Independence Contract Drilling (ICDIQ) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Independence Contract Drilling, Inc.
Entity Central Index Key	0001537028
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		77,078,252
Entity Small Business	true
Entity Ex Transition Period	true
Entity Emerging Growth	true

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 12,549	$ 12,247
Accounts receivable, net	42,137	41,987
Inventories	2,738	2,693
Assets held for sale	19,369	19,711
Prepaid expenses and other current assets	5,667	8,930
Total current assets	82,460	85,568
Property, plant and equipment, net	488,472	496,197
Goodwill	1,627	1,627
Deferred tax assets	1,766	0
Other long-term assets, net	2,582	1,470
Total assets	576,907	584,862
Liabilities
Current portion of long-term debt	905	587
Accounts payable	16,174	16,312
Accrued liabilities	21,095	29,219
Total current liabilities	38,174	46,118
Long-term debt	132,610	130,012
Contingent consideration	15,558	15,748
Deferred income taxes, net	0	774
Other long-term liabilities	1,195	677
Total liabilities	187,537	193,329
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.01 par value, 200,000,000 shares authorized; 77,598,806 shares issued and 77,078,252 shares outstanding	771	771
Additional paid-in capital	503,656	503,446
Accumulated deficit	(112,011)	(109,638)
Treasury stock, at cost, 520,554 shares	(3,046)	(3,046)
Total stockholders’ equity	389,370	391,533
Total liabilities and stockholders’ equity	$ 576,907	$ 584,862

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	200,000,000	200,000,000
Shares issued (in shares)	77,598,806	77,598,806
Shares outstanding (in shares)	77,078,252	77,078,252
Treasury stock (in shares)	520,554	520,554

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenues	$ 60,358	$ 25,627
Costs and expenses
Operating costs	39,333	18,926
Selling, general and administrative	4,545	3,479
Merger-related expenses	1,081	0
Depreciation and amortization	11,313	6,591
Asset impairment (insurance recoveries), net	2,018
Asset impairment (insurance recoveries), net		(35)
Loss (gain) on disposition of assets, net	3,220	(82)
Total costs and expenses	61,510	28,879
Operating loss	(1,152)	(3,252)
Interest expense	(3,761)	(943)
Loss before income taxes	(4,913)	(4,195)
Income tax benefit	(2,540)	(49)
Net loss	$ (2,373)	$ (4,146)
Loss per share:
Basic and diluted (in dollars per share)	$ (0.03)	$ (0.11)
Weighted average number of common shares outstanding:
Basic and diluted (in shares)	75,692	38,124

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock
Beginning balance (shares) at Dec. 31, 2017		37,985,225
Beginning balance at Dec. 31, 2017	$ 235,482	$ 380	$ 326,616	$ (89,645)	$ (1,869)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
RSUs vested, net of shares withheld for taxes (shares)	350,528
RSUs vested, net of shares withheld for taxes	$ (95)	$ 3	(98)
Purchase of treasury stock (shares)	(82,988)
Purchase of treasury stock	$ (350)				(350)
Stock-based compensation	644		644
Net loss	(4,146)			(4,146)
Ending balance (shares) at Mar. 31, 2018		38,252,765
Ending balance at Mar. 31, 2018	231,535	$ 383	327,162	(93,791)	(2,219)
Beginning balance (shares) at Dec. 31, 2018		77,078,252
Beginning balance at Dec. 31, 2018	391,533	$ 771	503,446	(109,638)	(3,046)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance costs	(177)
Stock-based compensation	387		387
Net loss	(2,373)			(2,373)
Ending balance (shares) at Mar. 31, 2019		77,078,252
Ending balance at Mar. 31, 2019	$ 389,370	$ 771	$ 503,656	$ (112,011)	$ (3,046)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (2,373)	$ (4,146)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	11,313	6,591
Asset impairment (insurance recoveries), net	2,018
Asset impairment (insurance recoveries), net		(35)
Stock-based compensation	387	644
Loss (gain) on disposition of assets, net	3,220	(82)
Deferred income taxes	(2,540)	(49)
Amortization of deferred financing costs	203	90
Bad debt (recovery) expense	(45)	22
Changes in operating assets and liabilities
Accounts receivable	(105)	1,790
Inventories	(45)	(56)
Prepaid expenses and other assets	843	(386)
Accounts payable and accrued liabilities	(5,271)	(2,371)
Net cash provided by operating activities	7,605	2,012
Cash flows from investing activities
Purchases of property, plant and equipment	(10,832)	(6,259)
Proceeds from insurance claims	1,000	0
Proceeds from the sale of assets	536	146
Net cash used in investing activities	(9,296)	(6,113)
Cash flows from financing activities
Common stock issuance costs	(177)	0
Purchase of treasury stock	0	(350)
RSUs withheld for taxes	0	(95)
Payments for finance and capital lease obligations	(216)	(163)
Net cash provided by financing activities	1,993	4,071
Net increase (decrease) in cash and cash equivalents	302	(30)
Cash and cash equivalents
Beginning of period	12,247	2,533
End of period	12,549	2,503
Supplemental disclosure of cash flow information
Cash paid during the period for interest	3,514	848
Supplemental disclosure of non-cash investing and financing activities
Change in property, plant and equipment purchases in accounts payable	(1,753)	(739)
Additions to property, plant and equipment through capital leases	520	70
Transfer of assets from held and used to held for sale	(2,285)	0
ABL Credit Facility
Cash flows from financing activities
Borrowings under Credit Facility	2,403	0
Financing costs paid	(12)	0
CIT Credit Facility
Cash flows from financing activities
Borrowings under Credit Facility	0	13,779
Repayments under CIT Credit Facility	0	(9,100)
Term Loan Facility
Cash flows from financing activities
Financing costs paid	$ (5)	$ 0

