Unit Corp. (UNT) announced that its wholly owned subsidiary, Unit Petroleum Co. has closed on the previously announced agreement to acquire certain oil and natural gas assets from Noble Energy Inc. (NBL).

The acquisition includes approximately 84,000 net acres primarily in the Granite Wash, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle. The amount paid at closing was $594.5 million.

As of the effective date of April 1, the estimated proved reserves of the acquired properties were 44 MMBOE, a 38% increase to Unit Petroleum’s proved reserves at Dec. 31, 2011.

The acquisition adds approximately 25,000 net acres to Unit Petroleum’s Granite Wash core area in the Texas Panhandle with significant resource potential including approximately 600 potential horizontal drilling locations.

Current plans are to begin drilling Granite Wash horizontal wells with one to two Unit rigs in January 2013 increasing to six to seven Unit rigs by year end 2013. Unit also received two gathering systems as part of the transaction.