Unit Corp to acquire PetroCorp for $190 million
1 Jul 2003
Unit Corporation announced today that it has signed a letter of intent with PetroCorp Incorporated to acquire all outstanding shares of PetroCorp for approximately $190,000,000.
PetroCorp, a Tulsa-based company, explores and develops oil and natural gas properties primarily in Texas and Oklahoma.
The acquisition price is to be paid using a combination of 2,000,000 shares of Unit Corporation stock and cash.
Allocation of the purchase price is approximately $101 million to working capital, $78 million to proved reserves and the remaining $11 million to undeveloped leasehold and partnership interests.
Consummation of the transaction is subject to several conditions and expected to be immediately accretive to earnings and cash flow per share.
