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UNIT CORP. ANNOUNCES SEVENTH STRAIGHT PROFITABLE QUARTER

 UNIT CORP. ANNOUNCES SEVENTH STRAIGHT PROFITABLE QUARTER
 TULSA, Okla., May 13 /PRNewswire/ -- Unit Corp. (NYSE: UNT) announced today a 1992 first quarter net income of $518,000, or $.02 per share, as compared to a net income of $2,282,000, or $.11 per share, for the first quarter of 1991. Last year's net income was significantly higher due to a $2.1 million settlement which resolved disputes over a natural gas contract. The 1992 net income was positively impacted by a $420,000 gain on the sale of a 50 percent interest in a natural gas processing plant.
 Total revenues for the three months ended March 31, 1992 were $15,228,000, a 16 percent decrease from 1991 revenues of $18,155,000. The higher 1991 revenues were attributable primarily to the $2.1 million settlement agreement previously mentioned.
 Oil and natural gas production increased 18 and 8 percent, respectively. Oil production increased as a result of developmental drilling during the latter half of 1991 while the increase in natural gas production was primarily a result of acquisitions of producing natural gas properties during 1991.
 Unit Corp. is a Tulsa-based, publicly held energy company engaged in oil and gas exploration, production, transportation, and contract drilling. Unit's common shares are listed on the New York Stock Exchange under the symbol UNT.
 Three Months Ended
 March 31
 (In thousands except per share amounts)
 1992 1991
 Revenues $ 15,228 $ 18,155
 Income Before
 Extraordinary Item $ 349 $ 1,527
 Net Income $ 518 $ 2,282
 Income Per Share
 Before Extraordinary Item $ .02 $ .07
 Net Income Per Share $ .02 $ .11
 Weighted Average Common
 Shares Outstanding 20,777 20,707
 (Both Primary and Fully Diluted)
 -0- 5/13/92
 /CONTACT: Larry D. Pinkston of Unit, 918-493-7700/
 (UNT) CO: Unit Corp. ST: Oklahoma IN: OIL SU: ERN


DG -- SF006 -- 9674 05/13/92 12:22 EDT
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Publication:PR Newswire
Date:May 13, 1992
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