UNIT CORPORATION
ANNOUNCES COMPLETION OF OIL & GAS NATURAL GAS COMPANY ACQUISITION
TULSA, Okla., Oct.
16 /PRNewswire-FirstCall/ -- Unit Corporation (NYSE: UNT - News) announced
today that its wholly owned subsidiary, Unit Petroleum Company, has
completed the acquisition of Brighton Energy, LLC, a privately owned
oil and natural gas company for approximately $67.0 million in cash.
The acquisition involves all of Brighton's oil and natural gas assets
outside of the southeastern Arkoma Basin and includes approximately
27.0 Bcfe of proved reserves and 5.0 MMcfe per day of current production.
The reserves are 78% natural gas and 67% proved developed. The majority
of the acquired reserves are located in the Anadarko and Gulf Coast
basins of Oklahoma, Texas and Louisiana, with additional reserves in
Arkansas, Kansas, Montana, North Dakota and Wyoming. Unit has identified
27 proved undeveloped locations that can be drilled in addition to
numerous probable and possible locations. This acquisition is effective
August 1, 2006.Larry Pinkston, President and Chief Executive Officer, said, "This
acquisition will fit well in our core areas and should have substantial
upside potential. We are looking forward to the integration of these
properties into our future development and exploration program."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 the possibility that the ultimate quantity and value of the
estimated oil and natural gas reserves associated with the acquisition
actually differ from those contained in this release, the estimates
used in the valuation of the completed acquisition, including prices
used in calculating reserve values, may vary significantly from actual
results, and that the current productive capabilities of the oil and
natural gas wells included in the acquisition varies from that disclosed,
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.
