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

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, in a deal valued at $190 million in Unit stock and cash.

July 3, 2003

By OGJ editors

HOUSTON, July 3 -- 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, in a deal valued at $190 million in Unit stock and cash.

The purchase price breaks down as $101 million to working capital, $78 million to proved reserves, and $11 million to undeveloped leasehold and partnership interest, Unit said.

PetroCorp explores and develops oil and natural gas in properties mainly in Texas and Oklahoma.