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UNT Completes the Sale of Certain Non-Core Assets

Source: www.gulfoilandgas.com 9/28/2012, Location: North America

Unit Corporation (UNT) announced that its wholly owned subsidiary, Unit Petroleum Company ("Unit Petroleum"), has closed on the previously announced agreement to sell its interest in certain of its Bakken properties to QEP Energy, a wholly owned subsidiary of QEP Resources, Inc. (QEP). The proceeds at closing were $228.0 million.

As of the effective date of July 1, 2012, the estimated proved reserves of the divested properties were 5.7 million barrels of oil equivalent (MMBoe), while the second quarter average daily production for these properties was 1,044 Boe per day. The properties total 4,756 net acres, representing approximately 35% of Unit Petroleum's total acreage in the Bakken play. "This is a strategic divestiture of certain of our non-core properties," commented Larry D. Pinkston, Unit's President and Chief Executive Officer. "The proceeds from this sale of properties will be applied against bank debt, enhancing our overall liquidity for future growth opportunities."

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