Unit Corporation (NYSE: UNT) announced today that its operating segment
capital expenditures budget for 2014 is $928 million, a 26% increase
over estimated 2013 capital expenditures. The capital expenditures
budget is allocated among Unit’s three business segments with $718
million for its oil and natural gas segment, $132 million for its
contract drilling segment, and $78 million for its midstream segment.
The capital expenditures budget does not include costs for acquisitions.

This budget is based on realized prices for the year averaging $90.08
per barrel of oil, $29.45 per barrel of natural gas liquids, and $3.77
per thousand cubic feet of natural gas. For 2014, Unit has hedged
approximately 62% of its anticipated oil production and 51% of its
anticipated natural gas production. Oil production is hedged under swap
contracts with an average price of $92.40 per barrel and collar
contracts with an average floor price of $90.00 and a ceiling price of
$96.08. Natural gas production is hedged under swap contracts with an
average NYMEX price of $4.24 and collar contracts with an average NYMEX
floor price of $3.75 and ceiling price of $4.37.

This budget is subject to possible periodic adjustments for various
reasons including changes in commodity prices and industry conditions.
Funding for the budget will come primarily from internally generated
cash flow, proceeds from additional non-core asset divestitures, and if
necessary, borrowings under Unit’s bank credit facility. At year-end
2013, there were no outstanding borrowings under Unit’s bank credit

Larry Pinkston, Unit’s President and Chief Executive Officer, said:
“During 2013, we continued to focus our exploration efforts in oil and
NGLs rich areas like the Granite Wash, Wilcox, and Marmaton plays. In
conjunction with the oil and natural gas segment capital expenditures
budget, we anticipate our 2014 production growth to increase between 15
and 18% over 2013. For the contract drilling segment, the capital
expenditure budget includes the completion of our first BOSS drilling
rig, scheduled to be placed into service for our oil and natural gas
segment during the first quarter, and three additional BOSS rigs, for
which we have received commitments from third party operators. Our
midstream segment’s capital expenditure budget includes expansion
projects in the Granite Wash and Marcellus plays. Our focus on capital
efficiency will be integral in continuing to deliver strong shareholder

Fourth Quarter and Year-End 2013 Webcast

Unit will release its fourth quarter and year-end 2013 earnings and host
a conference call on Tuesday, February 25, 2014. During that call, Unit
will provide a complete operational update on all three business
segments. The webcast will be broadcast live over the Internet at 11:00
a.m. Eastern time at http://www.unitcorp.com/investor/calendar.htm.

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
differences in actual results versus the anticipated results for the
various factors used in the formulation of the 2014 capital budget (such
as drilling rig utilization and dayrates, productive capabilities of the
company’s wells, and future demand for oil and natural gas), the
projected growth of the company’s oil and natural gas production, as
well as the 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
Michael D. Earl, 918-493-7700
Vice President,
Investor Relations