Sec Form 13G Filing - Lime Rock Partners III L.P. @ INDEPENDENCE CONTRACT DRILLING

Insider filing report for Changes in Beneficial Ownership

Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.

"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Information Statement Pursuant to Rules 13d-1 and 13d-2

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Independence Contract Drilling, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

453415309

(CUSIP Number)

December 31, 2016

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP Number 453415309


1	Names of Reporting Persons Lime Rock Partners III, L.P.
2	Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☐
3	SEC Use Only
4	Citizenship or Place of Organization Cayman Islands
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	Sole Voting Power 0
		6	Shared Voting Power 1,527,097¹
		7	Sole Dispositive Power 0
		8	Shared Dispositive Power 1,527,097¹
9	Aggregate Amount Beneficially Owned by Each Reporting Person 1,527,097¹
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11	Percent of Class Represented by Amount in Row (9) 4.1%²
12	Type of Reporting Person (See Instructions) FI

Lime Rock Partners III, L.P. (“Lime Rock III”) directly holds 1,527,097 shares of common stock, par value $0.01 per share (“Common Stock”) of Independence Contract Drilling, Inc. (the “Issuer”). LRP GP III, Inc. (“LRP GP”) is the general partner of Lime Rock Partners GP III, L.P. (“Lime Rock Partners GP”), which is the general partner of Lime Rock III. John T. Reynolds (“Reynolds”) and Jonathan C. Farber (“Farber”) are the sole directors of LRP GP. Therefore, Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber may be deemed to share the right to direct the disposition of and may be deemed to share the power to vote or to direct the vote of 1,527,097 shares of Common Stock of the Issuer. Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber disclaim beneficial ownership of the reported Common Stock except to the extent of such person’s pecuniary interest therein, and this statement shall not be deemed an admission that Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber are the beneficial owners of the reported Common Stock for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any other purpose.

²	Based on 37,606,508 shares of Common Stock of the Issuer issued and outstanding as of October 25, 2016, as set forth in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on October 26, 2016.


CUSIP Number 453415309


1	Names of Reporting Persons. Global Energy Services Operating, LLC
2	Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☐
3	SEC Use Only
4	Citizenship or Place of Organization Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	Sole Voting Power 0
		6	Shared Voting Power 0
		7	Sole Dispositive Power 0
		8	Shared Dispositive Power 0
9	Aggregate Amount Beneficially Owned by Each Reporting Person 0
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11	Percent of Class Represented by Amount in Row (9) 0%
12	Type of Reporting Person (See Instructions) OO


CUSIP Number 453415309


1	Names of Reporting Persons Jonathan C. Farber
2	Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☐
3	SEC Use Only
4	Citizenship or Place of Organization United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	Sole Voting Power 0
		6	Shared Voting Power 1,527,097¹
		7	Sole Dispositive Power 0
		8	Shared Dispositive Power 1,527,097¹
9	Aggregate Amount Beneficially Owned by Each Reporting Person 1,527,097¹
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11	Percent of Class Represented by Amount in Row (9) 4.1%²
12	Type of Reporting Person (See Instructions) IN

Lime Rock III directly holds 1,527,097 shares of Common Stock of the Issuer. LRP GP is the general partner of Lime Rock Partners GP, which is the general partner of Lime Rock III. Reynolds and Farber are the sole directors of LRP GP. Therefore, Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber may be deemed to share the right to direct the disposition of and may be deemed to share the power to vote or to direct the vote of 1,527,097 shares of Common Stock of the Issuer. Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber disclaim beneficial ownership of the reported Common Stock except to the extent of such person’s pecuniary interest therein, and this statement shall not be deemed an admission that Lime Rock III, LRP GP, Lime Rock Partners GP, Reynolds and Farber are the beneficial owners of the reported Common Stock for the purposes of Section 13(d) of the Exchange Act or any other purpose.

²	Based on 37,606,508 shares of Common Stock of the Issuer issued and outstanding as of October 25, 2016, as set forth in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on October 26, 2016.


