Unit has reportedly contacted the parties who are interested in the acquisition of its upstream subsidiary Unit Petroleum
US natural gas producer Unit Corp is reportedly looking to sell producing assets in the Anadarko and Gulf Coast basins that could be valued at nearly $1bn.
The company has roped in an investment bank for the sale of the oil and gas assets, Reuters reported.
Tulsa, Oklahoma-based Unit has contacted the parties who are interested in the acquisition of its upstream subsidiary Unit Petroleum, sources told the publication.
Formed in 1979, Unit Petroleum increased its reserve base by operating and owning wells in the Mid-Continent and Gulf Coast areas.
The proposed sale consists of land covering nearly 270,000 net acres in the Anadarko basin of Texas and Oklahoma and around 24,000 net acres in the US Gulf Coast along the Texas coastline, Reuters reported, citing marketing documents seen by it.
According to the documents, the assets are expected to have a production of nearly 136 million cubic feet per day of equivalent gas in April, it said.
The publication also reported that bids for the assets are due in March.
The sale excludes contract drilling and natural gas gathering subsidiaries owned by the company.
Unit has not reached any agreement regarding the sale of its assets and could still cancel the divestiture plans, according to the publication.
In May 2020, Unit filed for bankruptcy amid a slump in oil prices.
In September of the same year, the company announced the completion of financial restructuring and emerged from Chapter 11 bankruptcy protection.
Separately, Reuters reported that Chesapeake Energy in advanced talks to acquire Chief Oil & Gas for a sum of nearly $2.4bn, including debt.