Unit Corporation Acquires Twenty Drilling Rigs

Unit Corporation has reached an agreement with a privately-held company to acquire twenty drilling rigs and related equipment for 7.5 million shares of Unit Corporation common stock. Of the rigs, all of which are operational, 16 are currently under contract. The rigs range in horsepower from 650 to 2,000 with 15 having a horsepower rating of 1,000 or more. Twelve of the rigs are SCR electric. Depth capacities range from 12,000 to 25,000 feet. This acquisition is subject to finalization of terms of a definitive agreement as well as certain other conditions customary in this type of transaction. On closing of this transaction, Unit's rig fleet will consist of 75 drilling rigs.