Unit Petroleum Acquires Acreage in Oklahoma, Arkansas and Texas

Unit Corporation says that its wholly owned subsidiary, Unit Petroleum Company, has signed a purchase and sale agreement to acquire certain oil and natural gas properties from a group of private entities for approximately $82.4 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 will have an effective date of July 1, 2005. Closing of the acquisition, which is subject to certain conditions contained in the agreement, is anticipated to be mid-November.
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