November 16, 2005
Tulsa, Oklahoma . . . Unit Corporation (NYSE –
UNT) announced today that its wholly owned subsidiary, Unit Petroleum
Company, has closed its previously announced acquisition of certain
oil and natural gas properties from a group of private entities for
an adjusted purchase price of $82.0 million in cash. The acquisition
consists of approximately 42.5 Bcfe of proved oil and natural gas reserves.
The properties are located in Oklahoma, Arkansas and Texas and currently
produce 6.5 MMcfe per day. The acquisition has an effective date of
July 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,
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 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.
