Deals - Acquisition, Mergers, Divestitures
Unit Corp. Subsidiary Acquires Anadarko Basin Assets
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Unit Corporation has reported that its wholly owned subsidiary, Unit Petroleum Company, has closed on the previously announced agreement to acquire certain oil and natural gas assets from Noble Energy, Inc. The acquisition includes approximately 84,000 net acres primarily in the Granite Wash, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle. The amount paid at closing was $594.5 million.
As of the effective date of April 1, 2012, the estimated proved reserves of the acquired properties were 44 million barrels of oil equivalent (MMBoe), a 38% increase to Unit Petroleum's proved reserves at December 31, 2011. The acquisition adds approximately 25,000 net acres to Unit Petroleum's Granite Wash core area in the Texas Panhandle with significant resource potential…
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