Unit Petroleum Co., a wholly owned subsidiary of Unit Corp., Tulsa, Okla., (NYSE: UNT) plans to acquire oil and gas properties from a group of private entities for approximately $82.4 million in cash. The acquisition consists of approximately 42.5 billion cubic feet of gas equivalent of proved oil and gas reserves in Oklahoma, Arkansas and Texas. The fields have current production of 6.5 million cubic feet of gas equivalent per day. Closing of the transaction is expected by mid-November. Larry Pinkston, president and chief executive of Unit, says, "The majority of the wells in this acquisition are located in Oklahoma, so the properties will fit well with Unit's core area of operations and will help us to further develop and exploit fields and supply a basis for future drilling."