Nature of Operations and Recent

Nature of Operations and Recent Events	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Recent Events	Nature of Operations and Recent Events Except as expressly stated or the context otherwise requires, the terms “we,” “us,” “our,” “ICD,” and the “Company” refer to Independence Contract Drilling, Inc. and its subsidiary. We provide land-based contract drilling services for oil and natural gas producers targeting unconventional resource plays in the United States. We construct, own and operate a premium fleet comprised of modern, technologically advanced drilling rigs. Our fleet currently includes 32 marketed ShaleDriller® rigs that are specifically engineered and designed to optimize the development of our customers’ most technically demanding oil and gas properties, and two idle ShaleDriller rigs that will enter our marketed fleet when planned upgrades are completed. Our marketed 32 rig fleet includes 29 AC powered (“AC”) rigs and three 1500-HP ultra-modern SCR rigs. Our two idle rigs that currently are not included in our marketed fleet include one non-walking 1500-HP AC rig and one 1500-HP SCR that will be converted to AC pad-optimal status prior to entering our fleet. We currently focus our operations on unconventional resource plays located in geographic regions that we can efficiently support from our Houston, Texas and Midland, Texas facilities in order to maximize economies of scale. Currently, our rigs are operating in the Permian Basin and the Haynesville Shale; however, our rigs have previously operated in the Eagle Ford Shale and the Mid-Continent and Eaglebine regions as well. Our business depends on the level of exploration and production activity by oil and natural gas companies operating in the United States, and in particular, the regions where we actively market our contract drilling services. The oil and natural gas exploration and production industry is historically cyclical and characterized by significant changes in the levels of exploration and development activities. Oil and natural gas prices and market expectations of potential changes in those prices significantly affect the levels of those activities. Worldwide political, regulatory, economic, and military events, as well as natural disasters have contributed to oil and natural gas price volatility historically, and are likely to continue to do so in the future. Any prolonged reduction in the overall level of exploration and development activities in the United States and the regions where we market our contract drilling services, whether resulting from changes in oil and natural gas prices or otherwise, could materially and adversely affect our business. Oil and Natural Gas Prices and Drilling Activity Oil prices declined from a high of $107.95 per barrel in the second quarter of 2014, to a low of $26.19 per barrel in the first quarter of 2016 (West Texas Intermediate - Cushing, Oklahoma (“WTI”) spot price as reported by the United States Energy Information Administration (the “EIA”). Similarly, natural gas prices (as measured at Henry Hub) declined from an average of $4.37 per MMBtu in 2014 to $2.52 per MMBtu in 2016. As a result, our industry experienced an exceptional downturn, with the U.S. land rig count falling from a high of 1,930 rigs in 2014 to a low of 404 rigs in 2016. In addition to overall rig count decline, pricing for our contract drilling services also substantially declined during this period of time. Although crude oil prices recovered in 2017 and 2018, reaching a high of $77.41 per barrel in the second quarter of 2018, the U.S. land rig count never recovered to its 2014 highs, only reaching 1,083 rigs the week ended December 28, 2018. Similarly, although pricing for our drilling services improved during this period, pricing never reached the rates experienced in 2014. During the fourth quarter of 2018, oil prices began to decline, reaching a low of $44.48 . Although oil prices have recently recovered to over $60.00 in late March 2019, most of our E&P customers have decreased planned capital expenditure budgets with the goal of operating within their cash flows, which they expect to be lower in 2019 unless commodity prices substantially improve. These changes have resulted in softening demand for contract drilling services. Although we believe market conditions for our services have stabilized, we believe this stabilization is predicated on oil prices remaining above a $50 per barrel or higher range. If oil prices were to fall below these levels for any sustainable period, demand and pricing for our contract drilling services could decline and have a material adverse affect on our operations and financial condition. Sidewinder Merger On July 18, 2018, ICD, Patriot Saratoga Merger Sub, LLC, a wholly owned subsidiary of ICD (“Merger Sub”), Sidewinder Drilling, LLC (“Sidewinder”) and MSD Credit Opportunity Master Fund, L.P., as Members’ Representative, entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Merger Sub merged with and into Sidewinder (the “Merger”), with Sidewinder surviving the Merger and becoming a wholly owned subsidiary of the ICD. The Merger transaction was completed on October 1, 2018. Pursuant to the terms of the Merger Agreement, Sidewinder Series A members received 36,752,657 shares of ICD common stock in exchange for 100% of the outstanding Series A Common Units of Sidewinder (the “Series A Common Units”). The Merger was accounted for using the acquisition method of accounting with ICD identified as the accounting acquirer.

