosa Marine / Niobrara / Mississippian / Ohio Utica / Michigan

Basin

12/30/11 2,320 Cheapeake and EnerVest Ohio Utica Shale Assets Utica

12/22/11 1,000 Sandridge Energy Missippian Lime Assets Mississippian Lime

Demand:

Large Operators Dominate Development

Recent U.S. Unconventional Investments ($ in millions)

Source: Herolds, company filings, equity research

• Insist on highest technology/safest operations

• IOCs, NOCs, and large independents invested more than $200 billion in unconventional resources since 2008

• Control 50% of the unconventional rig count today versus 35% in 2008.

• Long-term investment horizon

• Stable capital budgets

6

Buyer Announced Date Transaction Value Target Resource Play

11/23/11 $7,200 Samson Investment Company Bakken/Eagleford/Haynesville/Granite

Wash/Marcellus/Woodford

11/2/11 $2,440 Chesapeake Utica assets Utica

10/17/11 $4,520 Brigham Exploration Company Bakken

9/15/11 750 Marquette Exploration Ohio Utica Shale assets Utica

7/14/11 14,760 Petrohawk Energy Corporation Eagle Ford / Haynesville / Permian

6/9/11 1,690 Phillips Resources and TWP Inc. Marcellus

6/1/11 3,500 Hilcorp Resources Eagle Ford assets Eagle Ford

1/31/11 1,267 Chesapeake Energy DJ and Powder River Basin assets Niobrara

11/9/10 4,315 Atlas Energy Marcellus

5/28/10 4,700 East Resources Marcellus

1/4/10 2,250 Chesapeake Energy Barnett Shale assets Barnett

12/14/09 40,664 XTO Energy Barnett / Haynesville / Marcellus / Bakken /

Eagle Ford / Fayettville

11/11/08 3,370 Chesapeake Energy Marcellus assets Marcellus

7/18/08 1,900 Chesapeake Energy Fayetteville assets Fayetteville

Buyer Announced Date Transaction Value Target Resource Play

11/23/11 $7,200 Samson Investment Company Bakken/Eagleford/Haynesville/Granite

Wash/Marcellus/Woodford

11/2/11 $2,440 Chesapeake Utica assets Utica

10/17/11 $4,520 Brigham Exploration Company Bakken

9/15/11 750 Marquette Exploration Ohio Utica Shale assets Utica

7/14/11 14,760 Petrohawk Energy Corporation Eagle Ford / Haynesville / Permian

6/9/11 1,690 Phillips Resources and TWP Inc. Marcellus

6/1/11 3,500 Hilcorp Resources Eagle Ford assets Eagle Ford

1/31/11 1,267 Chesapeake Energy DJ and Powder River Basin assets Niobrara

11/9/10 4,315 Atlas Energy Marcellus

5/28/10 4,700 East Resources Marcellus

1/4/10 2,250 Chesapeake Energy Barnett Shale assets Barnett

12/14/09 40,664 XTO Energy Barnett / Haynesville / Marcellus / Bakken /

Eagle Ford / Fayettville

11/11/08 3,370 Chesapeake Energy Marcellus assets Marcellus

7/18/08 1,900 Chesapeake Energy Fayetteville assets Fayetteville

Buyer Announced Date Transaction Value Target Resource Play

11/23/11 $7,200 Samson Investment Company Bakken/Eagleford/Haynesville/Granite

Wash/Marcellus/Woodford

11/2/11 $2,440 Chesapeake Utica assets Utica

10/17/11 $4,520 Brigham Exploration Company Bakken

9/15/11 750 Marquette Exploration Ohio Utica Shale assets Utica

