Unit Corp. completed a divestiture of non-core oil and gas assets in the Texas Panhandle for net cash proceeds of $50 million.

Tulsa, Oklahoma-based Unit Corp. said the transaction included approximately 51,000 net acres held by a wholly-owned subsidiary, Unit Petroleum Co. (UPC). The buyer was not disclosed.

Proceeds from the non-core asset sale will be used to fund Unit’s conditional special dividend of $5 per common share. The dividend is payable on Dec. 27 to shareholders of record as of Dec. 18.

“This transaction is a great example of our strategy to prune our non-core assets and return value to our shareholders,” Unit CEO Phil Frohlich said in a Dec. 13 press release.

UPC will retain its core position in the Granite Wash; the company has properties in Roberts and Hemphill counties, Texas.

Last year, Unit sold wells and leases near the Texas Gulf Coast for cash proceeds of $45.4 million, according to regulatory filings.

UPC has oil and gas assets located primarily in Texas and Oklahoma.

Earlier this year, Unit divested its 50% interest in midstream subsidiary Superior Pipeline Co. for $20 million.

RELATED: Unit Corp. Sells Ownership Stake in Superior Pipeline to Investment Group

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