Key Developments: Unit Corp (UNT.N)
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Latest Key Developments (Source: Significant Developments)
Unit Corp Issues FY 2013 Production Guidance
Unit Corp announced that for fiscal 2013, it expects annual production in the range of 16.0 MMBoe-16.5 MMBoe, an increase of 13% to 16% over fiscal 2012. Full Article
Unit Corp Raises FY 2012 Production Guidance
Unit Corp announced that the production guidance for fiscal 2012, including the impact of the Noble acquisition, is approximately 13.9 to 14.2 MMBoe. Full Article
Unit Corp's Subsidiary Completes Sale Of Certain Non-Core Oil & Natural Gas Assets
Unit Corp announced that its wholly owned subsidiary, Unit Petroleum Company (Unit Petroleum), has closed on the previously announced agreement to sell its interest in certain of its Bakken properties to QEP Energy, a wholly owned subsidiary of QEP Resources, Inc. The proceeds at closing were $228.0 million. As of the effective date of July 1, 2012, the estimated proved reserves of the divested properties were 5.7 million barrels of oil equivalent (MMBoe), while the second quarter average daily production for these properties was 1,044 Boe per day. The properties total 4,756 net acres, representing approximately 35% of Unit Petroleum’s total acreage in the Bakken play. Full Article
Unit Corp Completes Acquisition Of Oil & Natural Gas Assets From Noble Energy, Inc
Unit Corp announced that its wholly owned subsidiary, Unit Petroleum Company (Unit Petroleum), 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 including approximately 600 potential horizontal drilling locations. The acreage is characterized by high working interest and operatorship, 95% of which is held by production. Current plans are to begin drilling Granite Wash horizontal wells with one to two Unit rigs in January 2013 increasing to six to seven Unit rigs by year end 2013. Unit also received two gathering systems as part of the transaction. Full Article
Unit Corp's Unit Petroleum Company Announces Agreements to Sell Certain Non-Core Oil & Natural Gas Assets With QEP Resources Inc's QEP Energy
Unit Corp announced 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. 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. Full Article
Unit Corp Issues FY 2012 Production Guidance
Unit Corporation announced that production guidance for fiscal 2012 is approximately 13.2 MMBoe to 13.5 MMBoe. Full Article
Unit Corp Announces Pricing Of Upsized Private Offering Of $400 Million Of Senior Subordinated Notes As Part Of Financing For Acquisition Of Noble Oil And Natural Gas Assets
Unit Corporation announced it has priced a private offering to eligible purchasers of $400 million aggregate principal amount of senior subordinated notes (the Notes) due 2021, which will bear interest at a rate of 6.625% per year (the Offering). The Notes are being sold at 98.75% of par plus accrued interest from May 15, 2012. The size of the Offering was increased to $400 million from the previously announced $350 million. Unit expects to close the Offering on July 24, 2012, subject to the satisfaction of customary closing conditions. Unit intends to use the net proceeds from the Offering to partially finance Unit Petroleum Company's previously announced pending acquisition (the Acquisition) of certain oil and natural gas assets from Noble Energy, Inc. The consummation of the Acquisition is subject to certain customary closing conditions and, as a result, there can be no assurance that the Acquisition will be consummated. Following the completion of the Acquisition and the required exchange offer of the Notes for registered notes, we anticipate that the registered notes will be treated as a single series of debt securities with Unit’s existing $250 million aggregate principal amount of 6⅝% senior subordinated notes due 2021. Full Article
Unit Corp Announces $350 Million Offering Of Senior Subordinated Notes As Part Of Financing For Acquisition Of Noble Oil And Natural Gas Assets
Unit Corporation (Unit) announced that it intends to offer, subject to market and other conditions, $350 million aggregate principal amount of 6 ⅝% senior subordinated notes (the Notes) due 2021 in a private offering (the Offering) to eligible purchasers. Unit intends to use the net proceeds from the Offering to partially finance Unit Petroleum Company's previously announced pending acquisition (the Acquisition) of certain oil and natural gas assets from Noble Energy, Inc. The consummation of the Acquisition is subject to certain customary closing conditions and, as a result, there can be no assurance that the Acquisition will be consummated. The Notes have not been registered under the Securities Act of 1933, as amended (the Securities Act) or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. Unit plans to offer and issue the Notes only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S. Following the completion of the Acquisition and the required exchange offer of the Notes for registered notes, we anticipate that the registered notes will be treated as a single series of debt securities with Unit’s existing $250 million aggregate principal amount of 6⅝% senior subordinated notes due 2021. Full Article
Noble Energy Inc Agrees To Sell Mid-Continent Properties
Noble Energy Inc announced that it has signed a definitive agreement to sell certain oil and natural gas properties in western Oklahoma and the Texas Panhandle to Unit Petroleum Company, a wholly owned subsidiary of Unit Corporation for $617 million. The transaction has an effective date of April 1, 2012 and is expected to close in September 2012, subject to customary closing conditions and adjustments. The properties include Noble Energy's interest in about 900 producing wells on approximately 84,000 net acres. As of the effective date, net daily production was nearly 60 million cubic feet equivalent per day and net proved reserves were approximately 250 billion cubic feet equivalent. Production consists of 65% natural gas, 27% natural gas liquids, and 8% oil. Full Article
Unit Corp Announces Agreement To Acquire Oil & Gas Assets Of Noble Energy Inc
Unit Corp announced that its wholly owned subsidiary, Unit Petroleum Company has entered into an agreement to acquire certain oil and natural gas assets from Noble Energy, Inc. that include approximately 84,000 net acres primarily in the Granite Wash, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle, for $617.1 million in cash. The effective date of this acquisition is April 1, 2012, and closing is anticipated to be in September 2012. Unit will also receive two gathering systems as part of the transaction. Unit intends to finance the acquisition with long-term debt. In conjunction with the acquisition, Unit intends to increase commitments under its existing credit facility from $250 million ($600 million borrowing base) up to $750 million ($800 million borrowing base). In addition, Unit Petroleum has identified $200 to $300 million of certain upstream assets it is considering selling. Full Article

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