7/14/11 14,760 Petrohawk Energy Corporation Eagle Ford / Haynesville / Permian

6/9/11 1,690 Phillips Resources and TWP Inc. Marcellus

6/1/11 3,500 Hilcorp Resources Eagle Ford assets Eagle Ford

1/31/11 1,267 Chesapeake Energy DJ and Powder River Basin assets Niobrara

11/9/10 4,315 Atlas Energy Marcellus

5/28/10 4,700 East Resources Marcellus

1/4/10 2,250 Chesapeake Energy Barnett Shale assets Barnett

12/14/09 40,664 XTO Energy Barnett / Haynesville / Marcellus / Bakken /

Eagle Ford / Fayettville

11/11/08 3,370 Chesapeake Energy Marcellus assets Marcellus

7/18/08 1,900 Chesapeake Energy Fayetteville assets Fayetteville

Buyer Announced Date Transaction Value Target Resource Play

11/23/11 $7,200 Samson Investment Company Bakken/Eagleford/Haynesville/Granite

Wash/Marcellus/Woodford

11/2/11 $2,440 Chesapeake Utica assets Utica

10/17/11 $4,520 Brigham Exploration Company Bakken

9/15/11 750 Marquette Exploration Ohio Utica Shale assets Utica

7/14/11 14,760 Petrohawk Energy Corporation Eagle Ford / Haynesville / Permian

6/9/11 1,690 Phillips Resources and TWP Inc. Marcellus

6/1/11 3,500 Hilcorp Resources Eagle Ford assets Eagle Ford

1/31/11 1,267 Chesapeake Energy DJ and Powder River Basin assets Niobrara

11/9/10 4,315 Atlas Energy Marcellus

5/28/10 4,700 East Resources Marcellus

1/4/10 2,250 Chesapeake Energy Barnett Shale assets Barnett

12/14/09 40,664 XTO Energy Barnett / Haynesville / Marcellus / Bakken /

Eagle Ford / Fayettville

11/11/08 3,370 Chesapeake Energy Marcellus assets Marcellus

7/18/08 1,900 Chesapeake Energy Fayetteville assets Fayetteville

Forecast Supply Gap of Premium AC Rigs

2012 Current 2014E

600

1,136

600

1,089

600

1,233

-

250

500

750

1,000

1,250

1,500

Premium

AC Rigs

Horizontal

Rig Count

Premium

AC Rigs

Horizontal

Rig Count

Premium

AC Rigs

Horizontal

Rig Count

Existing U.S. rig fleet old and inefficient

• 40% of fleet built before 2000

• > 50% mechanical

• > 50% below 1,000 HP

Premium AC rigs in short supply relative to horizontal rig count

• 35% of total U.S. land fleet (~600 units)

• Represent approximately 55% of the 1,089 rigs drilling horizontally

• Over 380 AC rigs have been added in the U.S. since the beginning of 2007 – near term barriers to

entry: nameplate capacity 150 AC fast moving rigs/year.

• Recent disclosures state in excess of 200 inferior rigs will be retired over the next 12 months

Makeup of Existing Land Fleet1

Source: Rig Data, Smith Bits, Spears, company filings, equity research

1. Data as of March 2013, As per Helmerich & Payne, Inc. Includes active rigs only.

2. As per Baker Hughes. 2014E forecast as per equity research estimates.

Supply & Barriers to Entry:

Industry Undersupplied with Premium Rigs

Shortfall of ~500-600 Rigs for the next year

Supply

Gap:

536 rigs

7

Supply

Gap:

489 rigs

Supply

Gap:

607 rigs

A/C35%

SCR29%

Mechanical36%

Forecast of Supply Gap of Premium AC Rigs2

Independence Contract Drilling ShaleDriller™:

Value Proposition to Operators

Can lower daily fuel consumption by at least 20%

Fine-tune rig for specific application

Flat touch-screen, joystick control

Programmable

Control system provides single operating platform across fleet

Rig-up / rig-down – pins at man level, no use of hoists Safe

AC Precise weight on bit helps increase rate of penetration

SLB reports bits last 65% longer and wells cost 30% less with AC rigs

Rig-down, move 100 miles, rig-up in 4 days with 24 loads

No cranes required to rig-up / rig-down

Fast Moving –

Site to Site

“Walks” from well center to well center – 3 hrs from release to spud

May function with uneven sites and misaligned wellheads

Can move in multiple directions, unlike “skidding” designs

Fast Moving –

On Site

Operator can change between diesel or natural gas mix

Use of natural gas/diesel blend can result in significant daily savings

Significant reduction in carbon emissions

Dual Fuel

Premium rig design will command among

the highest dayrates and utilization in the

land contract drilling industry

All-in cost of $17.5 million for 200 Series ShaleDrillerTM

Permanent, compounding capital advantage versus many competitors

8

Capital Advantage

ShaleDrillerTM 201

Newfield Exploration, Carrizo Springs, TX

• AC computer controlled rigs provide fine control of key drilling parameters: weight on bit,

rotary speed, pump pressure. Drill faster, longer bit life, fewer trips, rifle-barrel wellbore.

Less open hole time - high quality product - the well bore. • Mechanical rigs – technologically obsolete - little control of drilling parameters –can’t reliably

drill long horizontals – lengthy open hole, bit trips, deviation surveys – hole collapse

• DC (SCR) Rigs – becoming economically obsolete. Better than mechanicals (still vastly

inferior to AC Programmable), slower, heavier, no improvement in bit life

New High Performance AC Rigs Can Shave 10 Days Off A 30-

Day "All In" Time Per Well

Estimated Rig Average

Fit for Purpose "Conventional" Drill Day

(AC, few SCR) (SCR, Mechanical) Savings

Drilling Days 13 20 7

Other Days 3 3 0

Moving Days 4 7 - 10 3 - 6

Total Rig Days Per Well 20 30 - 33 10 - 13

Why AC Programmable? -- Compelling Economics for

Operators

9 Source: Morgan Stanley, October 17, 2012 , Oil Services, Drilling & Equipment Research Report

Pad Drilling Leads to Lower Completed Well Cost

10

*Spud to rig release cost

Source: Continental Resources Investor Presentation

• Lower cost per well

• More wells/ rig – year

• Dramatically higher cash flow range

(100.0%)

(80.0%)

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

AC SCR Mechanical

The Market Values High-Quality Rigs

11

Independence offers a 100% newbuild fleet consisting of high-specification, programmable rigs

Source: Company websites and SEC filings, pro forma public announcements regarding newbuilds and divestitures/retirements.

Note: Market data as of June 4, 2013.

1. Only includes data for land drilling rigs operating in US onshore markets

TEV / EBITDA

2013E 4.1x 4.2x 5.0x 5.7x 5.0x

2014E 3.8x 4.0x 4.3x 5.0x 4.8x

Price / Book 1.2x 0.8x 0.8x 1.1x 1.6x

Fleet Composition of U.S. Land Drilling Peers1

ICD New Build Construction Schedule

12

0

5

10

15

20

25

Completed

Under

Construction

Since inception, ICD has manufactured and delivered all of its drilling

rigs on-time in accordance with operator requirements and on-

budget.

13

Rig Locator ICD Rig Fleet Locator - June 2013

TEXAS

LOUISIANA

MISS

Rig 101

Rig 103

4- Texas 1- New Mexico

3- Under Construction*

All Rigs A/C 1500 HP

Target Areas of Growth: Texas, Louisiana, Oklahoma

Rig 102

OKLAHOMA

ARKANSAS

NEW MEXICO

*Rigs 203, 204, 205

ApacheCorporation

Ft. Stockton, TX

W&T OffshoreAndrews, TX

Under Construction Houston, TXDelivery: August, October, 2013,

January 2014

Rig 201

Newfield Exploration

Carrizo Springs, TX

Bass OperatingCarlsbad, NM

Rig 202

ICD Senior Management Team

Byron Dunn, President, Chief Executive Officer and Board Member Mr. Dunn was a founding partner of Rig Acquisition Co., a predecessor to Independence Contract Drilling and has been a Director of Independence Contract