Interim Financial Information

Interim Financial Information	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Interim Financial Information	Interim Financial Information These unaudited consolidated financial statements include the accounts of ICD and its subsidiary, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements should be read along with our audited financial statements for the year ended December 31, 2018 , included in our Annual Report on Form 10-K for the year ended December 31, 2018 . In management’s opinion, these financial statements contain all adjustments necessary to fairly present our financial position, results of operations, cash flows and changes in stockholders’ equity for all periods presented. As we had no items of other comprehensive income in any period presented, no other components of comprehensive income is presented. Interim results for the three months ended March 31, 2019 may not be indicative of results that will be realized for the full year ending December 31, 2019 . Leases In February 2016, the FASB issued ASU No. 2016-02, Leases, to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Under the new guidance, lessees are required to recognize (with the exception of leases with terms of 12 months or less) at the commencement date, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined components. We adopted ASU No. 2016-02 and its related amendments (collectively known as ASC 842) effective on January 1, 2019, using the effective date method. See Note 3 “Leases” for the required disclosures related to the impact of adopting this standard and a discussion of our policies related to leases. Segment and Geographical Information Our operations consist of one reportable segment because all of our drilling operations are located in the United States and have similar economic characteristics. Corporate management administers all properties as a whole rather than as discrete operating segments. Operational data is tracked by rig; however, financial performance is measured as a single enterprise and not on a rig-by-rig basis. Further, the allocation of capital resources is employed on a project-by-project basis across our entire asset base to maximize profitability without regard to individual geographic areas. Other Matters We have not elected to avail ourselves of the extended transition period available to emerging growth companies (“EGCs”) as provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards, therefore, we will be subject to new or revised accounting standards at the same time as other public companies that are not EGCs. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, as additional guidance on the measurement of credit losses on financial instruments. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. In addition, the guidance amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The new guidance is effective for public companies for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. We are in the initial stages of evaluating the impact this guidance will have on our accounts receivable. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other, which simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under this new standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognize an impairment charge, as necessary, for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for fiscal years beginning after December 15, 2019. We do not believe this new guidance will have a material impact on our consolidated financial statements.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Effective January 1, 2019, we adopted ASC 842. The most significant changes of the new standard are (1) lessees recognize a lease liability and a right-of-use (“ROU”) asset for all leases, including operating leases, with an initial term greater than 12 months on their balance sheets and (2) lessees and lessors disclose additional key information about their leasing transactions. We have elected to implement ASC 842 using the effective date method which recognizes and measures all leases that exist at the effective date, January 1, 2019, using a modified retrospective transition approach. There was no cumulative-effect adjustment required to be recorded in connection with the adoption of the new standard and the reported amount of lease expense and cash flows are substantially unchanged under ASC 842. Comparative periods are presented in accordance with ASC 840 and do not include any retrospective adjustments. As a Lessor Our daywork drilling contracts, under which the vast majority of our revenues are derived, contain both a lease component and a service component. ASU 2018-11 amended ASC 842 to, among other things, provide lessors with a practical expedient to not separate non-lease components from lease components and, instead, to account for those components as a single amount, if the non-lease components otherwise would be accounted for under Topic 606 and both of the following are met: 1) The timing and pattern of transfer of non-lease components and lease components are the same. 2) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component is the predominant component of the combined amount, an entity is required to account for the combined amount in accordance with Topic 606. Otherwise, the entity must account for the combined amount as an operating lease in accordance with Topic 842. Revenues from our daywork drilling contracts meet both of the criteria above and we have determined both quantitatively and qualitatively that the service component of our daywork drilling contracts is the predominant component. Accordingly, we combine the lease and service components of our daywork drilling contracts and account for the combined amount under Topic 606. See Note 5 - Revenue from Contracts with Customers. We have multi-year operating and financing leases for corporate office space, field location facilities, land, vehicles and various other equipment used in our operations. We also have a significant number of rentals related to our drilling operations that are day-to-day or month-to-month arrangements. Our multi-year leases have remaining lease terms of greater than one year to 5 years. As a Lessee As a practical expedient, a lessee may elect not to apply the recognition requirements in ASC 842 to short-term leases. Instead a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. We have elected to utilize this practical expedient. We have elected the package of practical expedients permitted in ASC 842. Accordingly, we accounted for our existing capital leases as finance leases under the new guidance, without reassessing whether the contracts contained a lease under ASC 842, whether classification of the capital lease would be different in accordance with ASC 842 and without reassessing any initial costs associated with the lease. As a result, we recognized on January 1, 2019 a lease liability at the carrying amount of the capital lease obligation on December 31, 2018, of $1.2 million and a ROU asset at the carrying amount of the capital lease asset of $1.3 million . Additionally, we accounted for our existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842 or (b) whether classification of the operating lease would be different in accordance with ASC 842. As a result, we recognized on January 1, 2019 a lease liability of $1.7 million , which represents the present value of the remaining lease payments discounted using our incremental borrowing rate of 8.17% , and a ROU asset of $0.9 million , which represents the lease liability of $1.7 million plus any prepaid lease payments, and less any unamortized lease incentives, totaling $0.8 million . On January 1, 2019, the vehicle leases assumed in the Sidewinder merger were amended to be consistent with our existing vehicle leases, which resulted in a change in the classification from operating leases to finance leases. On the amendment date, we recorded $0.4 million in finance lease obligations and right of use assets. The components of lease expense were as follows: (in thousands) Three Months Ended March 31, 2019 Operating lease expense $ 125 Short-term lease expense 1,193 Variable lease expense 86 Finance lease cost: Amortization of right-of-use assets $ 265 Interest expense on lease liabilities 32 Total finance lease expense 297 Total lease expenses $ 1,701 Supplemental cash flow information related to leases is as follows: (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 103 Operating cash flows from finance leases $ 32 Financing cash flows from finance leases $ 216 Right-of-use assets obtained or recorded in exchange for lease obligations: Operating leases $ 955 Finance leases $ 520 Supplemental balance sheet information related to leases is as follows: (in thousands) March 31, 2019 Operating leases: Operating lease right-of-use assets $ 865 Accrued liabilities $ 480 Other long-term liabilities 1,196 Total operating lease liabilities $ 1,676 Finance leases: Property and equipment $ 2,523 Accumulated depreciation (971 ) Property and equipment, net $ 1,552 Current portion of long-term debt $ 905 Long-term debt 679 Total finance lease liabilities $ 1,584 Weighted-average remaining lease term Operating leases 4.3 years Finance leases 1.6 years Weighted-average discount rate Operating leases 8.17 % Finance leases 6.64 % Maturities of lease liabilities at March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases Cash payments in future twelve month periods: Year 1 $ 594 $ 759 Year 2 351 365 Year 3 353 84 Year 4 363 — Year 5 326 — Thereafter — — Total cash lease payment 1,987 1,208 Add: expected residual value — 479 Less: imputed interest (311 ) (103 ) Total lease liabilities $ 1,676 $ 1,584 As of December 31, 2018, future total obligations on our noncancellable capital and operating leases were $3.7 million in the aggregate, which consisted of the following: $1.4 million in 2019, $1.0 million in 2020, $0.5 million in 2021 and $0.8 million thereafter.
Leases	Leases Effective January 1, 2019, we adopted ASC 842. The most significant changes of the new standard are (1) lessees recognize a lease liability and a right-of-use (“ROU”) asset for all leases, including operating leases, with an initial term greater than 12 months on their balance sheets and (2) lessees and lessors disclose additional key information about their leasing transactions. We have elected to implement ASC 842 using the effective date method which recognizes and measures all leases that exist at the effective date, January 1, 2019, using a modified retrospective transition approach. There was no cumulative-effect adjustment required to be recorded in connection with the adoption of the new standard and the reported amount of lease expense and cash flows are substantially unchanged under ASC 842. Comparative periods are presented in accordance with ASC 840 and do not include any retrospective adjustments. As a Lessor Our daywork drilling contracts, under which the vast majority of our revenues are derived, contain both a lease component and a service component. ASU 2018-11 amended ASC 842 to, among other things, provide lessors with a practical expedient to not separate non-lease components from lease components and, instead, to account for those components as a single amount, if the non-lease components otherwise would be accounted for under Topic 606 and both of the following are met: 1) The timing and pattern of transfer of non-lease components and lease components are the same. 2) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component is the predominant component of the combined amount, an entity is required to account for the combined amount in accordance with Topic 606. Otherwise, the entity must account for the combined amount as an operating lease in accordance with Topic 842. Revenues from our daywork drilling contracts meet both of the criteria above and we have determined both quantitatively and qualitatively that the service component of our daywork drilling contracts is the predominant component. Accordingly, we combine the lease and service components of our daywork drilling contracts and account for the combined amount under Topic 606. See Note 5 - Revenue from Contracts with Customers. We have multi-year operating and financing leases for corporate office space, field location facilities, land, vehicles and various other equipment used in our operations. We also have a significant number of rentals related to our drilling operations that are day-to-day or month-to-month arrangements. Our multi-year leases have remaining lease terms of greater than one year to 5 years. As a Lessee As a practical expedient, a lessee may elect not to apply the recognition requirements in ASC 842 to short-term leases. Instead a lessee may recognize the lease payments in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. We have elected to utilize this practical expedient. We have elected the package of practical expedients permitted in ASC 842. Accordingly, we accounted for our existing capital leases as finance leases under the new guidance, without reassessing whether the contracts contained a lease under ASC 842, whether classification of the capital lease would be different in accordance with ASC 842 and without reassessing any initial costs associated with the lease. As a result, we recognized on January 1, 2019 a lease liability at the carrying amount of the capital lease obligation on December 31, 2018, of $1.2 million and a ROU asset at the carrying amount of the capital lease asset of $1.3 million . Additionally, we accounted for our existing operating leases as operating leases under the new guidance, without reassessing (a) whether the contract contains a lease under ASC 842 or (b) whether classification of the operating lease would be different in accordance with ASC 842. As a result, we recognized on January 1, 2019 a lease liability of $1.7 million , which represents the present value of the remaining lease payments discounted using our incremental borrowing rate of 8.17% , and a ROU asset of $0.9 million , which represents the lease liability of $1.7 million plus any prepaid lease payments, and less any unamortized lease incentives, totaling $0.8 million . On January 1, 2019, the vehicle leases assumed in the Sidewinder merger were amended to be consistent with our existing vehicle leases, which resulted in a change in the classification from operating leases to finance leases. On the amendment date, we recorded $0.4 million in finance lease obligations and right of use assets. The components of lease expense were as follows: (in thousands) Three Months Ended March 31, 2019 Operating lease expense $ 125 Short-term lease expense 1,193 Variable lease expense 86 Finance lease cost: Amortization of right-of-use assets $ 265 Interest expense on lease liabilities 32 Total finance lease expense 297 Total lease expenses $ 1,701 Supplemental cash flow information related to leases is as follows: (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 103 Operating cash flows from finance leases $ 32 Financing cash flows from finance leases $ 216 Right-of-use assets obtained or recorded in exchange for lease obligations: Operating leases $ 955 Finance leases $ 520 Supplemental balance sheet information related to leases is as follows: (in thousands) March 31, 2019 Operating leases: Operating lease right-of-use assets $ 865 Accrued liabilities $ 480 Other long-term liabilities 1,196 Total operating lease liabilities $ 1,676 Finance leases: Property and equipment $ 2,523 Accumulated depreciation (971 ) Property and equipment, net $ 1,552 Current portion of long-term debt $ 905 Long-term debt 679 Total finance lease liabilities $ 1,584 Weighted-average remaining lease term Operating leases 4.3 years Finance leases 1.6 years Weighted-average discount rate Operating leases 8.17 % Finance leases 6.64 % Maturities of lease liabilities at March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases Cash payments in future twelve month periods: Year 1 $ 594 $ 759 Year 2 351 365 Year 3 353 84 Year 4 363 — Year 5 326 — Thereafter — — Total cash lease payment 1,987 1,208 Add: expected residual value — 479 Less: imputed interest (311 ) (103 ) Total lease liabilities $ 1,676 $ 1,584 As of December 31, 2018, future total obligations on our noncancellable capital and operating leases were $3.7 million in the aggregate, which consisted of the following: $1.4 million in 2019, $1.0 million in 2020, $0.5 million in 2021 and $0.8 million thereafter.

