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Unit Corporation
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Acquisition of Oil & Gas Properties in Mid- Continent
| Larry D. Pinkston | Page 3 of 11 |
November 21, 2024
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"Acquisition of Oil & Gas Properties in Mid- Continent"
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3Strategic Acquisition Unit Corporation is acquiring certain oil and natural gas properties and related gathering and processing infrastructure primarily located in Western Oklahoma and the Texas Panhandle from Noble Energy (?Acquisition?) ?Immediately accretive to cash flow per share, an d accretive to earnings per share beginning in 2013 Transaction value: $617.1 million ?Adds ~44 MMboeof proved reserves, 10.0 Mboe/d(1)of liquids-rich production, 84,000 net acres and 617 gross potential horizontal drilling locations ?Two gathering systems ?Hemphill County, TX and Ellis County, OK Consideration: ?All cash transaction expected to be funded with long-term debt. In conjunction with the Acquisition, Unit has requested an increase in commitments under its credit facility to $750 million ?Company is considering divesting $200 -$300 million of certain mid-stream assets Timing: ?Effective April 1, 2012 ?Expected closing by mid-September 2012(1)April 2012 average daily production.