Drilling and Chief Executive Officer since March 2012. From 2007 to 2010 Mr. Dunn served as a Director, President and Chief Executive Officer of Global

Energy Services whose Drilling Group formed the rig manufacturing division of Independence. From 2010 to 2011 Mr. Dunn served as a Director, President and

Chief Executive Officer of CAMAC Energy a NYSE listed international E&P company. Previously Mr. Dunn served as a Corporate Vice President at National

Oilwell Varco and President of the 3,500 employee, $1 billion revenue Eastern Hemisphere Rig Solutions Group, and as Chairman of the Board of Directors of

TTS Marine ASA. Mr. Dunn has over 15 years experience in investment banking last serving as Executive Director of the UBS Global Energy and Power

Group. Mr. Dunn started his career as a drilling engineer with Chevron USA in New Orleans and managed both offshore and onshore drilling operations. He

earned a BS in Chemical Engineering from the Illinois Institute of Technology and a MBA from the University of Chicago Booth School of Business. Mr. Dunn

also serves as the Chairman of the Board of Directors of Desert NDT and is a member of the American Institute of Chemical Engineers and the Society of

Petroleum Engineers.

Ed Jacob III, Executive Vice President and Chief Operating Officer Prior to joining Independence Contract Drilling, Mr. Jacob served as the President and Chief Executive Officer of Keen Energy, until its sale in late 2012. Prior to

Keen, Mr. Jacob had a distinguished career at Grey Wolf, Inc. a contract drilling company, serving as Senior Vice President of Operations, responsible for the

safe operation of 124 drilling rigs with over 3,000 employees. Grey Wolf Inc. drilling reported close to $1 billion in revenue during 2008 with record setting safety,

utilization, day rates and profitability. Mr. Jacob left Grey Wolf when Precision Drilling Company acquired it in December 2008 for $1.6 Billion. Prior to Grey Wolf,

Mr. Jacob was Executive Vice President of Bayard Drilling Technologies, Inc., operating 88 land rigs in Oklahoma, Texas and Louisiana. Prior to joining Bayard,

Mr. Jacob served in various sales, marketing and operations management positions with Helmerich & Payne International Drilling Co. Mr. Jacob attended

Southeastern Louisiana University and Nichols State University and is a 2007 graduate of the Harvard Business School’s Advanced Management Program. He

is a member of the International Association of Drilling Contractors, the Society of Petroleum Engineers, the American Association of Drilling Engineers and the

American Petroleum Institute. He is a Director of the IADC and is serving his second term on the IADC’s Executive Committee. Mr. Jacob has also received the

IADC’s Distinguished Service Award. Mr. Jacob has also served on the API Executive Committee for Drilling and Production Operations.

Philip A. Choyce, Senior Vice President and Chief Financial Officer Mr. Choyce has served in several executive level and advisory roles at publicly traded companies and international law firms. Mr. Choyce served as the Vice

President, General Counsel and Chief Compliance Officer of Grant Prideco, Inc. (NYSE: GRP), an international oilfield service company, from its spinoff into a

new public company in 2000 until its sale to National Oilwell Varco in 2008. While at Grant Prideco, Mr. Choyce organized, supervised and led all aspects of

Grant Prideco's legal department, reporting to the company's CEO and Board of Directors. Mr. Choyce left Grant Prideco after its acquisition and soon thereafter

established the Choyce Firm. Prior to joining Grant Prideco, Mr. Choyce was a Senior Associate at Fulbright & Jaworski, LLP. Mr. Choyce began his career as a

CPA at Ernst & Young LLP. Mr. Choyce graduated from Texas A&M University with a B.B.A. in accounting in 1989, and received his law degree from the

University of Texas in Austin in 1993.

14

Senior Management Team (Continued)

Dave Brown, Vice President of Organizational Effectiveness Mr. Brown served as the COO of the Lanzhou LS-National Oilwell Petroleum Engineering Company from 2006 to 2010. From 2000 to 2005 Mr. Brown was the Vice

President of Manufacturing and Chief HSE and Quality Officer of National Oilwell. He co-chaired the National Oilwell/Varco integration in 2004 and 2005. Mr.