Sidewinder Merger

Sidewinder Merger	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Sidewinder Merger	Sidewinder Merger We completed the merger with Sidewinder Drilling LLC on October 1, 2018, through an exchange of 100% of Sidewinder’s outstanding voting interests for 36,752,657 shares of ICD common stock, which were valued at $173.1 million at the time of closing. We also assumed $58.5 million of Sidewinder indebtedness in the transaction. During the three months ended March 31, 2019, we recorded $1.1 million of merger-related expenses comprised primarily of severance, professional fees and various other integration related expenses. Certain intangible liabilities were recorded in connection with the Sidewinder merger for drilling contracts in place at the closing date of the transaction that had unfavorable contract terms as compared to then current market terms for comparable drilling rigs. The intangible liabilities are amortized to operating revenues over the remaining underlying contract terms. During the three months ended March 31, 2019, $1.0 million of intangible revenue was recognized as a result of this amortization. The remaining balance will be fully amortized by July 2019. The following table summarizes the components of intangible liabilities, net: (in thousands) March 31, 2019 December 31, 2018 Intangible liabilities $ 3,123 $ 3,123 Accumulated amortization (3,077 ) (2,044 ) Intangible liabilities, net $ 46 $ 1,079

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customer	Revenue from Contracts with Customers The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands) 2019 2018 Dayrate drilling $ 56,451 $ 23,777 Mobilization 1,260 459 Reimbursables 1,604 1,231 Capital modification 10 160 Intangible 1,033 — Total revenue $ 60,358 $ 25,627 The following table provides information about receivables, contract assets and contract liabilities related to contracts with customers: (in thousands) March 31, 2019 December 31, 2018 Receivables, which are included in “Accounts receivable, net” $ 41,782 $ 41,987 Contract assets $ — $ — Contract liabilities $ (1,121 ) $ (1,374 ) Significant changes in contract assets and contract liabilities balances during the period are as follows: Three Months Ended (in thousands) Contract Assets Contract Liabilities Revenue recognized that was included in contract liabilities at beginning of period $ — $ 732 Increase in contract liabilities due to cash received, excluding amounts recognized as revenue $ — $ (479 ) Transferred to receivables from contract assets at beginning of period $ — $ — The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2019 . The estimated revenue does not include amounts of variable consideration that are constrained. Year Ending December 31, (in thousands) 2019 2020 2021 Total Revenue $ 1,121 $ — $ — $ 1,121 The amounts presented in the table above consist only of fixed consideration related to fees for rig mobilizations and demobilizations, if applicable, which are allocated to the drilling services performance obligation as such performance obligation is satisfied. We have elected the exemption from disclosure of remaining performance obligations for variable consideration. Therefore, dayrate revenue to be earned on a rate scale associated with drilling conditions and level of service provided for each fractional-hour time increment over the contract term and other variable consideration such as penalties and reimbursable revenues, have been excluded from the disclosure. Contract Costs We capitalize costs incurred to fulfill our contracts that (i) relate directly to the contract, (ii) are expected to generate resources that will be used to satisfy our performance obligations under the contract and (iii) are expected to be recovered through revenue generated under the contract. These costs, which principally relate to rig mobilization costs at the commencement of a new contract, are deferred as a current or noncurrent asset (depending on the length of the contract term), and amortized ratably to contract drilling expense as services are rendered over the initial term of the related drilling contract. Such contract costs, recorded as “Prepaid expenses and other current assets”, amounted to $1.0 million and $1.1 million on our consolidated balance sheets at March 31, 2019 and December 31, 2018, respectively. During the quarter ended March 31, 2019, contract costs increased by $0.5 million and we amortized $0.7 million of contract costs.

Financial Instruments and Fair

Financial Instruments and Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value	Financial Instruments and Fair Value Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there exists a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Unadjusted quoted market prices for identical assets or liabilities in an active market; Level 2 Quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets or liabilities; and Level 3 Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The carrying value of certain of our assets and liabilities, consisting primarily of cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities approximates their fair value due to the short-term nature of such instruments. The fair value of our long-term debt is determined by Level 3 measurements based on quoted market prices and terms for similar instruments, where available, and on the amount of future cash flows associated with the debt, discounted using our current borrowing rate for comparable debt instruments (the Income Method). Based on our evaluation of the risk free rate, the market yield and credit spreads on comparable company publicly traded debt issues, we used an annualized discount rate, including a credit valuation allowance, of 6.9% . The following table summarizes the carrying value and fair value of our long-term debt as of March 31, 2019 and December 31, 2018 . March 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility $ 130,000 $ 145,773 $ 130,000 $ 131,893 ABL Credit Facility 4,969 4,896 2,566 2,258 The fair value of our assets held for sale is determined using Level 3 measurements. Fair value measurements are applied with respect to our non-financial assets and liabilities measured on a non-recurring basis, which would consist of measurements primarily of long-lived assets.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories All of our inventory as of March 31, 2019 and December 31, 2018 consisted of supplies held for use in our drilling operations.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) March 31, 2019 December 31, 2018 Accrued salaries and other compensation $ 8,008 $ 12,379 Insurance 4,674 5,464 Deferred revenues (contract liabilities) 1,121 1,374 Property taxes and other 2,570 3,829 Intangible liability 47 1,079 Interest 3,352 3,318 Operating lease liability - current 480 — Other 843 1,776 $ 21,095 $ 29,219

