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."
Recommended Reading
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.