Unit Corporation (NYSE: UNT) announced today that its wholly owned
subsidiary, Unit Petroleum Company (“Unit Petroleum”), has closed on the
previously announced agreement to acquire certain oil and natural gas
assets from Noble Energy, Inc. (NYSE: NBL). The acquisition includes
approximately 84,000 net acres primarily in the Granite Wash, Cleveland,
and Marmaton plays in western Oklahoma and the Texas Panhandle. The
amount paid at closing was $594.5 million.

As of the effective date of April 1, 2012, the estimated proved reserves
of the acquired properties were 44 million barrels of oil equivalent
(MMBoe), a 38% increase to Unit Petroleum’s proved reserves at December
31, 2011. The acquisition adds approximately 25,000 net acres to Unit
Petroleum’s Granite Wash core area in the Texas Panhandle with
significant resource potential including approximately 600 potential
horizontal drilling locations. The acreage is characterized by high
working interest and operatorship, 95% of which is held by production.
Current plans are to begin drilling Granite Wash horizontal wells with
one to two Unit rigs in January 2013 increasing to six to seven Unit
rigs by year end 2013. Unit also received two gathering systems as part
of the transaction.

“This acquisition is transformational for Unit in that the assets
benefit all three of our business segments,” commented Larry D.
Pinkston, Unit’s President and Chief Executive Officer. “The assets are
synergistic with our existing profile in the Granite Wash play, enabling
us to leverage our operational knowledge and experience to economically
develop the assets and deliver growth to our shareholders for many years
to come.”

The acquisition was funded with net proceeds from a $400 million senior
subordinated notes offering that was closed in mid-July and the
remainder initially through bank debt. Unit anticipates approximately
$268.0 million of proceeds from sales of non-core oil and natural gas
properties to be applied against bank debt by the end of the third

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
possibility that the ultimate quantity and value of the estimated oil
and natural gas reserves associated with the acquisition actually differ
from those contained in this release, the estimates used in the
valuation of the acquisition, including prices used in calculating
reserve values, may vary significantly from actual results, the current
productive capabilities of the oil and natural gas wells included in the
acquisition varies from that disclosed, and that the acquisition
described in this release may not close. In addition, forward looking
statements also include the impact that the current decline in wells
being drilled will have on production and drilling rig utilization,
productive capabilities of the Company’s wells, future demand for oil
and natural gas, future drilling rig utilization and dayrates, projected
growth of the Company’s oil and natural gas production, as well as
anticipated gas gathering and processing rates and throughput volumes,
the prospective capabilities of the reserves associated with the
Company’s inventory of future drilling sites, anticipated oil and
natural gas prices, the number of wells to be drilled by the Company’s
oil and natural gas segment, 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
Financial Officer & Treasurer