TULSA, Okla. -
Unit Corporation (the "Company" or "Unit") announced today that on December 19, 2019, the Company was notified by the New York Stock Exchange ("NYSE") that the average closing price of the Company's shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE. Under the NYSE's rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement.
Under NYSE rules, the Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
The NYSE notification does not affect the Company's business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Company's material debt or other agreements.
The Company will be notifying the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements.
Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas gathering and processing. Unit's Common Stock is listed on the New York Stock Exchange under the symbol UNT. For more information about Unit Corporation, visit its website at http://www.unitcorp.com.
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Michael D. Earl
Vice President, Investor Relations