May 12, 2005
Tulsa, Oklahoma . . . Unit Corporation (NYSE
– UNT) announced today that its wholly owned subsidiary, Unit
Petroleum Company, has signed a purchase and sale agreement to acquire
certain oil and natural gas properties from a private company for approximately
$24.1 million in cash. The acquisition consists of approximately 14.5
Bcfe of proved oil and natural gas reserves. The properties are located
in Oklahoma and currently produce 2.5 MMcfe per day. The acquisition
will have an effective date of April 1, 2005. Closing of the acquisition,
which is subject to certain conditions contained in the agreement, is
anticipated to be mid-June.
Larry Pinkston, President and Chief Executive Officer, said, “The
acquisition will fit well with Unit’s core area of operations
and will help us to further develop and exploit fields and supply a
basis for future drilling.”
Unit Corporation is a Tulsa-based, publicly held
energy company engaged through its subsidiaries in oil and gas exploration,
production, contract drilling and natural gas gathering and processing.
Unit’s Common Stock is listed on the New York Stock Exchange under
the symbol UNT. For more information about Unit Corporation, visit its
website at http://www.unitcorp.com.
This news release contains forward-looking statements within the meaning
of the Securities Litigation Reform Act that involve risks and uncertainties,
including that the acquisition which is the subject of this press release
will close, the estimated oil and natural gas reserves associated with
this acquisition, and the current productive capabilities of the wells
included in the pending acquisition, and other factors described from
time to time in the company’s publicly available SEC reports,
which could cause actual results to differ materially from those expected.