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Our long-term debt consisted of the following: March 31, December 31, (in thousands) 2019 2018 Term Loan Facility due October 1, 2023 $ 130,000 $ 130,000 ABL Credit Facility due October 1, 2023 4,969 2,566 Finance and capital lease obligations 1,584 1,235 136,553 133,801 Less: current portion (905 ) (587 ) Less: Term Loan Facility deferred financing costs (3,038 ) (3,202 ) Long-term debt $ 132,610 $ 130,012 Credit Facilities In conjunction with the closing of the Sidewinder Merger on October 1, 2018, we entered into a term loan Credit Agreement (the “Term Loan Credit Agreement”) for an initial term loan in an aggregate principal amount of $130.0 million , (the “Term Loan Facility”) and (b) a delayed draw term loan facility in an aggregate principal amount of up to $15.0 million (the “DDTL Facility”, and together with the Term Loan Facility, the “Term Facilities”). The Term Facilities have a maturity date of October 1, 2023, at which time all outstanding principal under the Term Facilities and other obligations become due and payable in full. At our election, interest under the Term Loan Facility is determined by reference at our option to either (i) a “base rate” equal to the higher of (a) the federal funds effective rate plus 0.05% , (b) the London Interbank Offered Rate with an interest period of one month (“LIBOR”), plus 1.0% , and (c) the rate of interest as publicly quoted from time to time by the Wall Street Journal as the “prime rate” in the United States; plus an applicable margin of 6.5% , or (ii) a “LIBOR rate” equal to LIBOR with an interest period of one month, plus an applicable margin of 7.5% . The Term Loan Credit Agreement contains financial covenants, including a liquidity covenant of $10.0 million and a springing fixed charge coverage ratio covenant of 1.00 to 1.00 that is tested when availability under the ABL Credit Facility (defined below) and the DDTL Facility is below $5.0 million at any time that a DDTL Facility loan is outstanding. The Term Loan Credit Agreement also contains other customary affirmative and negative covenants, including limitations on indebtedness, liens, fundamental changes, asset dispositions, restricted payments, investments and transactions with affiliates. The Term Loan Credit Agreement also provides for customary events of default, including breaches of material covenants, defaults under the ABL Credit Facility or other material agreements for indebtedness, and a change of control. The obligations under the Term Loan Credit Agreement are secured by a first priority lien on collateral (the “Term Priority Collateral”) other than accounts receivable, deposit accounts and other related collateral pledged as first priority collateral (“Priority Collateral”) under the ABL Credit Facility (defined below) and a second priority lien on such Priority Collateral, and are unconditionally guaranteed by all of our current and future direct and indirect subsidiaries. MSD PCOF Partners IV, LLC (an affiliate of MSD Partners, L.P. "MSD Partners") is the lender of our $130.0 million Term Loan Facility. MSD Partners, together with its affiliate, MSD Capital, L.P. (“MSD Capital”) own approximately 30% of the outstanding shares of the Company’s common stock. Additionally, in connection with the closing of the Sidewinder Merger on October 1, 2018, we entered into a $40.0 million revolving Credit Agreement (the “ABL Credit Facility”), including availability for letters of credit in an aggregate amount at any time outstanding not to exceed $7.5 million . Availability under the ABL Credit Facility is subject to a borrowing base calculated based on 85% of the net amount of our eligible accounts receivable, minus reserves. The ABL Credit Facility has a maturity date of the earlier of October 1, 2023 or the maturity date of the Term Loan Credit Agreement. At our election, interest under the ABL Credit Facility is determined by reference at our option to either (i) a “base rate” equal to the higher of (a) the federal funds effective rate plus 0.05% , (b) LIBOR with an interest period of one month, plus 1.0% , and (c) the prime rate of Wells Fargo, plus in each case, an applicable base rate margin ranging from 1.0% to 1.5% based on quarterly availability, or (ii) a revolving loan rate equal to LIBOR for the applicable interest period plus an applicable LIBOR margin ranging from 2.0% to 2.5% based on quarterly availability. We also pay, on a quarterly basis, a commitment fee of 0.375% (or 0.25% at any time when revolver usage is greater than 50% of the maximum credit) per annum on the unused portion of the ABL Credit Facility commitment. The ABL Credit Facility contains a springing fixed charge coverage ratio covenant of 1.00 to 1.00 that is tested when availability is less than 10% of the maximum credit. The ABL Credit Facility also contains other customary affirmative and negative covenants, including limitations on indebtedness, liens, fundamental changes, asset dispositions, restricted payments, investments and transactions with affiliates. The ABL Credit Facility also provides for customary events of default, including breaches of material covenants, defaults under the Term Loan Agreement or other material agreements for indebtedness, and a change of control. We are in compliance with our covenants as of March 31, 2019 . The obligations under the ABL Credit Facility are secured by a first priority lien on Priority Collateral, which includes all accounts receivable and deposit accounts, and a second priority lien on the Term Priority Collateral, and are unconditionally guaranteed by all of our current and future direct and indirect subsidiaries. As of March 31, 2019 , the weighted-average interest rate on our borrowings was 10.16% . At March 31, 2019 , the borrowing base under our ABL Credit Facility was $31.0 million , and we had $23.4 million of availability remaining of our $40.0 million commitment on that date.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation In March 2012, we adopted the 2012 Omnibus Long-Term Incentive Plan (the “2012 Plan”) providing for common stock-based awards to employees and non-employee directors. The 2012 Plan was subsequently amended in August 2014 and June 2016. The 2012 Plan, as amended, permits the granting of various types of awards, including stock options, restricted stock and restricted stock unit awards, and up to 4,754,000 shares were authorized for issuance. Restricted stock and restricted stock units may be granted for no consideration other than prior and future services. The purchase price per share for stock options may not be less than the market price of the underlying stock on the date of grant. Stock options expire ten years after the grant date. We have the right to satisfy option exercises from treasury shares and from authorized but unissued shares. As of March 31, 2019 , approximately 164,999 shares were available for future awards. In the first quarter of 2017, we adopted ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. The FASB issued this accounting standard in an effort to simplify the accounting for employee share-based payments and improve the usefulness of the information provided to users of financial statements. Our policy is to account for forfeitures of share-based compensation awards as they occur. A summary of compensation cost recognized for stock-based payment arrangements is as follows: Three Months Ended March 31, (in thousands) 2019 2018 Compensation cost recognized: Stock options $ — $ — Restricted stock and restricted stock units 387 644 Total stock-based compensation $ 387 $ 644 No stock-based compensation was capitalized in connection with rig construction activity during the three months ended March 31, 2019 or 2018 . Stock Options We use the Black-Scholes option pricing model to estimate the fair value of stock options granted to employees and non-employee directors. The fair value of the options is amortized to compensation expense on a straight-line basis over the requisite service periods of the stock awards, which are generally the vesting periods. There were no stock options granted during the three months ended March 31, 2019 or 2018 . A summary of stock option activity and related information for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 Options Weighted Average Exercise Price Outstanding at January 1, 2019 669,213 $ 12.74 Granted — — Exercised — — Forfeited/expired — — Outstanding at March 31, 2019 669,213 $ 12.74 Exercisable at March 31, 2019 669,213 $ 12.74 The number of options vested at March 31, 2019 was 669,213 with a weighted average remaining contractual life of 3.0 years and a weighted average exercise price of $12.74 per share. There were no unvested options or unrecognized compensation cost related to outstanding stock options at March 31, 2019 . Time-based Restricted Stock and Restricted Stock Units We have granted time-based restricted stock and restricted stock units to key employees under the 2012 Plan. Time-based Restricted Stock Time-based restricted stock awards consist of grants of our common stock that vest ratably over three to five years . We recognize compensation expense on a straight-line basis over the vesting period. The fair value of restricted stock awards is determined based on the estimated fair market value of our shares on the grant date. As of March 31, 2019 , there was $4.2 million in unrecognized compensation cost related to unvested restricted stock awards. This cost is expected to recognized over a weighted-average period of 2.4 years. A summary of the status of our time-based restricted stock awards and of changes in our time-based restricted stock awards outstanding for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 Shares Weighted Outstanding at January 1, 2019 1,385,973 $ 3.22 Granted — — Vested — — Forfeited — — Outstanding at March 31, 2019 1,385,973 $ 3.22 Time-based Restricted Stock Units We have granted three -year time vested restricted stock unit awards where each unit represents the right to receive, at the end of a vesting period, one share of ICD common stock with no exercise price. The fair value of time-based restricted stock unit awards is determined based on the estimated fair market value of our shares on the grant date. As of March 31, 2019 , there was $1.6 million of total unrecognized compensation cost related to unvested time-based restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of 1.3 years. A summary of the status of our time-based restricted stock unit awards and of changes in our time-based restricted stock unit awards outstanding for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 RSUs Weighted Outstanding at January 1, 2019 409,607 $ 4.79 Granted — — Vested and converted — — Forfeited — — Outstanding at March 31, 2019 409,607 $ 4.79

Stockholders_ Equity and Earnin

Stockholders’ Equity and Earnings (Loss) per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Stockholders' Equity and Earnings (Loss) per Share	Stockholders’ Equity and Earnings (Loss) per Share As of March 31, 2019 , we had a total of 77,078,252 shares of common stock, $0.01 par value, outstanding. We also had 520,554 shares held as treasury stock. Total authorized common stock is 200,000,000 shares. Basic earnings (loss) per common share (“EPS”) are computed by dividing income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows: Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Net loss (numerator): $ (2,373 ) $ (4,146 ) Loss per share: Basic and diluted $ (0.03 ) $ (0.11 ) Shares (denominator): Weighted average common shares outstanding - basic 75,692 38,124 Weighted average common shares outstanding - diluted 75,692 38,124 For all periods presented, the computation of diluted loss per share excludes the effect of certain outstanding stock options and RSUs because their inclusion would be anti-dilutive. The number of options that were excluded from diluted loss per share were 669,213 and 682,950 during the three months ended March 31, 2019 and 2018 , respectively. The number of RSUs, which are not participating securities, that were excluded from our basic and diluted loss per share because they are anti-dilutive, were 409,607 and 1,261,244 for the three months ended March 31, 2019 and 2018 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 51.7% for the three months ended March 31, 2019 , and 1.2% and for the three months ended March 31, 2018 . Taxes in both periods relate to Louisiana state income tax and Texas margin tax. For federal income tax purposes, we have applied a valuation allowance against any potential deferred tax asset which would have ordinarily resulted.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of March 31, 2019 , we had outstanding purchase commitments to a number of suppliers totaling $14.4 million , net of deposits previously made, related primarily to the construction of drilling rigs. All of these commitments relate to equipment currently scheduled for delivery in 2019. Contingencies We may be the subject of lawsuits and claims arising in the ordinary course of business from time to time. Management cannot predict the ultimate outcome of such lawsuits and claims. While lawsuits and claims are asserted for amounts that may be material should an unfavorable outcome be the result, management does not currently expect that the outcome of any of these known legal proceedings or claims will have a material adverse effect on our financial position or results of operations.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Parties	Related Parties In conjunction with the closing of the Sidewinder Merger on October 1, 2018, we entered into the Term Loan Credit Agreement for an initial term loan in an aggregate principal amount of $130.0 million and a delayed draw term loan facility in an aggregate principal amount of up to $15.0 million . MSD PCOF Partners IV, LLC (an affiliate of MSD Partners) is the lender of our $130.0 million Term Loan Facility. MSD Partners, together with MSD Capital, own approximately 30% of the outstanding shares of the Company’s common stock as of March 31, 2019 . We made interest payments on the Term Loan Facility totaling $3.3 million for the three months ended March 31, 2019.

