Unit Corporation (OTCPK:UNTC) has hired an investment bank for a sale of its oil & gas producing assets in the Anadarko and Gulf Coast basins that could fetch around $1 billion, sources told Reuters on January 20, 2022. Tulsa, Oklahoma-based Unit, which filed for bankruptcy in May 2020 at the height of a slump in oil prices, has reached out to interested parties for a divestiture of its upstream subsidiary Unit Petroleum Company, the sources said. The sources, who requested anonymity because the matter is confidential, cautioned that no sale agreement had been reached and Unit could still scrap the plan.

Unit did not immediately respond to a request for comment. The planned sale includes land spanning about 270,000 net acres in the Anadarko basin of Texas and Oklahoma and around 24,000 net acres in the U.S. Gulf Coast along the Texas coastline, according to marketing documents seen by Reuters. The assets are estimated to have a total output of around 136 million cubic feet per day of equivalent gas in April, the month when any potential sale would be effective on Unit's books, according to the documents.

Bids for the assets are due in March, the documents showed.