UNITED STATES
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 28, 2012
(Exact name of registrant as specified in its charter)
Delaware
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1-9260
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73-1283193
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(I.R.S. Employer
Identification No.)
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7130 South Lewis, Suite 1000, Tulsa, Oklahoma
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74136
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (918) 493-7700
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 8 - Other Events.
Item 8.01 Other Events.
On September 28, 2012, Unit Corporation issued a press release announcing that its wholly owned subsidiary, Unit Petroleum Company, has closed on the previously announced agreement to sell its interest in certain of its Bakken properties to QEP Energy, a wholly owned subsidiary of QEP Resources, Inc. (NYSE – QEP). The proceeds at closing were $228.0 million.
The information included in this report and in exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in the filing.
The press release furnished as an exhibit to this report includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, the Company's actual results may differ materially from those indicated or implied by such forward-looking statements. Except as required by law, we disclaim any obligation to publicly update or revise forward looking statements after the date of this report to conform them to actual results.
A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Section 9 - Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
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Description.
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99.1 |
Press release dated September 28, 2012
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SIGNATURES
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.
Unit Corporation
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Date: September 28, 2012 | By: | /s/ Mark E. Schell | |
Mark E. Schell
Senior Vice President
and General Counsel
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1
EXHIBIT INDEX
Exhibit No. Description.
99.1 |
Press release dated September 28, 2012
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news
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UNIT CORPORATION
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7130 South Lewis Avenue, Suite 1000, Tulsa, Oklahoma 74136
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Telephone 918 493-7700, Fax 918 493-7714
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Contact:
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David T. Merrill
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Chief Financial Officer & Treasurer
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(918) 493-7700
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For Immediate Release…
September 28, 2012
Unit Corporation Completes the Sale of Certain
Non-Core Oil & Natural Gas Assets
Tulsa, Oklahoma . . . Unit Corporation (NYSE – UNT) announced today that its wholly owned subsidiary, Unit Petroleum Company ("Unit Petroleum”), has closed on the previously announced agreement to sell its interest in certain of its Bakken properties to QEP Energy, a wholly owned subsidiary of QEP Resources, Inc. (NYSE – QEP). The proceeds at closing were $228.0 million.
As of the effective date of July 1, 2012, the estimated proved reserves of the divested properties were 5.7 million barrels of oil equivalent (MMBoe), while the second quarter average daily production for these properties was 1,044 Boe per day. The properties total 4,756 net acres, representing approximately 35% of Unit Petroleum’s total acreage in the Bakken play.
"This is a strategic divestiture of certain of our non-core properties,” commented Larry D. Pinkston, Unit’s President and Chief Executive Officer. "The proceeds from this sale of properties will be applied against bank debt, enhancing our overall liquidity for future growth opportunities.”
Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and natural gas exploration, production, contract drilling and natural gas gathering and processing. Unit’s Common Stock is listed on the New York Stock Exchange under the symbol UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
This news release contains forward-looking statements within the meaning of the private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from these statements, including, the estimates used in the valuation of the properties sold. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.