CUSIP Number 453415309


1	Names of Reporting Persons John T. Reynolds
2	Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☐
3	SEC Use Only
4	Citizenship or Place of Organization United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	Sole Voting Power 0
		6	Shared Voting Power 1,527,097¹
		7	Sole Dispositive Power 0
		8	Shared Dispositive Power 1,527,097¹
9	Aggregate Amount Beneficially Owned by Each Reporting Person 1,527,097¹
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ☐
11	Percent of Class Represented by Amount in Row (9) 4.1%²
12	Type of Reporting Person (See Instructions) IN

²	Based on 37,606,508 shares of Common Stock of the Issuer issued and outstanding as of October 25, 2016, as set forth in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on October 26, 2016.

This Amendment No. 2 to Schedule 13G amends the Schedule 13G originally filed by Lime Rock Partners III, L.P. (“LRP III”), Global Energy Services Operating, LLC (“GESO”), Jonathan C. Farber and John T. Reynolds with the Securities and Exchange Commission on February 17, 2015, as amended by that certain Amendment No. 1 filed on February 16, 2016. This Amendment is being filed to reflect the in-kind distribution of 1,570,000 shares of Common Stock of the Issuer held by GESO to its members, including the distribution of 977,597 of such shares to LRP III.

Item 1.

(a)

Name of Issuer: Independence Contract Drilling, Inc.

(b)

Address of Issuer’s Principal Executive Offices

11601 GALAYDA STREET

HOUSTON, TX 77086

Item 2.

(a)

Name of Persons Filing:

This Schedule 13G is being jointly filed by LRP III, GESO, Jonathan C. Farber and John T. Reynolds. As a result of the in-kind distribution of all of the shares of Common Stock of the Issuer held by GESO, GESO shall cease to be a reporting person immediately after the filing of this Amendment. As a result of LRP III ceasing to be the beneficial owner of more than five percent of the Common Stock of the Issuer, LRP III, Jonathan C. Farber and John T. Reynolds shall cease to be reporting persons immediately after the filing of this Amendment.

(b)

Address of Principal Business Office or, if None, Resident:

Lime Rock Partners III, L.P.

274 Riverside Avenue

Westport, CT 06880

Global Energy Services Operating, LLC

10340 Wallisville Road

Houston, TX 77013

Jonathan C. Farber

274 Riverside Avenue

Westport, CT 06880

John T. Reynolds

274 Riverside Avenue

Westport, CT 06880

(c)

Citizenship:

Lime Rock Partners III, L.P. is a Cayman Islands exempted limited partnership.

Global Energy Services Operating, LLC is a Delaware limited liability company.

Jonathan C. Farber is a citizen of the United States of America.

John T. Reynolds is a citizen of the United States of America.

(d)

Title of Class of Securities: Common stock, par value $0.01 per share.

(e)

CUSIP Number: 453415309

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:


(a)	☐	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)	☐	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)	☐	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)	☐	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)	☐	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)	☐	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)	☐	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)	☐	A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)	☐	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);

(j)	☐	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J);

(k)	☐	Group, in accordance with § 240.13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:_______________.

Item 4.

Ownership.

The information in items 1 through 11 on the cover pages to this Schedule 13G is hereby incorporated by reference.

Item 5.

Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof any of the reporting persons has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ☒.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

Not applicable.

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

Item 9.

Notice of Dissolution of Group.

Not applicable.

Item 10.

Certifications.

Not applicable.

SIGNATURES

After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: February 14, 2017

LIME ROCK PARTNERS III, L.P.

By: /s/ J. Will Franklin

Name: J. Will Franklin

Title: Authorized Person

GLOBAL ENERGY SERVICES OPERATING, LLC

By: /s/ Sandra Weisbrod

Name: Sandra Weisbrod

Title: Authorized Person

Jonathan C. Farber

John T. Reynolds


*By:		/s/ Kris Agarwal
		Kris Agarwal, as Attorney-in-Fact

Sec Form 13G Filing - Lime Rock Partners III L.P. filing for INDEPENDENCE CONTRACT DRILLING (ICDI) - 2017-02-14