Unit Corporation said Tuesday it has acquired certain oil and natural gas assets primarily in Grady and Caddo Counties in western Oklahoma from an undisclosed seller for $57 million in cash plus 180 net acres in McClain County, Oklahoma.
The effective date of the acquisition was Jan. 1. It adds approximately 8,300 net acres to Unit Petroleum’s Hoxbar core area in southwestern Oklahoma as well as 47 proved developed producing wells of which 23 are operated by the seller and 20 by Unit. The estimated proved reserves of the properties totaled 3.2 million barrels of oil equivalent. The estimated average daily net production was approximately 1,367 barrels of oil equivalent.
Meanwhile, Unit said it has struck a deal to sell shares worth up to $100 million through Raymond James & Associates. The proceeds will be used to fund, or offset the cost of, acquisitions, future capital expenditures, repay amounts outstanding under its revolving credit facility, and general corporate purposes.