By OGJ editors
HOUSTON, Aug. 15 -- Unit Corp., Tulsa, has signed a merger agreement with PetroCorp Inc., Tulsa, for $182 million.
PetroCorp's oil and natural gas properties are primarily in Texas and Oklahoma. As of Dec. 31, 2002, PetroCorp reported reserves of 38.760 bcf of natural gas and 2.7 million bbl of oil.
Unit CEO John G. Nikkel said, "The acquisition fits well with Unit's current core area of operations, which will help us to further develop and exploit new fields. This is an opportunistic acquisition that allows us to economically grow our asset base."
The transaction remains subject to two-thirds of PetroCorp's outstanding shares and other customary closing conditions. Already, PetroCorp shareholders representing 50% of the outstanding shares have agreed to support the deal.
Closing is expected in the fourth quarter.