Brown held various operating positions within National Oilwell, Oilwell and USX beginning in 1969. He is a 1969 Graduate of the University of Pittsburgh with a

degree in Industrial Engineering and has an Executive MBA through USX.

Chris K. Menefee, Vice President of Business Development Mr. Menefee began his oilfield career in 1997 working as a Roustabout offshore for Rowan Companies, Inc. After graduating from college, he continued his career

with Rowan as a Barge Engineer in the US Gulf of Mexico. In 2001, Mr. Menefee transferred to Rowan’s Land Division and held multiple positions including

Assistant Driller, Field Safety Representative, Rig Move Operations, Health and Safety Manager and Sales Representative. Mr. Menefee assisted with the design,

procurement of equipment and contracting of new build land rigs. In 2009 Mr. Menefee was promoted to the position of Director of Marketing. He brings with him a

variety of experience including domestic and international marketing, safety management, business development and strategic planning. Mr. Menefee is a

graduate of The University of Mississippi in Oxford with a degree in Psychology.

Michael J. Harwell, Vice President and Chief Accounting Officer Mr. Harwell served as the Vice President and Corporate Controller for Landry’s, Inc. (NYSE: LNY), a restaurant, gaming and entertainment company with annual

revenues in excess of $2.0 billion from 2005 to 2012. Prior to joining Landry’s, Mr. Harwell served as Vice President and Corporate Controller for NetVersant

Solutions, Inc., a Houston based start-up company specializing in high-end network infrastructure projects. Mr. Harwell also held various positions with Nabors

Industries, Ltd. (NYSE: NBR), a publically traded drilling contractor, the most recent of which was Corporate Controller. After graduating from Texas A&M University

in 1991 with a B.B.A. in accounting, Mr. Harwell, a CPA, joined Ernst & Young LLP and remained with the accounting firm until 1994.

Robert J. Proffit, Vice President Human Resources Prior to joining Independence Contract Drilling, from May, 2010 until April, 2012, Mr. Proffit served as Vice President Human Resources and Administration for PVR

Partners, L.P., a publicly traded $1 billion revenue MLP that owns and operates a network of natural gas midstream pipelines, processing plants and coal and

natural resource properties. Previously, he served 4 years as Senior Vice President, Human Resources for Grey Wolf, Inc. where he was responsible for all

aspects of the Grey Wolf’s management of human capital as well as the integration of the human resource functions of the Grey Wolf and Precision

organizations. In total, Mr. Proffit has over 30 years of experience in all facets of the management of human capital and human resource development with

substantial experience in the US coal, chemical, energy and contract drilling industries. He earned a BS degree in Labor and Industrial Relations from West

Virginia Institute of Technology and a MS degree in Industrial and Employee Relations from Marshall University (formerly West Virginia Graduate School).

15

ICD Board of Directors

Thomas Bates, Chairman Thomas Robert Bates is a Senior Advisor to Lime Rock Management LP and was a Managing Director at the private equity firm from 2001 to 2009,

where he is responsible for global investing in oil service and oil service technology. Mr. Bates is currently Adjunct Professor in the Neeley School of

Business at TCU where he teaches courses in energy macroeconomics and corporate finance in the MBA program. From 1998 to 2000, Mr. Bates

worked as President, Discovery Group, Baker Hughes Inc., and was responsible for three operating divisions with over $3 billion in annual revenue.

