Tulsa-Based Unit Petroleum to Buy Oil, Natural Gas Properties

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Unit Petroleum on Wednesday announced plans to buy oil and natural gas properties for $32.4 million in cash.

The purchase by the subsidiary of Tulsa-based Unit Corp. includes proved oil and natural gas reserves totaling 14.2 billion cubic feet equivalent.

These properties fit well in our core area of operations and have substantial upside potential, said Larry Pinkston, president and CEO of Unit Corp.

About 45 percent of the reserves being purchased from a group of private entities are in Oklahoma. Of the remaining reserves, 36 percent are in Texas and 19 percent in New Mexico.

Production from the properties totals 3 million cubic feet equivalent per day. The purchase is expected to be completed May 12.

Unit Corp. closed up 18 cents at $59.06 in New York Stock Exchange trading Wednesday. The 52-week high is $61.88 and the low is $35.20. Market capitalization totals $2.7 billion.

We are very excited about the integration of these properties into our future development and exploration program, Pinkston said. …