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Unit Corp Selects Triple Point’s FAS 133 Hedge Accounting Software

Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Unit Corporation (NYSE: UNT), a diversified energy company engaged in the exploration and production of oil and natural gas, has selected Triple Point’s Commodity XL for Hedge Accounting™ to ensure FAS 133 compliance and protect against earnings volatility.

This announcement comes on the heels of Triple Point’s recent acquisition of INSSINC, the leading provider of software solutions for hedge accounting and fair value level setting. The acquisition awards Triple Point the immediate ability to provide its markets with the tools required to successfully meet corporate governance and regulatory compliance requirements.

Unit Corp. has subsidiaries engaged in the exploration and production of oil and natural gas, the acquisition of oil producing and natural gas properties, the contract drilling of onshore oil and natural gas wells and the gathering and processing of natural gas. Headquartered in Tulsa, Unit Corp.’s operations are primarily located in the Mid-Continent region including the Anadarko, Arkoma, Permian, Rocky Mountains and Gulf Coast Basins.

Unit Corp. uses financial collars and swaps derivatives to hedge price movements in natural gas, crude oil and NGLs (Natural Gas Liquids). In order to represent the earnings impact of these hedges coordinately with the sale of the production, Unit Corp. must comply with Financial Accounting Standard (FAS) 133 to achieve optimal hedge accounting treatments.

Commodity XL for Hedge Accounting allows Unit Corp. to comply with hedge accounting standards and reduce earnings volatility by taking advantage of the FAS 133 software solution’s key features including mark-to-market, regression analysis, effectiveness testing and hedge accounting documentation. Through use of cash flow hedge accounting treatment and subsequent reclassification of “Other Comprehensive Income” to earnings, Unit Corp. will achieve a smooth level of reported earnings.

“This contract with Unit Corp. further affirms that leading energy companies trust Commodity XL for Hedge Accounting to manage all of their FAS 133 needs,” said Elie Zabal, Triple Point’s senior vice president of treasury management and regulatory compliance solutions. “We currently hold the largest market share of E&P energy companies and continue to grow our leadership position as we partner with companies such as Unit Corp.”

Triple Point’s hedge accounting system is based on mature, well-tested software solutions obtained in its acquisition of INSSINC. INSSINC, now the treasury management and regulatory compliance division of Triple Point, serves premiere energy and commodity industry leaders throughout North America and Europe including such notable companies as: PacificCorp, TransAlta, TransCanada, SUEZ Energy, Southern Company, Ameren Energy, PPL Corporation (Pennsylvania Power & Light), Scottish Power, The J.M. Smucker Company and Campbell Soup Company.