Unit Corporation (NYSE: UNT) announced today that it has priced an
underwritten public offering of $250 million aggregate principal amount
of senior subordinated notes due 2021, which will bear interest at a
rate of 6.625 percent per year (the “Offering”). The notes are being
sold at 100 percent of par. The size of the Offering was increased from
the previously announced $200 million to $250 million.

Unit expects to close the Offering on May 18, 2011, subject to the
satisfaction of customary closing conditions. Unit intends to use the
net proceeds from the Offering to repay outstanding borrowings under its
credit facility and for general corporate purposes.

BofA Merrill Lynch and BMO Capital Markets acted as joint book-running
managers for the Offering.

A copy of the final prospectus supplement and the accompanying
prospectus for the Offering may be obtained by sending a request to:
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080,
Attention: Preliminary Prospectus Department, or e-mail Prospectus.Requests@ml.com.
Alternatively, an electronic copy of the final prospectus and the
accompanying prospectus is available on the Securities and Exchange
Commission’s website at http://www.sec.gov.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of these
securities in any state in which the offer, solicitation, or sale would
be unlawful before registration or qualification under the securities
laws of those states.

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

Unit Corporation
David T. Merrill, 918-493-7700
Financial Officer & Treasurer