Unit Corporation Acquires Acreage in Oklahoma, Texas & New Mexico

Unit Corporation's 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 $32.4 million in cash. Proved oil and natural gas reserves involved in this acquisition consist of approximately 14.2 Bcfe. The properties currently produce 3.0 MMcfe per day. Approximately 45% of the reserves associated with these properties are located in Oklahoma, 36% are located in Texas and 19% in New Mexico. This acquisition will have an effective date of April 1, 2006. The closing date for this acquisition, which is subject to certain conditions contained in the definitive agreements, is anticipated to be May 12, 2006.

Larry Pinkston, President and Chief Executive Officer, said, "These properties fit well in our core area of operations, and have substantial upside potential. We are very excited about 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.
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