Superior Pipeline Company LLC (Superior), a wholly owned subsidiary of
Unit Corporation (NYSE: UNT), announced that it is in the process of
installing a new 30 million cubic feet (MMcf) per day cryogenic
processing facility in Kay County, Oklahoma. Superior has entered into a
long term agreement with Range Resources Corporation (NYSE: RRC) as the
initial producer for the new plant. Start-up of the facility is expected
to occur during the second quarter of 2012.
“The construction of this new plant is consistent with Superior’s
strategic plan to build ‘greenfield’ gathering and processing assets in
the Mississippian trend,” stated Bob Parks, President of Superior. “We
are constructing this plant with the flexibility to accommodate future
expansions as we contract to receive additional gas volumes in northern
Oklahoma. This plant, along with our existing assets accessing the
Mississippian trend, will bring our overall processing capacity in the
region to over 100 MMcf per day.”
Unit Corporation is a Tulsa-based, publicly held energy company engaged
through its subsidiaries in oil and gas exploration, production,
contract drilling and 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.
Superior Pipeline Company LLC is a wholly owned subsidiary of Unit
Corporation. To visit its website, go to http://superiorpipeline.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 future
demand for oil and natural gas, anticipated gas gathering and processing
rates and throughput volumes, anticipated oil and natural gas prices,
development, operational, implementation and opportunity risks,
possibility of future growth opportunities, and other factors described
from time to time in the Company’s publicly available SEC reports. The
Company assumes no obligation to update publicly such forward-looking
statements, whether as a result of new information, future events or
otherwise.
Unit Corporation
David T. Merrill, 918-493-7700
Chief
Financial Officer and Treasurer
www.unitcorp.com
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