Unit Corporation Announces Demise of Its Director, Gary R. Christopher; Enters into a Second Amendment to Standstill and Amendment Agreement
April 22, 2020 at 03:55 pm EDT
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Unit Corporation reported the death of one of its directors, Gary R. Christopher, who passed away on April 21, 2020. Mr. Christopher had a decades-long career in the energy industry, and had served on the Company's Board of Directors since 2005.
On March 11, 2020, Unit Corporation (the Company) and certain of its subsidiaries (the Company and such subsidiaries, collectively, the Borrowers) entered into a Standstill and Amendment Agreement in respect of that certain Senior Credit Agreement, dated as of September 13, 2011 (as amended, supplemented or otherwise modified, the Credit Agreement) with the lenders party thereto (collectively, the Lenders) and BOKF, NA dba Bank of Oklahoma, as administrative agent for the Lenders (the Administrative Agent), as amended by a First Amendment to Standstill and Amendment Agreement dated April 15, 2020, by and among the Borrowers and the Administrative Agent on behalf of the Lenders (as so amended, the Standstill Agreement). On April 17, 2020, the Borrowers entered into a Second Amendment to Standstill and Amendment Agreement (the Second Amendment) with the Administrative Agent that extended the Standstill Period under the Standstill Agreement until the earlier of: (i) the receipt by any Credit Party from the Administrative Agent of notice of the occurrence of any Termination Event and (ii) 3:00 p.m. Central time on May 4, 2020. Termination Event is defined in the Standstill Agreement to include the occurrence of any one or more of the following: (i) any representation or warranty made or deemed to have been made by any Credit Party under the Standstill Agreement being false, misleading or erroneous in any material respect when made or deemed to have been made, (ii) any Credit Party failing to perform, observe or comply with any covenant, agreement or term contained in the Standstill Agreement or (iii) any Default which is not cured within five (5) business days or Event of Default occurring under the Credit Agreement or any of the other Loan Documents.
Unit Corporation is a natural gas contract drilling company. The Company is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Companyâs producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.