Your Portal for Key Energy Information and Research

Unit Petroleum Company

Company Summary

Description

Unit Petroleum Company is a wholly owned subsidiary of Unit Corporation. Unit Petroleum was created in 1979 with an initial reserve base of 2 Bcfe. At December 31, 2015, Unit owned 135 MMBoe of reserves, primarily in the Anadarko and Arkoma Basins, and operated or owned an interest in more than 7,800 wells. Unit's reserves are 85% proved developed. The Company's strategy is to drill low-risk field extension or development wells on internally generated prospects. By focusing on oil and rich natural gas, this allows us to take advantage of the strengths of our existing assets. Our ability to develop prospects in our own backyard creates a promising investment opportunity.

Website

http://www.unitpetroleum.com/

Related Entities

Recent news

  • 4/4/2018 - Unit Corp. Closes on... (subscriber access)
  • 3/29/2018 - Unit Corp. Selling 50%... (subscriber access)
  • 4/4/2017 - Unit Petroleum Announces... (subscriber access)
  • 12/14/2016 - PetroGas Acquires... (subscriber access)

Company Transactions

Date: 4/4/2017
Type: Acquisition

BUYERS:
  • Unit Petroleum Company
    • DETAILS:

    COST: 57 $MM

    VOLUMES: 1.34 MBOE/d

    ACRES: 8300 Acres

    NOTES:
    Unit paid $57 million and traded 180 acres in McClain County, Oklahoma for the assets. The acquisition includes 8,300 acres, 47 proved developed producing wells, 3.2 MMBoe in proved reserves and current production of 1.34 Mboe/d (73% liquids). Unit will also obtain a small gathering system on the acreage.
    REGIONS:
  • Midcontinent

    • Date: 12/14/2016
    Type: Acquisition

    BUYERS:
  • PetroGas Company
    • SELLERS:
  • BP America Production Company
  • Unit Petroleum Company
    • DETAILS:

    VOLUMES: 559.5 BOE/d

    NOTES:
    PetroGas acquired a fractional interest in four oil and gas wells located in Roberts County, Texas. The wells combined produced 2.57 MMcf/d of natural gas and 131 bbl/d of crude oil for the 6-month period ending in May 2016.
    REGIONS:
  • Texas and Producing Region