Unit Petroleum completes oil and natural gas acquisition

Published Jul 22, 2010
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Unit Corporation annouces 2005 results-Spotlight

Unit Corporation reported the following information regarding its oil and natural gas segment.

Property Acquisition Unit Corporation's wholly owned subsidiary, Unit Petroleum Company, completed in June the acquisition of certain oil and natural gas properties from a privately owned company for approximately $75.0 million in cash, subject to post-closing adjustments. The acquisition includes approximately 45,000 net acres and 11 producing oil wells and is focused on the Marmaton horizontal oil play located primarily in Beaver County, Oklahoma. This acquisition, along with Unit's existing leasehold position in the Marmaton play area, provides Unit with more than 56,000 net undeveloped leasehold acres in this play. Proved developed producing (PDP) net reserves associated with the 11 acquired producing wells is approximately 900,000 barrels of oil equivalent (Boe) - consisting of 600,000 barrels of oil, 200,000 barrels of natural gas liquids (NGLs), and 700 million cubic feet (MMcf) of natural gas. Net production from these wells in April 2010 averaged approximately 850 barrels of oil per day and 1.0 MMcf of natural gas per day.

Larry Pinkston, President and Chief Executive Officer, said, 'This acquisition complements the presence that we already have in the Anadarko Basin, one of our core areas of operations. We anticipate working two to three drilling rigs in this play in which we have identified approximately 300 potential well locations with expected average reserves per well of 120,000 barrels of oil equivalent. Projected average completed well costs for wells in this play are approximately $2.0 million.'

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