Unit Corp. Buys Properties: The $32.4 Million Cash Acquisition Boosts the Company's Proved Oil and Gas Reserves Substantially.
Posted on: Wednesday, 17 May 2006, 09:05 CDT
By Tulsa World, Okla.
May 17--Tulsa-based Unit Corp. said Tuesday it has completed its $32.4 million cash acquisition of oil and gas properties from an undisclosed group of companies.
The deal boosts Unit's proved oil and gas reserves by 14.2 billion cubic feet of gas equivalent, the company said. The properties also produce 3 million cubic feet of gas equivalent each day.
About 45 percent of the reserves are in Oklahoma, 36 percent in Texas and 19 percent in New Mexico.
Unit also pointed to prolific production from a recently completed gas well in the Panola Field, about 100 miles southeast of Tulsa in the Arkoma Basin. The initial net production rate was 9.6 million cubic feet a day on May 2.
The well is one of a series of "prolific" gas producers discovered beginning in the fall of 2004.
The net flow rate from eight recently completed wells is 28.6 billion cubic feet a day, Unit said.
"Development of new natural gas production from the Lower Atoka sands in our Panola Field is a key component of Unit's 2006 drilling program," said Brad Guidry, senior vice president of exploration and production. "We have a well developed infrastructure to bring our Panola Field wells to production quickly."
Unit's exploration and production business has drilled 85 wells this year.
"Sixty-one of the 85 wells have been completed, with a success rate of 87 percent," Guidry said. "We remain positive about achieving our goal of drilling 235 wells during 2006, a 22 percent increase over 2005."
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Source: Tulsa World
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