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
President, Treasurer
and Chief Financial Officer
(918) 493-7700
For Immediate Release...
December 8, 2003
UNIT CORPORATION ANNOUNCES EQUITY OFFERING
TULSA, OK--December 8, 2003--Unit Corporation (NYSE:UNT) announced today that it
intends to offer 2 million shares of its common stock, subject to market
conditions. This offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange Commission.
The Company also expects to grant the underwriters of the proposed offering a
30-day option to purchase up to 300,000 additional shares of common stock to
cover any over-allotments. The net proceeds from the offering will be used to
repay amounts borrowed under its bank facility to finance the SerDrilco
acquisition.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any state. The offering may be
made only by means of a prospectus and related prospectus supplement.
The offering is being led by Banc of America Securities LLC as the sole
book-running manager. First Albany Capital is a co-lead manager on the
transaction. A preliminary prospectus supplement related to the public offering
will be filed with the Securities and Exchange Commission. When available,
copies of the preliminary prospectus supplement relating to the offering may be
obtained from the offices of Banc of America Securities LLC; e-mail:
Bryan.J.Smull@bofasecurities.com.
Unit is an independent energy company. Through its subsidiaries, the Company
drills onshore oil and natural gas wells for other parties and engages in the
acquisition, exploration, development and production of oil and natural gas
properties. Unit was founded in 1963 as a contract drilling company and in 1979
the Company began to develop its exploration and production operations to
diversify its contract drilling revenues. The Company's operations are
principally located in the Mid-Continent region, as well as the Permian, Gulf
Coast Basins and the Rocky Mountain area of the United States. As of December 1,
2003, the Company operates 76 drilling rigs through its wholly-owned subsidiary,
Unit Drilling Company. As of December 31, 2002, the Company's wholly-owned
subsidiary, Unit Petroleum Company, owned proved oil and natural reserves of
approximately 269 Bcfe.
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This news release contains forward-looking statements within the meaning of
the Securities Litigation Reform Act that involve risks and uncertainties,
including the possibility that the transaction discussed in this release may not
close, future rig utilization and dayrates, the number of wells to be drilled by
the company, 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.