Unit Petroleum Company
is a wholly owned subsidiary of Unit Corporation. Unit Petroleum
was created in 1979 with an initial reserve base of 2 Bcfe. At
December 31, 2007, Unit owns 514.6 Bcfe of reserves, primarily in
the Anadarko and Arkoma Basins, and operates or owns an interest
in more than 7,400 wells. For the last 24 years, Unit
Petroleum has replaced at least 150% of its production, steadily
growing its reserve base. Unit's reserves are 82% natural
gas and 78% proved developed. The Company's strategy is to drill
low-risk field extension or development wells on internally generated
prospects. Unit has an inventory of more than
1,200 drilling locations representing 687 Bcfe of unrisked reserves.
As with its drilling rig fleet, Unit focuses on natural gas projects,
which it believes provide the greatest opportunity for stable
growth. |
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