Unit Corporation Restructuring Support Agreement

“Like many companies in the oil and gas industry, we have felt the effects of the sharp drop in commodity prices, which has only worsened with the COVID 19 pandemic,” said David T. Merrill, President and CEO. “As we face this challenging environment, we have worked hard to explore a multitude of strategic alternatives to reduce costs, improve liquidity and address short-term debt maturities. We welcome the support of our lenders and bonds, and we are confident that after Chapter 11 emerges, we will be better able to meet our challenges and harness the potential of our business. Unit Corporation is a publicly traded energy company based in Tulsa, which operates through its subsidiaries in oil and gas exploration, production, contract drilling and natural gas production and processing. The company`s common stock is listed on the New York Stock Exchange under the symbol UNT. For more information about The Unit Corporation, please visit the www.unitcorp.com website. Michael D. Earl Vice President, Investor Relations (918) 493-7700 www.unitcorp.com For more information and restructuring documents, see: cases.primeclerk.com/UnitCorporation or by phone at 877.720.6581. Vinson – Elkins L.L.P. is Legal Counsel, Evercore Group L.C.

as an investment banker and timely LLP as restructuring advisor for the company. This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical fact and often contain words such as “may,” “want,” “wait,” “believe,” “anticipate,” “plan,” “estimate,” “seek,” “could,” “should,” “intention,” “potentially” or words of similar meaning. Forward-looking statements are based on management`s expectations, beliefs, assumptions and estimates regarding business, industry, economic conditions, government regulation, energy policy and other factors. Forward-looking statements may include statements about Chapter 11.B business, the DIP facility, the company`s ability to complete the restructuring and its ability to continue in the normal course while Chapter 11 business is ongoing. These statements are subject to significant risks, uncertainties and assumptions that are difficult to predict, and could result in actual results differing significantly and negatively from the results expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Company`s ability to complete a restructuring process in accordance with Chapter 11, including the completion of the restructuring; The potential negative effects of Chapter 11 cases on the Company`s liquidity and results; The company`s ability to obtain timely bankruptcy court approval for applications in Chapter 11 cases; Objections to the company`s restructuring process, the DIP facility or other submissions that could prolong Chapter 11 business; employee management and the company`s ability to retain management and other important staff due to distractions and uncertainties, including the company`s ability to provide adequate compensation and benefits in Chapter 11 cases; The company`s ability to comply with the restrictions imposed by the DIP mechanism and other financing agreements; The company`s ability to maintain relationships with suppliers, customers, employees and other third parties and supervisory authorities under the Chapter 11 bid; The impact of Chapter 11 business on the company and the interests of various elements, including the holders of the Company`s common equity portfolio; the impact of the Chapter 11 cases on the market price of the common share of the