Interim Financial Information (

Interim Financial Information (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	These unaudited consolidated financial statements include the accounts of ICD and its subsidiary, and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements should be read along with our audited financial statements for the year ended December 31, 2018 , included in our Annual Report on Form 10-K for the year ended December 31, 2018 . In management’s opinion, these financial statements contain all adjustments necessary to fairly present our financial position, results of operations, cash flows and changes in stockholders’ equity for all periods presented. As we had no items of other comprehensive income in any period presented, no other components of comprehensive income is presented. Interim results for the three months ended March 31, 2019 may not be indicative of results that will be realized for the full year ending December 31, 2019 .
Leases	Leases In February 2016, the FASB issued ASU No. 2016-02, Leases, to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. Under the new guidance, lessees are required to recognize (with the exception of leases with terms of 12 months or less) at the commencement date, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. In July 2018, the FASB issued ASU No. 2018-11, Leases: Targeted Improvements, which provides an option to apply the guidance prospectively, and provides a practical expedient allowing lessors to combine the lease and non-lease components of revenues where the revenue recognition pattern is the same and where the lease component, when accounted for separately, would be considered an operating lease. The practical expedient also allows a lessor to account for the combined lease and non-lease components under ASC Topic 606, Revenue from Contracts with Customers, when the non-lease component is the predominant element of the combined components. We adopted ASU No. 2016-02 and its related amendments (collectively known as ASC 842) effective on January 1, 2019, using the effective date method. See Note 3 “Leases” for the required disclosures related to the impact of adopting this standard and a discussion of our policies related to leases.
Segment and Geographical Information	Segment and Geographical Information Our operations consist of one reportable segment because all of our drilling operations are located in the United States and have similar economic characteristics. Corporate management administers all properties as a whole rather than as discrete operating segments. Operational data is tracked by rig; however, financial performance is measured as a single enterprise and not on a rig-by-rig basis. Further, the allocation of capital resources is employed on a project-by-project basis across our entire asset base to maximize profitability without regard to individual geographic areas.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, as additional guidance on the measurement of credit losses on financial instruments. The new guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. In addition, the guidance amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The new guidance is effective for public companies for interim and annual periods beginning after December 15, 2019, with early adoption permitted for interim and annual periods beginning after December 15, 2018. We are in the initial stages of evaluating the impact this guidance will have on our accounts receivable. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other, which simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under this new standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognize an impairment charge, as necessary, for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for fiscal years beginning after December 15, 2019. We do not believe this new guidance will have a material impact on our consolidated financial statements.
Fair Value Measurement	Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, there exists a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 Unadjusted quoted market prices for identical assets or liabilities in an active market; Level 2 Quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets or liabilities; and Level 3 Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The carrying value of certain of our assets and liabilities, consisting primarily of cash and cash equivalents, accounts receivable, accounts payable and certain accrued liabilities approximates their fair value due to the short-term nature of such instruments.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, cost	The components of lease expense were as follows: (in thousands) Three Months Ended March 31, 2019 Operating lease expense $ 125 Short-term lease expense 1,193 Variable lease expense 86 Finance lease cost: Amortization of right-of-use assets $ 265 Interest expense on lease liabilities 32 Total finance lease expense 297 Total lease expenses $ 1,701 Supplemental cash flow information related to leases is as follows: (in thousands) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities: Operating cash flows from operating leases $ 103 Operating cash flows from finance leases $ 32 Financing cash flows from finance leases $ 216 Right-of-use assets obtained or recorded in exchange for lease obligations: Operating leases $ 955 Finance leases $ 520
Assets and liabilities, lessee	Supplemental balance sheet information related to leases is as follows: (in thousands) March 31, 2019 Operating leases: Operating lease right-of-use assets $ 865 Accrued liabilities $ 480 Other long-term liabilities 1,196 Total operating lease liabilities $ 1,676 Finance leases: Property and equipment $ 2,523 Accumulated depreciation (971 ) Property and equipment, net $ 1,552 Current portion of long-term debt $ 905 Long-term debt 679 Total finance lease liabilities $ 1,584 Weighted-average remaining lease term Operating leases 4.3 years Finance leases 1.6 years Weighted-average discount rate Operating leases 8.17 % Finance leases 6.64 %
Maturity of operating lease liability	Maturities of lease liabilities at March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases Cash payments in future twelve month periods: Year 1 $ 594 $ 759 Year 2 351 365 Year 3 353 84 Year 4 363 — Year 5 326 — Thereafter — — Total cash lease payment 1,987 1,208 Add: expected residual value — 479 Less: imputed interest (311 ) (103 ) Total lease liabilities $ 1,676 $ 1,584
Maturity of finance lease liability	Maturities of lease liabilities at March 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases Cash payments in future twelve month periods: Year 1 $ 594 $ 759 Year 2 351 365 Year 3 353 84 Year 4 363 — Year 5 326 — Thereafter — — Total cash lease payment 1,987 1,208 Add: expected residual value — 479 Less: imputed interest (311 ) (103 ) Total lease liabilities $ 1,676 $ 1,584

Sidewinder Merger (Tables)

Sidewinder Merger (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the components of intangible liabilities, net: (in thousands) March 31, 2019 December 31, 2018 Intangible liabilities $ 3,123 $ 3,123 Accumulated amortization (3,077 ) (2,044 ) Intangible liabilities, net $ 46 $ 1,079

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes revenues from our contracts disaggregated by revenue generating activity contained therein for the three months ended March 31, 2019 and 2018 : Three Months Ended March 31, (in thousands) 2019 2018 Dayrate drilling $ 56,451 $ 23,777 Mobilization 1,260 459 Reimbursables 1,604 1,231 Capital modification 10 160 Intangible 1,033 — Total revenue $ 60,358 $ 25,627
Summary of Contract with Customer, Asset and Liability	Significant changes in contract assets and contract liabilities balances during the period are as follows: Three Months Ended (in thousands) Contract Assets Contract Liabilities Revenue recognized that was included in contract liabilities at beginning of period $ — $ 732 Increase in contract liabilities due to cash received, excluding amounts recognized as revenue $ — $ (479 ) Transferred to receivables from contract assets at beginning of period $ — $ — The following table provides information about receivables, contract assets and contract liabilities related to contracts with customers: (in thousands) March 31, 2019 December 31, 2018 Receivables, which are included in “Accounts receivable, net” $ 41,782 $ 41,987 Contract assets $ — $ — Contract liabilities $ (1,121 ) $ (1,374 )
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2019 . The estimated revenue does not include amounts of variable consideration that are constrained. Year Ending December 31, (in thousands) 2019 2020 2021 Total Revenue $ 1,121 $ — $ — $ 1,121

Financial Instruments and Fai_2

Financial Instruments and Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value of liabilities	The following table summarizes the carrying value and fair value of our long-term debt as of March 31, 2019 and December 31, 2018 . March 31, 2019 December 31, 2018 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Term Loan Facility $ 130,000 $ 145,773 $ 130,000 $ 131,893 ABL Credit Facility 4,969 4,896 2,566 2,258

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) March 31, 2019 December 31, 2018 Accrued salaries and other compensation $ 8,008 $ 12,379 Insurance 4,674 5,464 Deferred revenues (contract liabilities) 1,121 1,374 Property taxes and other 2,570 3,829 Intangible liability 47 1,079 Interest 3,352 3,318 Operating lease liability - current 480 — Other 843 1,776 $ 21,095 $ 29,219

