Unit Corporation Announces Agreements to Sell Certain Non-Core Oil & Natural Gas Assets

Unit Corporation

announced today that its wholly owned subsidiary, Unit Petroleum Company ("Unit Petroleum"), has entered into two separate agreements to sell certain non-core oil and natural gas assets for $268.0 million, subject to customary pre-closing and post-closing adjustments. Unit Petroleum has entered into an agreement with QEP Energy, a wholly owned subsidiary of QEP Resources, Inc.

, to sell its interest in certain of its Bakken properties as part of a transaction that QEP recently announced it is acquiring in North Dakota's Williston Basin. In the other transaction, Unit Petroleum has entered into an agreement with an unaffiliated buyer to sell certain oil and natural gas assets located in Brazos and Madison counties of Texas, including Buda and Woodbine production and associated acreage.