UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 8, 2003
UNIT CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 1-9260 73-1283193
(State of Incorporation) (Commission File (IRS Employer
Number) Identification No.)
1000 Kensington Tower,
7130 South Lewis,
Tulsa, Oklahoma 74136
(Address Of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (918) 493-7700
(Not Applicable)
(Former Name Or Former Address, If Changed Since Last Report)
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press Release issued by Unit Corporation on December 8, 2003,
announcing the completion of the acquisition of SerDrilco
Incorporated and its subsidiary, Service Drilling Southwest
LLC.
99.2 Press Release issued by Unit Corporation on December 8, 2003,
announcing the intent to offer 2 million shares of its common
stock.
ITEM 9. REGULATION FD DISCLOSURE.
On December 8, 2003, Unit Corporation completed the acquisition of
SerDrilco Incorporated and its subsidiary, Service Drilling Southwest LLC for
$35 million. The terms of the acquisition include an earn-out provision allowing
the sellers to obtain one-half of the cash flow in excess of $10 million for
each of the next three years.
Unit Corporation also announced on December 8, 2003 that it intends to
offer 2 million shares of its common stock, subject to market conditions. This
offering is being made pursuant to an effective shelf registration statement
filed with the Securities and Exchange Commission. The Company also expects to
grant the underwriters of the proposed offering a 30-day option to purchase up
to 300,000 additional shares of common stock to cover any over-allotments. The
net proceeds from the offering will be used to repay amounts borrowed under its
bank facility to finance the SerDrilco acquisition. The offering is being led by
Banc of America Securities LLC as the sole book-running manager. First Albany
Capital is a co-lead manager on the transaction.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: December 8, 2003
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UNIT CORPORATION
By: /s/ Mark E. Schell
----------------------
Mark E. Schell
Senior Vice President
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Exhibit Index
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Exhibit
No. Description
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99.1 Press Release issued by Unit Corporation on December December
8, 2003 announcing the completion of the acquisition of
SerDrilco Incorporated and its Subsidiary Service Drilling
Southwest LLC.
99.2 Press Release, issued by Unit Corporation on December 8, 2003
announcing the intent to offer 2 million shares of its common
stock.
2