From 1997 to 1998 he was President and CEO of Weatherford Enterra Inc., where he developed a focused strategy for growth after a series of

acquisitions for a diversified oilfield service company with over $1 billion in annual revenue. Prior to this, he spent 15 years at Schlumberger Ltd., as

President of its Anadrill Division and Vice President of Sedco Forex with responsibility for the North Sea from 1986-1990 and responsibility for the

Middle East and Far East from 1990-1992. From 1980 to 1981, Mr. Bates was President of Oilwell Drilling Inc. where he was responsible for a small

land drilling contractor including financing of expansion. Mr. Bates began his career in 1975 as Senior Research Engineer/Senior Drilling Engineer

with Shell. Mr. Bates presently serves on the Board of Directors of GES Holdings, Hercules Offshore Inc., Iracore International, Inc., Reelwell AS and

Tetra Technologies Inc.

Arthur Einav, Director Arthur Einav is General Counsel and Corporate Secretary at Sprott Inc., Sprott Resource Corp. and Sprott Consulting LP. Prior to joining the Sprott

group of companies, Mr. Einav was an associate at Davis Polk & Wardwell LLP, one of the world's premier law firms. Mr. Einav has worked on public

and private debt and equity offerings, exchange offers, mergers and acquisitions and debt restructurings in a variety of industries. He also regularly

advised corporate clients with respect to general corporate matters, including corporate governance, securities laws and Sarbanes-Oxley matters.

Previously Mr. Einav was an associate at McCarthy Tétrault LLP. He holds a Bachelor of Laws degree and a Masters in Business Administration from

Osgoode Hall Law School and the Schulich School of Business. He also holds a Bachelor of Science degree from the University of Toronto and is a

member of the Law Society of Upper Canada and the New York State Bar.

Tighe Noonan, Director Tighe Noonan is a founding shareholder partner of 4D Global Energy Advisors SAS, and he has been continuously involved in energy finance since

1982. After 14 years of experience in commercial and investment banking with the Barclays Group (BZW) in New York and Paris, notably in the

energy sector, Mr. Noonan joined Société Générale in 1995, where he was Managing Director, Head of Oil and Gas Project Finance. Following

studies at Swarthmore College (USA), Mr. Noonan received anadvanced degree in economics and finance from the Institut d'Etudes Politiques from

the University ofGrenoble (France). He speaks fluent English, French and Italian. Mr. Noonan presently serves on theBoard of Directors of Africa

Fortesa Corporation, Finoil SpA, GES-Global Energy Services, Inc. and Socotherm SpA

16

Board of Directors (Continued)

Matthew Fitzgerald, Director and Chairman of the Audit Committee Matthew Fitzgerald, now a private investor and President of Total-Choice Communications, retired from Grant Prideco, one of the world's largest

suppliers of drill pipe and drill bits, following its merger with National Oilwell Varco in 2008. He had served as Senior Vice President and Chief

Financial Officer since January 2004 and Treasurer since February 2007. Previously, Mr. Fitzgerald held the position of Executive Vice President,

Chief Financial Officer, and Treasurer of Veritas DGC from 2001 until January 2004 . Mr. Fitzgerald also served as Vice President and Controller for

BJ Services Company from 1989 to 2001. He began his career as a senior manager with the accounting firm of Ernst & Whinney. Mr. Fitzgerald

holds a Bachelor of Business Administration in Accounting and a Masters in Accountancy from the University of Florida.

Daniel F. McNease, Director Daniel F. McNease currently serves as the Chairman of AXON EP, Inc. and as a Member of the Advisory Board at HitecVision AS. He has been a

Director of Dockwise Ltd. since 2007. From 2004 through 2008, Mr. McNease served as President, Chairman of the Board and Chief Executive

Officer at Rowan Companies plc, a $4.5 billion provider of land and offshore contract drilling services and a manufacturer of rigs and drilling

equipment. In total, Mr. McNease spent 34 years at Rowan, serving as Chief Executive Officer from 2003 to 2008, President from 2002 to 2008 and

as Executive Vice President of Rowan Companies plc and President of its drilling subsidiaries from 1999 to 2002. Mr. McNease is a graduate of the

University of Southern Mississippi and the Columbia University Executive Program. He is a member of the International Association of Drilling

Contractors (IADC), the National Ocean Industries Association (NOAI), and the American Petroleum Institute (API).

17