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TheStreet Open House

Unit Corporation Announces 2012 Reserve Growth Of 29%, Production Replacement Of 337% And 2013 Guidance

Unit Corporation (NYSE: UNT) announced today that the estimated year-end 2012 proved oil and natural gas reserves for its wholly owned subsidiary, Unit Petroleum Company, were 150 million barrels of oil equivalents (MMBoe), or 899 billion cubic feet of natural gas equivalents (Bcfe), as compared with 116 MMBoe, or 696 Bcfe, at year-end 2011, a 29% increase in its estimated proved reserves. From all sources, Unit replaced approximately 337% of its 2012 production. Estimated reserves were 15% oil, 23% natural gas liquids (NGLs), and 62% natural gas.

The following details the changes to Unit’s proved oil, NGLs, and natural gas reserves during 2012:

   

 

Oil (MMbls)

   

 

NGLs (MMbls)

   

 

Natural Gas (Bcf)

   

Proved

Reserves

(MMBoe)

           
Proved Reserves, at December 31, 2011 20.2 22.1 442.1 116.0
Revisions of previous estimates (1.8 ) (2.6 ) (55.1 ) (13.6 )
Extensions, discoveries, and other additions 9.2 7.8 79.8 30.3
Purchases of minerals in place 2.8 11.1 141.5 37.5
Production (3.2 ) (2.8 ) (48.9 ) (14.2 )
Sales (5.2 )     (0.4 )     (3.8 )     (6.2 )
Proved Reserves, at December 31, 2012 22.0       35.2       555.6       149.8  
 

The estimated 2012 year-end proved reserves included proved developed reserves of 118 MMBoe, or 706 Bcfe, (split 14% oil, 22% NGLs and 64% natural gas) and proved undeveloped reserves of 32 MMBoe, or 193 Bcfe, (split 17% oil, 30% NGLs and 53% natural gas). Overall, 79% of Unit’s estimated proved reserves are proved developed.

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