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Our long-term debt consisted of the following: March 31, December 31, (in thousands) 2019 2018 Term Loan Facility due October 1, 2023 $ 130,000 $ 130,000 ABL Credit Facility due October 1, 2023 4,969 2,566 Finance and capital lease obligations 1,584 1,235 136,553 133,801 Less: current portion (905 ) (587 ) Less: Term Loan Facility deferred financing costs (3,038 ) (3,202 ) Long-term debt $ 132,610 $ 130,012

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Compensation Cost	A summary of compensation cost recognized for stock-based payment arrangements is as follows: Three Months Ended March 31, (in thousands) 2019 2018 Compensation cost recognized: Stock options $ — $ — Restricted stock and restricted stock units 387 644 Total stock-based compensation $ 387 $ 644
Summary of Stock Option Activity and Related Information	A summary of stock option activity and related information for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 Options Weighted Average Exercise Price Outstanding at January 1, 2019 669,213 $ 12.74 Granted — — Exercised — — Forfeited/expired — — Outstanding at March 31, 2019 669,213 $ 12.74 Exercisable at March 31, 2019 669,213 $ 12.74
Schedule of Restricted Stock Activity	A summary of the status of our time-based restricted stock unit awards and of changes in our time-based restricted stock unit awards outstanding for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 RSUs Weighted Outstanding at January 1, 2019 409,607 $ 4.79 Granted — — Vested and converted — — Forfeited — — Outstanding at March 31, 2019 409,607 $ 4.79 A summary of the status of our time-based restricted stock awards and of changes in our time-based restricted stock awards outstanding for the three months ended March 31, 2019 is as follows: Three Months Ended March 31, 2019 Shares Weighted Outstanding at January 1, 2019 1,385,973 $ 3.22 Granted — — Vested — — Forfeited — — Outstanding at March 31, 2019 1,385,973 $ 3.22

Stockholders_ Equity and Earn_2

Stockholders’ Equity and Earnings (Loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of Numerators and Denominators of Basic and Diluted (Loss) Earnings Per Share	A reconciliation of the numerators and denominators of the basic and diluted losses per share computations is as follows: Three Months Ended March 31, (in thousands, except per share data) 2019 2018 Net loss (numerator): $ (2,373 ) $ (4,146 ) Loss per share: Basic and diluted $ (0.03 ) $ (0.11 ) Shares (denominator): Weighted average common shares outstanding - basic 75,692 38,124 Weighted average common shares outstanding - diluted 75,692 38,124

Nature of Operations and Rece_2

Nature of Operations and Recent Events - Operations & Oil and Natural Gas Prices and Drilling Activity (Details)	1 Months Ended	3 Months Ended					12 Months Ended
	Mar. 31, 2019drilling_rig$ / bbl	Mar. 31, 2019drilling_rig$ / bbl	Dec. 31, 2018$ / bbl	Jun. 30, 2018$ / bbl	Mar. 31, 2016$ / bbl	Jun. 30, 2014$ / bbl	Dec. 31, 2016drilling_rig$ / MMBTU	Dec. 31, 2014drilling_rig$ / MMBTU	Dec. 28, 2018drilling_rig
Property, Plant and Equipment [Line Items]
Number of idle rigs	2	2
Market price of oil (in dollars per barrel) | $ / bbl	60		44.48	77.41	26.19	107.95
Natural gas price (in dollars per MMBtu) | $ / MMBTU							2.52	4.37
Number of oil and natural gas rigs							404	1,930	1,083
Operating Rigs
Property, Plant and Equipment [Line Items]
Number of rigs	32	32
ShaleDriller Rigs
Property, Plant and Equipment [Line Items]
Number of rigs	2	2
AC Powered Rigs
Property, Plant and Equipment [Line Items]
Number of rigs	29	29
Number of idle rigs	1	1
SCR Rigs
Property, Plant and Equipment [Line Items]
Number of rigs	3	3
Number of idle rigs	1	1
Minimum
Property, Plant and Equipment [Line Items]
Market price of oil (in dollars per barrel) | $ / bbl		50

Nature of Operations and Rece_3

Nature of Operations and Recent Events - Announcement Of Merger (Details)	Oct. 01, 2018shares
Business Acquisition [Line Items]
Voting interests acquired (in shares)	36,752,657
Voting interests acquired	100.00%
Sidewinder Drilling, Inc.
Business Acquisition [Line Items]
Voting interests acquired (in shares)	36,752,657
Voting interests acquired	100.00%

Interim Financial Information -

Interim Financial Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2019segment
Accounting Policies [Abstract]
Reportable segments	1

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Finance lease liabilities	$ 1,200	$ 1,584
Finance lease, right-of-use asset	1,300	1,552
Operating lease liabilities	$ 1,700	1,676
Discount rate	8.17%
Operating lease right-of-use assets	$ 900	865
Unamortized lease incentive	800
Right-of-use asset obtained in exchange for finance lease liability	$ 400	$ 520
Future total obligations on noncancellable capital and operating leases			$ 3,700
2019			1,400
2020			1,000
2021			500
Thereafter			$ 800

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019
Leases [Abstract]
Operating lease expense		$ 125
Short-term lease expense		1,193
Variable lease expense		86
Finance lease cost:
Amortization of right-of-use assets		265
Interest expense on lease liabilities		32
Total finance lease expense		297
Total lease expenses		1,701
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases		103
Operating cash flows from finance leases		32
Financing cash flows from finance leases		216
Right-of-use assets obtained or recorded in exchange for lease obligations:
Operating leases		955
Finance leases	$ 400	$ 520

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating leases:
Operating lease right-of-use assets	$ 865	$ 900
Accrued liabilities	480		$ 0
Other long-term liabilities	1,196
Total operating lease liabilities	1,676	1,700
Finance leases:
Property and equipment	2,523
Accumulated depreciation	(971)
Property and equipment, net	1,552	1,300
Current portion of long-term debt	905
Long-term debt	679
Total finance lease liabilities	$ 1,584	$ 1,200
Weighted-average remaining lease term
Operating leases	4 years 3 months 18 days
Finance leases	1 year 7 months 6 days
Weighted-average discount rate
Operating leases	8.17%
Finance leases	6.64%

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
Operating Leases
Year 1	$ 594
Year 2	351
Year 3	353
Year 4	363
Year 5	326
Thereafter	0
Total cash lease payment	1,987
Less: imputed interest	(311)
Total lease liabilities	1,676	$ 1,700
Finance Leases
Year 1	759
Year 2	365
Year 3	84
Year 4	0
Year 5	0
Thereafter	0
Total cash lease payment	1,208
Add: expected residual value	479
Less: imputed interest	(103)
Total lease liabilities	$ 1,584	$ 1,200

Sidewinder Merger (Details)

Sidewinder Merger (Details) - USD ($) $ in Thousands	Oct. 01, 2018	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Voting interests acquired	100.00%
Voting interests acquired (in shares)	36,752,657
Value of voting interests acquired	$ 173,100
Indebtedness assumed	$ 58,500
Merger-related expenses		$ 1,081	$ 0
Revenues		60,358	25,627
Intangible
Business Acquisition [Line Items]
Revenues		$ 1,033	$ 0

Sidewinder Merger Table (Detail

Sidewinder Merger Table (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Intangible liabilities	$ 3,123	$ 3,123
Accumulated amortization	(3,077)	(2,044)
Intangible liabilities, net	$ 46	$ 1,079

Revenue From Contracts with C_3

Revenue From Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenues	$ 60,358	$ 25,627
Dayrate drilling
Disaggregation of Revenue [Line Items]
Revenues	56,451	23,777
Mobilization
Disaggregation of Revenue [Line Items]
Revenues	1,260	459
Reimbursables
Disaggregation of Revenue [Line Items]
Revenues	1,604	1,231
Capital modification
Disaggregation of Revenue [Line Items]
Revenues	10	160
Intangible
Disaggregation of Revenue [Line Items]
Revenues	$ 1,033	$ 0

