TULSA, Okla.--(BUSINESS WIRE)--Unit Corporation (NYSE: UNT) announced today that two new independent directors were elected to the Company’s Board of Directors at its annual meeting of stockholders, held May 4th in Tulsa. The newly elected directors are Larry C. Payne and G. Bailey Peyton.
Mr. Payne brings to the Board over 36 years of experience in the energy industry, six years of which was in the capacity of president and COO of a midstream energy company engaged in natural gas liquids supply and marketing. He has an extensive background in commodity risk management, serving for six years as vice president of commodity management for another midstream energy operation. Mr. Payne is familiar with requirements for marketing various oil and natural gas components. In addition to executive and strategic experience in the industry, Mr. Payne also has extensive operational experience that includes management of assets such as product terminals, pipelines, fractionators, storage facilities, and transportation equipment.
Mr. Peyton has 23 years of energy industry operations experience. He founded an oil and gas exploration company in 1984 and operated it as its president until he sold the company in 2007. At the time of sale, the company operated over 120 wells with a daily production of 12,000 Mcf of natural gas and 200 barrels of oil per day. Mr. Peyton currently operates a company he founded in 1985 to purchase land, minerals, and royalty interests. His company currently owns over 50,000 acres, with holdings in Texas, Oklahoma and Nebraska.
Larry D. Pinkston, Chief Executive Officer and President of Unit Corporation, said, “In an effort to add industry experience and knowledge to the Board, we believe that both Mr. Payne’s and Mr. Peyton’s expertise will be significant assets to Unit. Their longtime operational experience and practical guidance will be of significant value to our company. We look forward to their presence and contribution to our Board.”
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. Unit’s 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.