Unit Acquires Producing Properties in Texas
Unit Corporation's subsidiary, Unit Petroleum Company, closed on an acquisition with an undisclosed company for 73 producing oil and natural gas wells for $12.5 million. The properties are located in Hemphill County, Texas.
Total proved reserves of the acquisition include 15,900,000 Mcf of natural gas and 169,000 barrels of oil. Current daily flow rates for these wells are 2,100 Mcf of natural gas per day and 26 barrels of oil per day. The effective date of the acquisition is December 1, 2002.
John Nikkel, President and Chief Executive Officer, said "The properties acquired fit well with our operations in Texas and will provide us the ability to further our exploration opportunities in this area."
Unit also announced its 2003 capital expenditure budget for the Company's exploration and production operations. Unit plans to spend $65 million for its development drilling and exploration operations and estimates that it will drill 140 - 150 wells during 2003.