John Nikkel Retires from CEO Spot at Unit Corporation

Unit Corporation announced that its Chairman and Chief Executive Officer, John Nikkel, will retire as Chief Executive Officer of the Company effective April 1, 2005 and that Mr. Larry Pinkston, its President, has been elected to assume the additional role as the Company's Chief Executive Officer effective with Mr. Nikkel's retirement. Mr. Nikkel will continue to serve the Company as Chairman of the Board of Directors. Mr. Nikkel has also agreed to serve as a consultant for the Company following his retirement.

Mr. Nikkel joined Unit in 1983 as its President and director. In 2001, he became the Company's Chief Executive Officer, and in August 2003, Mr. Nikkel was named Chairman of the Board of Directors. When Mr. Nikkel joined Unit in 1983, the Company consisted of only 29 drilling rigs operating in Oklahoma and had total oil and natural gas reserves of approximately 11 Bcfe. Today, Unit owns a drilling rig fleet consisting of 100 rigs operating in Oklahoma, Texas, Wyoming, Colorado and Utah. Unit's oil and natural gas reserve base is in excess of 340 Bcfe, with its properties located primarily in Oklahoma, South Texas, and the Permian Basin of West Texas.

Mr. Nikkel said, "It has been my distinct pleasure to serve Unit for the past 21 years and because of the hard work and dedication of our employees, Unit has had excellent growth through that period. Unit has outstanding management talent that will continue our long-held strategy of growing our asset base with a conservative financial policy."

Mr. Pinkston, who has served the Company as its President and Chief Operating Officer since February 2004, said, "Through John's leadership, Unit has experienced dramatic growth over the life of the Company. We plan to continue growing the Company and intend to keep Unit on the path that John has helped build for us."
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