Unit Corporation Restructuring Support Agreement

“Like many companies in the oil and gas industry, we have felt the effects of the sharp drop in commodity prices, which has only worsened with the COVID 19 pandemic,” said David T. Merrill, President and CEO. “As we face this challenging environment, we have worked hard to explore a multitude of strategic alternatives to reduce costs, improve liquidity and address short-term debt maturities. We welcome the support of our lenders and bonds, and we are confident that after Chapter 11 emerges, we will be better able to meet our challenges and harness the potential of our business. Unit Corporation is a publicly traded energy company based in Tulsa, which operates through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas production and processing. The company`s common stock is listed on the New York Stock Exchange under the symbol UNT. For more information about The Unit Corporation, please visit the www.unitcorp.com website. Through its bid and subject to judicial authorization, the company obtained a commitment from RBL`s lenders, who are contracting parties to the RSA, to provide up to $36 million in financing for others (“DIP”). The company estimates that up to $18 million will be available on a provisional basis. This financing, combined with the company`s usual operating cash flow, should provide the company with sufficient liquidity to continue to operate properly as part of the restructuring process. The Chapter 11 petitions were filed pursuant to a Restructuring Assistance Agreement (RSA) between the company, holders of more than 70% of the company`s 6.625% of the company`s bonds due in 2021 (the subordinated notes) and all lenders under the company`s senior credit agreement (the “RBL credit lenders”). The RSA sets out the key conditions of the restructuring transaction implemented by the plan, including the accuracy of all outstanding subordinated obligations and the replacement of the existing RBL facility and DIP financing with a $180 million exit financing facility.

The participation of the plan must be confirmed by the Court and other conditions in the plan, the RSA and related transaction documents. The company has filed several usual motions with the court seeking leave to support its operations while this process is ongoing, including the power to continue to pay employee salaries, salaries and benefits continuously and to continue to pay all Unit Drilling Company suppliers and suppliers in normal operation. The company is awaiting judicial approval for these applications. For more information and documentation on the restructuring, please contact: cases.primeclerk.com/UnitCorporation or by phone at 877.720.6581. Michael D. Earl Vice President, Investor Relations (918) 493-7700 www.unitcorp.com Vinson – Elkins L.L.P. is Legal Counsel, Evercore Group L.L.C. is an investment banker and Opportune LLP acts as the company`s restructuring advisor. This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical fact and often contain words such as “may,” “want,” “wait,” “believe,” “anticipate,” “plan,” “estimate,” “seek,” “could,” “should,” “intention,” “potentially” or words of similar meaning. Forward-looking statements are based on management`s expectations, beliefs, assumptions and estimates regarding business, industry, economic conditions, government regulation, energy policy and other factors.

Forward-looking statements may include statements about Chapter 11.B business, the DIP facility, the company`s ability to complete the restructuring and its ability to continue in the normal course while Chapter 11 business is ongoing.

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