Unit Corporation announced that J. Michael Adcock, Carla S. Mashinski, William B. Morgan, Larry C. Payne, G. Bailey Peyton IV, Larry D. Pinkston and Robert J. Sullivan ceased to be members of the board of directors (Board) of the Company, effective September 3, 2020. The Board will consist of seven members: Robert Anderson, Alan Carr, Phil Frohlich, Steven B. Hildebrand, David T. Merrill, Philip Smith, and Andrei Verona. Steven B. Hildebrand is the only director that served on the Company’s board of directors prior to emergence. David T. Merrill also serves as the Company’s President and Chief Executive Officer. The Board will be classified into two groups, with the directors in Group I to initially serve until the Company’s annual meeting of stockholders in 2021 and the directors in Group II to initially serve until the Company’s annual meeting of stockholders in 2022. The directors in Group I are Steven B. Hildebrand, David T. Merrill and Andrei Verona. The directors in Group II are Robert Anderson, Alan Carr, Phil Frohlich and Philip Smith. Robert Anderson has been an executive with GBK Corporation since 2010 serving on numerous private boards including Summit ESP which was acquired by Halliburton in 2017. Alan Carr is the Chief Executive Officer of Drivetrain, LLC, and is a distressed investing and turnaround professional, with 20 years of experience in principal investing, advisory mandates, and board of directors service, including complex financial restructurings and reorganizations in the U.S and Europe. Mr. Frohlich was formerly president of Tulsa-based Siegfried Companies Inc. and a tax principal with what is now the international accounting firm Ernst & Young. Philip Smith is the former Chief Executive Officer of Prize Energy Corp. and Tide West Oil Company. Mr. Smith served on the Board of Directors of Eagle Rock Energy LP from 2007 to 2015. Andrei Verona currently serves as Portfolio Manager of the Spectrum Fund at Saye Capital Management.
Unit Corporation is a natural gas contract drilling company. The Company is primarily engaged in the development, acquisition, and production of oil and natural gas properties, the land contract drilling of natural gas and oil wells, and the buying, selling, gathering, processing, and treating of natural gas. The Company operates through three segments: Oil and Natural Gas, Contract Drilling, and Mid-Stream. The Oil and Natural Gas segment explores, develops, acquires, and produces oil and natural gas properties for its own account. The Contract Drilling segment contracts to drill onshore oil and natural gas wells for others and for its own account. The Mid-Stream segment buys, sells, gathers, processes, and treats natural gas for third parties and for its own account. The Companyâs producing oil and natural gas properties, unproved properties, and related assets are primarily located in Oklahoma and Texas, in addition to Arkansas, Kansas, and North Dakota to a lesser extent.
UNIT CORPORATION 
