June 15, 2005
Tulsa, Oklahoma . . . Unit Corporation (NYSE
– UNT) announced today that its wholly owned subsidiary, Unit
Petroleum Company, has closed the previously announced acquisition of
certain oil and natural gas properties from a private company for an
adjusted purchase price of $23.1 million in cash. The acquisition consists
of approximately 14.0 Bcfe of proved oil and natural gas reserves and
several probable locations. The properties are located in Oklahoma and
currently produce 2.5 MMcfe per day. The acquisition has an effective
date of April 1, 2005.
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,
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.