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Receivables, which are included in “Accounts receivable, net”	$ 41,782	$ 41,987
Contract assets	0	0
Contract liabilities	$ (1,121)	$ (1,374)

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Assets and Liabilities Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in contract liabilities at beginning of period	$ 732
Increase in contract liabilities due to cash received, excluding amounts recognized as revenue	(479)
Transferred to receivables from contract assets at beginning of period	$ 0

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Remaining Performance Obligation (Details) $ in Thousands	Mar. 31, 2019USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations, expected to be satisfied	$ 1,121
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue from Contract with Customer [Abstract]
Performance obligations, expected to be satisfied	$ 1,121
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations, expected to be satisfied	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Revenue from Contracts with C_7

Revenue from Contracts with Customers Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, current	$ 1	$ 1.1
Capitalized contract cost, increase	0.5
Amortization of contract costs	$ 0.7

Financial Instruments and Fai_3

Financial Instruments and Fair Value (Details) $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Term Loan Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 130,000	$ 130,000
Term Loan Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	145,773	131,893
ABL Credit Facility | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	4,969	2,566
ABL Credit Facility | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 4,896	$ 2,258
Discount rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, measurement input	0.069

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued salaries and other compensation	$ 8,008	$ 12,379
Insurance	4,674	5,464
Deferred revenues (contract liabilities)	1,121	1,374
Property taxes and other	2,570	3,829
Intangible liability	47	1,079
Interest	3,352	3,318
Operating lease liability - current	480	0
Other	843	1,776
Accrued liabilities	$ 21,095	$ 29,219

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 136,553	$ 133,801
Less: current portion	(905)	(587)
Less: Term Loan Facility deferred financing costs	(3,038)	(3,202)
Long-term debt	132,610	130,012
Capital lease obligations
Debt Instrument [Line Items]
Long-term debt, including current portion	1,584	1,235
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, including current portion	130,000	130,000
ABL Credit Facility
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 4,969	$ 2,566

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details)	Oct. 01, 2018USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018
Debt Instrument [Line Items]
Ownership percentage		30.00%
Line of credit
Debt Instrument [Line Items]
Weighted average interest rate		10.16%
Term Loan Facility
Debt Instrument [Line Items]
Face amount	$ 130,000,000
Term Loan Facility | Line of credit
Debt Instrument [Line Items]
Face amount	130,000,000
Liquidity covenant	$ 10,000,000
Fixed charge coverage ratio	1
Term Loan Facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	7.50%
Term Loan Facility | Line of credit | Prime Rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	6.50%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Face amount	$ 15,000,000
Delayed Draw Term Loan | Line of credit
Debt Instrument [Line Items]
Face amount	15,000,000
ABL Credit Facility And Delayed Draw Facility | Line of credit
Debt Instrument [Line Items]
Minimum availability	$ 5,000,000
ABL Credit Facility | Line of credit
Debt Instrument [Line Items]
Fixed charge coverage ratio	1
Line of credit facility, borrowing base threshold, percentage	85.00%
Commitment fee on unused capacity (as a percent)	0.375%
Line of credit facility, unused commitment fee percentage, revolver contingency	0.25%
Unused commitment fee percentage, maximum credit threshold	50.00%
Fixed charge coverage ratio, maximum credit threshold	10.00%
Borrowing base		$ 31,000,000
ABL Credit Facility | Line of credit | Federal funds, effective rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	0.05%
ABL Credit Facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	1.00%
ABL Credit Facility | Revolving credit facility | Line of credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 40,000,000	40,000,000
Remaining availability		$ 23,400,000
ABL Credit Facility | Letter of Credit | Line of credit
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 7,500,000
Minimum | ABL Credit Facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	2.00%
Minimum | ABL Credit Facility | Line of credit | Wells Fargo Prime Rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	1.00%
Maximum | Line of credit | Wells Fargo Prime Rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	1.50%
Maximum | Term Loan Facility | Line of credit | Federal funds, effective rate
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	0.05%
Maximum | Term Loan Facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	1.00%
Maximum | ABL Credit Facility | Line of credit | LIBOR
Debt Instrument [Line Items]
Interest rate, basis spread (as a percent)	2.50%
Independence Contract Drilling, Inc. | MSD Partners
Debt Instrument [Line Items]
Ownership percentage			30.00%

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized due to rig construction activity	$ 0	$ 0
Options, granted (in shares)	0	0
Options, exercisable (in shares)	669,213
Remaining contractual life (years)	3 years 6 days
Weighted-average exercise price (in dollars per share)	$ 12.74
Unrecognized compensation costs	$ 4,200,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	2 years 4 months 24 days
Restricted stock | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	3 years
Restricted stock | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	5 years
RSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (years)	3 years
Unrecognized compensation costs	$ 1,600,000
Period for recognition	1 year 3 months 18 days
Exercise price (in dollars per share)	$ 0
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			4,754,000
Number of shares available for future awards (in shares)	164,999
2012 Plan | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option expiration period (years)	10 years

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 387	$ 644
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	0	0
Restricted stock and restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 387	$ 644

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Options
Options, beginning balance (in shares)	669,213
Options, granted (in shares)	0	0
Options, exercised (in shares)	0
Options, forfeited/expired (in shares)	0
Options, ending balance (in shares)	669,213
Options, exercisable (in shares)	669,213
Weighted Average Exercise Price
Weighted average exercise price, beginning balance (in dollars per share)	$ 12.74
Weighted average exercise price, granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	0
Weighted average exercise price, forfeited/expired (in dollars per share)	0
Weighted average exercise price, ending balance (in dollars per share)	12.74
Weighted-average exercise price, exercisable (in dollars per share)	$ 12.74

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Restricted stock
Shares
Number, beginning balance (in shares) | shares	1,385,973
Number, granted (in shares) | shares	0
Number, vested and converted (in shares) | shares	0
Number, forfeited (in shares) | shares	0
Number, ending balance (in shares) | shares	1,385,973
Weighted Average Grant-Date Fair Value Per Share
Weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 3.22
Weighted average grant date fair value per share, granted (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, vested and converted (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, forfeited (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 3.22
RSU's
Shares
Number, beginning balance (in shares) | shares	409,607
Number, granted (in shares) | shares	0
Number, vested and converted (in shares) | shares	0
Number, forfeited (in shares) | shares	0
Number, ending balance (in shares) | shares	409,607
Weighted Average Grant-Date Fair Value Per Share
Weighted average grant date fair value per share, beginning balance (in dollars per share) | $ / shares	$ 4.79
Weighted average grant date fair value per share, granted (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, vested and converted (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, forfeited (in dollars per share) | $ / shares	0
Weighted average grant date fair value per share, ending balance (in dollars per share) | $ / shares	$ 4.79

Stockholders_ Equity and Earn_3

Stockholders’ Equity and Earnings (Loss) per Share - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, par value (usd per share)	$ 0.01		$ 0.01
Treasury stock, number of shares held (in shares)	520,554		520,554
Shares authorized (in shares)	200,000,000		200,000,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	669,213	682,950
RSU's
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	409,607	1,261,244
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares outstanding (in shares)	77,078,252	38,252,765	77,078,252	37,985,225

Stockholders_ Equity and Earn_4

Stockholders’ Equity and Earnings (Loss) per Share - Basic and Diluted Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net loss (numerator):
Net loss	$ (2,373)	$ (4,146)
Loss per share:
Basic and diluted (in dollars per share)	$ (0.03)	$ (0.11)
Shares (denominator):
Weighted average common shares outstanding - basic (in shares)	75,692	38,124
Weighted average common shares outstanding - diluted (in shares)	75,692	38,124

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	51.70%	1.20%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding purchase commitments	$ 14.4

Related Parties (Details)

Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Oct. 01, 2018
Ownership percentage	30.00%
Term Loan Facility
Face amount		$ 130,000,000
Interest payments	$ 3,300,000
Delayed Draw Term Loan
Face amount		$ 15,000,000