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

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

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