Unit Corporation announced today that its wholly owned subsidiary, Unit Petroleum Company, has completed the acquisition of Brighton Energy, LLC, a privately owned oil and natural gas company for approximately $67.0 million in cash. The acquisition involves all of Brighton’s oil and natural gas assets outside of the southeastern Arkoma Basin and includes approximately 27.0 Bcfe of proved reserves and 5.0 MMcfe per day of current production. The reserves are 78 percent natural gas and 67 percent proved developed. The majority of the acquired reserves are located in the Anadarko and Gulf Coast basins of Oklahoma, Texas and Louisiana, with additional reserves in Arkansas, Kansas, Montana, North Dakota and Wyoming.
Unit has identified 27 proved undeveloped locations that can be drilled in addition to numerous probable and possible locations. This acquisition is effective August 1, 2006.
Larry Pinkston, President and Chief Executive Officer, said, “This acquisition will fit well in our core areas and should have substantial upside potential. We are looking forward to the integration of these properties into our future development and exploration program.”
Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas gathering and processing. Unit’s Common Stock is listed on the New York Stock Exchange under the symbol UNT.