Unit Corp. Acquires Drilling Company

Tulsa-based Unit Corporation today announced acquisition of a privately owned drilling company operating primarily in the Texas Panhandle.

This acquisition boosts the company’s drilling fleet to a record 128 rigs, according to Larry D. Pinkston, Unit Corporation Chief Executive Officer and President. “This acquisition will be immediately accretive to per share earnings and cash flow, and the assets complement our existing operations while expanding our presence in the Texas Panhandle. With these drilling rigs, we gain experienced drilling rig crews and an established and active drilling customer base that is already familiar with Unit Drilling.

The acquired company owns nine drilling rigs, a fleet of 11 trucks, and an office, shop and equipment yard. The drilling rigs range from 800 horsepower to 1,000 horsepower with depth capacities rated from 10,000 to 15,000 feet. Seven of the nine drilling rigs are currently operating under contract, while one drilling rig is being refurbished and should be operational during the third quarter.

Terms of the deal were not disclosed.

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