Unit completes acquisition of 20 drilling rigs

By OGJ editors

HOUSTON, Aug. 27 -- Unit Corp., Tulsa, completed its acquisition of 20 operational drilling rigs—including 12 SCR electric units—from Kaiser-Francis Co., also based in Tulsa, in return for 7.22 million shares of Unit common stock and $4.5 million cash.

Company officials said 15 of the rigs are currently under contract. Depth capacities of the rigs are 12,000-25,000 ft, with a power range of 650-2,000 hp. Of the group, 15 are rated at 1,000 hp or more.

The acquisition was made through two separate agreements with Kaiser-Francis, one of which gives Unit an exclusive first option to purchase any additional rigs constructed by the seller within the next 3 years, officials said.

The acquisition boosts Unit's fleet to 75 rigs, 52 of which are currently operating. John G. Nikkel, Unit's president and CEO, said, "This transaction benefits Unit because the rigs complement our existing fleet and enhance our presence in our current markets. Fifteen of the 20 rigs will be operating in the Anadarko basin and 5 rigs will be in the Gulf Coast basin."

Related Articles

Panola field growing in Oklahoma Arkoma

05/16/2006 Unit Corp., Tulsa, said its Unit Petroleum Co. subsidiary started production May 2 at 42 MMcfd of gas from its Lively No. 7 well in Panola field in...

Unit Corp. promotes Cromling to executive vice-president

05/04/2005 Unit Corp., Tulsa, named John Cromling as executive vice-president, drilling, for Unit Drilling Co., a wholly-owned subsidiary.

Unit Petroleum promotes Guidry to senior vice-president

03/10/2005 Brad Guidry has been promoted to senior vice-president, exploration, for Unit Petroleum Co., a wholly owned subsidiary of Unit Corp., Tulsa.

Unit acquiring Serdrilco and its subsidiary, Service Drilling Southwest

11/21/2003 Unit Corp., Tulsa, agreed to acquire the privately held Serdrilco Inc., Tulsa, and its subsidiary, Service Drilling Southwest LLC, a land drilling ...

PetroCorp's growth spurt results in its pending sale to Unit

10/27/2003 PetroCorp Inc has grown rapidly by acquiring oil and natural gas producing properties in the US and Canada.

Unit Corp. buying PetroCorp Inc. for $182 million

08/15/2003 Unit Corp., Tulsa, has signed a merger agreement with PetroCorp Inc., Tulsa, for $182 million.

Point of View: Unit's Nikkel: US onshore drilling remains attractive

08/04/2003 Technology keeps the US onshore appealing to oil and gas producers and drilling contractors, says the chief executive of a company active in both b...

Unit Corp. names a new chairman, president

07/14/2003 Unit Corp., Tulsa, has promoted John G. Nikkel to chairman, succeeding King Kirchner, who will remain on the board but is stepping down as chairman...

Unit Corp. to acquire PetroCorp. in $190 million deal

07/03/2003 Tulsa-based Unit Corp. reported Tuesday that it signed a letter of intent to acquire all the outstanding shares of PetroCorp. Inc., also of Tulsa, ...
White Papers

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected