Superior Pipeline Company LLC Announces Construction of a New Cryogenic Processing Plant in the Mississippian Trend
TULSA, Okla.--(BUSINESS WIRE)-- Superior Pipeline Company LLC (Superior), a wholly owned subsidiary of Unit Corporation (UNT), announced that it is in the process of installing a new 30 million cubic feet (MMcf) per day cryogenic processing facility in Kay County, Oklahoma. Superior has entered into a long term agreement with Range Resources Corporation as the initial producer for the new plant. Start-up of the facility is expected to occur during the second quarter of 2012.
The construction of this new plant is consistent with Superiors strategic plan to build 'greenfield' gathering and processing assets in the Mississippian trend, stated Bob Parks, President of Superior. We are constructing this plant with the flexibility to accommodate future expansions as we contract to receive additional gas volumes in northern Oklahoma. This plant, along with our existing assets accessing the Mississippian trend, will bring our overall processing capacity in the region to over 100 MMcf per day.
Unit Corporation is a Tulsa-based, publicly held energy company engaged through its subsidiaries in oil and gas exploration, production, contract drilling and gas gathering and processing. Units 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. Superior Pipeline Company LLC is a wholly owned subsidiary of Unit Corporation. To visit its website, go to http://superiorpipeline.com.
This news release contains forward-looking statements within the meaning of the private Securities Litigation Reform Act. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from these statements, including future demand for oil and natural gas, anticipated gas gathering and processing rates and throughput volumes, anticipated oil and natural gas prices, development, operational, implementation and opportunity risks, possibility of future growth opportunities, and other factors described from time to time in the Companys publicly available SEC reports. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.
David T. Merrill, 918-493-7700
Chief Financial Officer and Treasurer
Source: Unit CorporationCopyright Business Wire 2011