Unit Corp. agrees to sell certain non-core oil & natural gas assets

theflyonthewall.com

Unit Corp.(UNT) announced that its wholly owned subsidiary, Unit Petroleum Co., 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 (QEP), 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. The effective date for both transactions is July 1, 2012, and both are anticipated to close in September 2012. Second quarter 2012 average production for the combined properties being sold was approximately 1,200 net barrels of oil equivalent per day.

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