news UNIT CORPORATION
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1000 Kensington Tower, 7130 South Lewis Avenue, Tulsa, Oklahoma 74136
Telephone 918 493-7700, Fax 918 493-7714
Contact: Larry D. Pinkston
Vice President, Treasurer
And Chief Financial Officer
(918) 493-7700
For Immediate Release.
May 14, 2001
UNIT CORPORATION ANNOUNCES THE RETIREMENT OF
MR. KING KIRCHNER AS ITS CHIEF EXECUTIVE OFFICER
Tulsa, Oklahoma . . . Unit Corporation (NYSE - UNT) announced today that
its Chairman and Chief Executive Officer, King Kirchner, will retire as Chief
Executive Officer of the Company at the end of June 2001 and that Mr. John
Nikkel, its President, has been elected as the Company's new Chief Executive
Officer. Mr. Kirchner will continue to serve the Company as Chairman of the
Board of Directors.
Mr. Kirchner co-founded the company in 1963. At that time, the company
consisted of only three drilling rigs operating in Oklahoma. Today, Unit is a
New York Stock Exchange listed company that explores for oil and natural gas and
contracts for the drilling of oil and natural gas wells. Its drilling rig fleet
now consists of 52 rigs and it owns an interest in 2,950 oil and natural gas
wells. Unit's operations are located from South Texas through Montana and into
Canada.
In reflecting on his tenure with Unit, Mr. Kirchner noted, "I've
experienced the joys of the industry's booms as well as the difficulties of its
long downturns, both of which presented challenges to the growth and success of
the company. I credit that success to the dedication of Unit's employees."
Mr. Nikkel, who has served the company as its President and Chief Operating
Officer since 1986, said, "Through Mr. Kirchner's leadership, Unit has
experienced dramatic growth over the life of the Company. We plan to continue
growing the Company and intend to keep Unit on the path that King forged for
us."
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Unit Corporation is a Tulsa-based, publicly held energy company engaged
through its subsidiaries in oil and gas exploration, production and contract
drilling. Unit's Common Stock is listed on the New York Stock Exchange under
the symbol UNT. For more information about Unit Corporation, visit our website
at http://www.unitcorp.com.
This news release contains forward-looking statements within the meaning of
the Securities Litigation Reform Act that involve risks and uncertainties,
including the productive capabilities of the wells, future demand for oil and
natural gas, future rig utilization and dayrates, oil and gas reserve
information, anticipated production rates from company wells, the prospective
capabilities of offset acreage, anticipated oil and natural gas prices,
development, operational, implementation and opportunity risks, and other
factors described from time to time in the company's publicly available SEC
reports, which could cause actual results to differ materially from those
expected.