SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 1999
UNIT CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Oklahoma 1-9260 73-1283193
(State of Incorporation) (Commission File Number) (IRS Employer
Identification No.)
1000 Kensington Tower, Suite 1000
Tulsa, Oklahoma 74136
(ADDRESS OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)
918/493-7700
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
(Not Applicable)
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On September 30, 1999, Unit Corporation (the "Company") completed the
acquisition of 13 land contract drilling rigs and related equipment from Parker
Drilling Company and Parker Drilling Company North America, Inc. (the
"Sellers"). Under the terms of this acquisition, the Sellers received 1,000,000
shares of the Company's common stock and $40,000,000 in cash. The consideration
paid by the Company was determined through arms-length negotiations between the
parties.
The cash portion of the consideration paid was funded through an offering
of 7,000,000 shares of the Company's common stock which closed on September 29,
1999. The net proceeds received by the Company from the offering were
$50,435,000.
The material terms and conditions of the acquisition are set forth in an
Asset Purchase Agreement, dated August 12, 1999, which has been included as an
exhibit to the Company's Form 8-K, filed with the Securities and Exchange
Commission on September 27, 1999.
The acquired drilling rigs are currently located in Texas, Louisiana,
Utah and Wyoming. In addition, the Company, through a wholly owned subsidiary,
expects to employ approximately 160 people previously employed by the Sellers in
operating the rigs. Certain information concerning the acquired rigs is set
forth in the following table:
Approximate
Depth
Capability
Type of Rig (feet)
____________ ___________
Ideco E-3000 30,000
OIME E-3000 30,000
OIME E-3000 30,000
OIME E-3000 30,000
OIME E-3000 30,000
OIME E-4000 40,000
OIME E-2000 20,000
Continental Emsco D-3 E 16,000
Continental Emsco C-1 E 20,000
Continental Emsco D-3 E 16,000
Continental Emsco C-1 E 20,000
Continental Emsco C-1 E 20,000
OIME E-2000 25,000
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) and(b) Financial Statements of Business Acquired and Pro Forma
Financial Information
It is impracticable to provide the financial statements and
pro forma financial information related to the acquisition of
the assets from the Sellers at the time of this filing. The
information required to be reported shall be filed by an
amendment to this report on or before December 14, 1999.
(c) Exhibits
Asset Purchase Agreement dated August 12, 1999, by and between
Unit Corporation, Parker Drilling Company North America,
Inc. and Parker Drilling Company (incorporated herein by
reference to Exhibit 99.1 to the Company's current report on
Form 8-K dated September 23, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 8, 1999
Unit Corporation
/S/ JOHN G. NIKKEL
By: John G. Nikkel
President